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Matthew Bucksbaum

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Matthew Bucksbaum
Born(1926-02-20)February 20, 1926
Marshalltown, Iowa, U.S.
DiedNovember 24, 2013(2013-11-24) (aged 87)
Chicago
EducationB.A. University of Iowa
OccupationReal estate developer
Known forCo-founder of General Growth Properties
SpouseCarolyn "Kay" Swartz
Children2
Military career
Allegiance United States
Service / branch United States Army Air Forces
Years of serviceWorld War II
Unit Fifth Air Forces
Cryptographer
Battles / warsSouthwest Pacific Area
New Guinea campaign

Matthew Bucksbaum (February 20, 1926 – November 24, 2013) was an American businessman and philanthropist. Matthew and his brothers Martin and Maurice co-founded General Growth Properties (NYSE: GGP).[1]

Early life and education

Bucksbaum was born to a Jewish family[2] in Marshalltown, Iowa, to Ida (Gervich) and Louis Bucksbaum. During World War II, he served in the Army Air Forces in the Southwest Pacific Theatre as a cryptographer based in New Guinea.[3] He graduated from the University of Iowa cum laude with a Bachelor of Arts in Economics in 1949, where he was a member of the Phi Beta Kappa Society and the Order of Artus.[4][5] His family owned a chain of three grocery stores.[1]

Career

In 1954, Bucksbaum and his brother Martin borrowed $1.2 million and built the first shopping center in Cedar Rapids, Iowa, anchored by a fourth family grocery store.[1][6] They expanded into enclosed malls which mirrored the continued movement to the suburbs seen in the 1960s. By 1964, their company - then named General Management - owned five malls anchored by the Younkers department store.[1] In 1972, the company became publicly traded on the New York Stock Exchange under the name General Growth Properties (NYSE: GGP) and became the second-largest owner, developer, and manager of regional shopping malls in the country.[6][7] Bucksbaum served as its chairman and chief executive officer,[7] and under his tenure he formed two real estate investment trusts and expanded the company's portfolio of malls and shopping centers via more than $36 billion in acquisitions.[5] In 1984, General Growth sold 19 malls for $800 million to Equitable Real Estate, which was deemed the "nation's largest single asset real estate transaction" to date.[6] In 1995, his brother Martin died and he re-located the company to Chicago.[6] In 2004, General Growth purchased The Rouse Company for $14.2 billion.[6] By 2007, General Growth was the second-largest REIT owning 194 malls with over 200 million square feet in 44 states.[6] In 2008, General Growth filed for Chapter 11 bankruptcy protection after the collapse of the stock market.[6]

Philanthropy

Bucksbaum sat on the board of trustees of the Aspen Music Festival and School, the Chicago Symphony Orchestra and the Lyric Opera of Chicago.[5] He was a president of the Temple B'nai Jeshurun and the Polk County Mental Health Association, and a director of the Iowa Natural Heritage Foundation, all in Des Moines, Iowa.[5] He donated $42 million to the University of Chicago for the creation of the Bucksbaum Institute for Clinical Excellence.[7]

Personal life

Bucksbaum was married to Carolyn "Kay" (Swartz) Bucksbaum, who was also Jewish.[3][7][8] They resided in Chicago,[4] and had two children.[4] Their son, John Bucksbaum, served as CEO of General Growth Properties from 1999 to 2008, and as its chairman from 2007 to 2010.[6] Their daughter Ann Louise Bucksbaum is married to journalist Thomas Friedman.[9] As of March 2011, he was worth an estimated US$1.2 billion.[4]

Death

Bucksbaum died in Chicago of complications from Alzheimer's disease on November 24, 2013.[1]

References

  1. ^ a b c d e "Matthew Bucksbaum, mall developer, dies". The Chicago Tribune. Retrieved 2013-11-30.
  2. ^ Jewish Journal: "Dark days for Jewish owners of Chico Mall" by Dean Rotbart December 9, 2008
  3. ^ a b Weber, Bruce (November 29, 2013). "Matthew Bucksbaum, Mall Developer, Dies at 87". New York Times. Retrieved December 19, 2015.
  4. ^ a b c d Forbes: "Matthew Bucksbaum & family" 2012
  5. ^ a b c d The Wall Street Journal: "Matthew Bucksbaum - Founder and chairman emeritus, General Growth Properties Inc." Archived 2013-07-05 at archive.today retrieved September 27, 2015
  6. ^ a b c d e f g h Keren Blankfeld, The Tarnishing of the Bucksbaum Family Legacy, Forbes, August 18, 2010
  7. ^ a b c d Bucksbaum Institute: "About Matthew And Carolyn Bucksbaum" retrieved September 27, 2015
  8. ^ "Carolyn "Kay" Bucksbaum (1929- )". Iowa Women's Archives at the University of Iowa Libraries. Archived from the original on 2015-09-09. Retrieved April 1, 2015.
  9. ^ Forbes: "Thomas Friedman is On Top of the World" by Garrett M. Graff July 1, 2006
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