Douglas W. Shorenstein

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Douglas W. Shorenstein
Born(1955-02-10)February 10, 1955
DiedNovember 24, 2015(2015-11-24) (aged 60)
NationalityUnited States
EducationB.A. University of California, Berkeley
J.D. University of California, Hastings College of the Law
OccupationReal estate development
Known forChairman of the board of directors of the Federal Reserve Bank of San Francisco
CEO of Shorenstein Properties
Spouse(s)Lydia Preisler
Children3
Parent(s)Phyllis Finley Shorenstein
Walter Shorenstein
FamilyCarole 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 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 11 investment funds, owns and manages 22.8 million square feet of office properties valued at $7 billion.[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]

  1. ^ New York Times: "San Francisco's Goldilocks Market" By TERRY PRISTIN March 23, 2005
  2. ^ San Francisco Business Times: "Q&A with Douglas Shorenstein - From views to bike shops" by J.K. Dineen Nov 2, 2012
  3. ^ a b San Francisco Chronicle: "San Francisco real estate giant Douglas Shorenstein dies" By J.K. Dineen November 25, 2015
  4. ^ In Memoriam: Doug Shorenstein
  5. ^ Robert Selna (2010-06-24). "Street-smart developer shaped S.F. skyline". San Francisco Chronicle.
  6. ^ New York Times: "Phyllis Shorenstein, 76, Patron Of Asian Arts in San Francisco" By KATHLEEN TELTSCH June 24, 1994
  7. ^ 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
  8. ^ 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
  9. ^ a b c McDermid, Riley (November 25, 2015). "San Francisco real estate tycoon Doug Shorenstein has died". American City Business Journals.
  10. ^ MCLELLAN, DENNIS (June 26, 2010). "Walter H. Shorenstein dies at 95; Democratic Party fundraiser and San Francisco real estate mogul". Los Angeles Times.
  11. ^ Forbes The World's Billionaires: Shorenstein family Nov 2015
  12. ^ National Real Estate Investor: "Top 25 Office Owners" July 1, 2007
  13. ^ a b San Francisco Gate: "On the Record: Doug Shorenstein" June 29, 2003
  14. ^ "Shorenstein Properties: "About Us"". Shorenstein Properties.
  15. ^ 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
  16. ^ Politico: "Bob Schieffer to Harvard's Kennedy School" By Dylan Byers June 2, 2015
  17. ^ New York Times: "Paid Notice: Deaths - PREISLER, SIMON September 14, 2005
  18. ^ http://shorenstein.com/about/press/press-article?article_id=2286
  19. ^ Congregation Emanu-El website Archived November 1, 2013, at the Wayback Machine