Douglas W. Shorenstein
Douglas W. Shorenstein | |
|---|---|
| Born | February 10, 1955 |
| Died | November 24, 2015 (aged 60) |
| Nationality | American |
| Education | B.A. University of California, Berkeley J.D. University of California, Hastings College of the Law |
| Occupation | Real estate development |
| Known for | Chairman of the board of directors of the Federal Reserve Bank of San Francisco CEO of Shorenstein Properties |
| Spouse | Lydia Preisler |
| Children | 3 |
| Parent(s) | Phyllis Finley Shorenstein Walter Shorenstein |
| Family | Carole Shorenstein Hays (sister) Joan Shorenstein (sister) |
Douglas W. Shorenstein (February 10, 1955 – November 24, 2015) was a San Francisco-based real estate developer[1][2] and former chairman of the board of directors of the Federal Reserve Bank of San Francisco.[3]
Early life and education
[edit]Shorenstein was one of three children born, in San Francisco, California, on February 10, 1955,[4] to real estate developer Walter Shorenstein[5] and Phyllis Finley.[6] His father was born Jewish and his mother underwent conversion to Judaism.[7] He had two sisters: Broadway producer Carole Shorenstein Hays and CBS news producer and The Washington Post journalist Joan Shorenstein (who died of cancer in 1985). He graduated with a B.A. from the University of California, Berkeley and with a J.D. from the University of California, Hastings College of the Law.[8]
Career
[edit]In 1980, he moved to New York City where he worked for three years in the real estate department of the law firm Shearman & Sterling LLP.[8] In 1983, he moved back to San Francisco and joined his father's real estate development company, Shorenstein Properties.[8] In 1995, he was appointed chairman and CEO.[9][10] Under his tutelage, he transitioned the company from a traditional local based real estate developer to a national real estate investment company[8] with more than 70 properties in 13 cities including Los Angeles, Portland, Oregon and Manhattan.[11] By 2006, Shorenstein Properties was the 20th largest owner of office buildings in the United States.[12]
In 1991, Shorenstein Properties started its first closed-end fund tasked with making real estate investments nationally and requiring a minimum $25 million investment and a 20-year commitment.[8] The fund had six partners, one of which was Shorenstein, and totaled $150 million.[13] After the death of his father, he bought out his sister's interest and shifted the company to a pure fund platform with each fund typically being composed of 10-15% of his own money.[8]
Shorenstein Properties, via twelve closed-end real estate funds, owns and manages 23 million square feet of office properties throughout the United States.[14]
In 2007, he was appointed to the board of the Federal Reserve Bank of San Francisco; in 2010, he was elevated to deputy chairman; and in 2011, he was appointed chairman.[15]
Philanthropy and board memberships
[edit]Shorenstein served on the board the Environmental Defense Fund; the executive council of the University of California, San Francisco Medical Center; the executive committee of The Real Estate Roundtable; and Joan Shorenstein Center on the Press, Politics and Public Policy at Harvard University's Kennedy School of Government (named in honor of his late sister).[15] In 2011, Shorenstein was inducted into the Bay Area Council's Bay Area Business Hall of Fame which "recognizes the extraordinary achievements of individuals who have advanced San Francisco Bay Area-based businesses to positions of national and international prominence."[9] In 2013, he founded the Walter Shorenstein Media and Democracy Fellow at the Kennedy School's Shorenstein Center at Harvard University in honor of his father.[16]
Personal life
[edit]Shorenstein was married to Lydia Preisler;[17] they had 3 children: a son, Brandon, and two daughters, Sandra and Danielle.[18] He was a practitioner of yoga and was a collector of Southeast Asian and Nepalese art with an emphasis on Khmer and Cambodian pieces.[13] He and his wife were members of the Congregation Emanu-El (San Francisco).[19] Shorenstein died due to cancer on November 24, 2015.[3][9]
References
[edit]- ^ New York Times: "San Francisco's Goldilocks Market" By TERRY PRISTIN March 23, 2005
- ^ San Francisco Business Times: "Q&A with Douglas Shorenstein - From views to bike shops" by J.K. Dineen Nov 2, 2012
- ^ a b San Francisco Chronicle: "San Francisco real estate giant Douglas Shorenstein dies" By J.K. Dineen November 25, 2015
- ^ In Memoriam: Doug Shorenstein
- ^ Robert Selna (2010-06-24). "Street-smart developer shaped S.F. skyline". San Francisco Chronicle.
- ^ New York Times: "Phyllis Shorenstein, 76, Patron Of Asian Arts in San Francisco" By KATHLEEN TELTSCH June 24, 1994
- ^ San Francisco Gate: "Second Acts / San Francisco's Carole Shorenstein Hays has built a career on Broadway by taking calculated risks" by Steven Winn October 31, 2004
- ^ a b c d e f Pension & Investment Research Center: "On solid ground: Face to Face with Douglas W. Shorenstein" By Arleen Jacobius June 12, 2006
- ^ a b c McDermid, Riley (November 25, 2015). "San Francisco real estate tycoon Doug Shorenstein has died". American City Business Journals.
- ^ MCLELLAN, DENNIS (June 26, 2010). "Walter H. Shorenstein dies at 95; Democratic Party fundraiser and San Francisco real estate mogul". Los Angeles Times.
- ^ Forbes The World's Billionaires: Shorenstein family Nov 2015
- ^ National Real Estate Investor: "Top 25 Office Owners" July 1, 2007
- ^ a b San Francisco Gate: "On the Record: Doug Shorenstein" June 29, 2003
- ^ "Shorenstein Properties: "About Us"". Shorenstein Properties.
- ^ a b Federal Reserve bank of San Francisco: "Douglas W. Shorenstein Designated Chairman of the Federal Reserve Bank of San Francisco Board of Directors; Patricia E. Yarrington Designated Deputy Chair for 2011" July 23, 2010
- ^ Politico: "Bob Schieffer to Harvard's Kennedy School" By Dylan Byers June 2, 2015
- ^ New York Times: "Paid Notice: Deaths - PREISLER, SIMON September 14, 2005
- ^ "Shorenstein". Archived from the original on 2013-11-01. Retrieved 2013-10-30.
- ^ Congregation Emanu-El website Archived November 1, 2013, at the Wayback Machine