GGP Inc.

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GGP Inc.
Public company
Traded as NYSEGGP
S&P 500 Index component
Industry Real estate investment trusts
Founded 1954; 64 years ago (1954)
Founder Martin Bucksbaum
Matthew Bucksbaum
Headquarters Chicago, Illinois
Key people
Bruce Flatt, Chairman
Sandeep Mathrani, CEO[1]
Revenue Increase $2.346 billion (2016)[1]
Increase $1.272 billion (2016)[1]
Total assets Decrease $22.732 billion (2016)[1]
Total equity Increase $8.635 billion (2016)[1]
Number of employees
1,800 (2016)[1]

GGP Inc. (formerly General Growth Properties, Inc.) is a publicly-traded real estate investment trust that invests in shopping centers.

The company is headquartered at 110 North Wacker Drive in Chicago, Illinois, a historic building designed by architectural firm Graham, Anderson, Probst & White.[2]


As of December 31, 2016, the company owned interests in 127 shopping centers in the United States comprising approximately 125 million square feet of gross leasable area.[1] The company also owned a 35% interest in a shopping center in Rio de Janeiro, Brazil.[1] In 2016, tenants at its shopping centers generated over $20 billion in sales.[1]

Notable properties owned by the company include the following:[1]

Property Name Location
Ala Moana Center Honolulu, Hawaii
Baybrook Mall Houston, Texas
Beachwood Place Beachwood, Ohio
Fashion Show Mall Las Vegas, Nevada
Glendale Galleria Los Angeles, California
Quail Springs Mall Oklahoma City, Oklahoma
Pembroke Lakes Mall Pembroke Pines, Florida
Providence Place Providence, Rhode Island
Southwest Plaza Littleton, Colorado
Staten Island Mall Staten Island, New York
Stonestown Galleria San Francisco, California
The Maine Mall South Portland, Maine
The Mall in Columbia Columbia, Maryland
The Parks at Arlington Arlington, Texas
The Streets at Southpoint Durham, North Carolina
Town East Mall Mesquite, Texas
Tysons Galleria McLean, Virginia
Water Tower Place Chicago, Illinois
Valley Plaza Mall Bakersfield, California
Visalia Mall Visalia, California
Woodbridge Center Woodbridge Township, New Jersey


Company's logo until November 2010

The company was founded in Iowa by two brothers, Martin and Matthew Bucksbaum, in 1954 as General Management.[3] That year, they borrowed $1.2 million to develop their first shopping center, Town & Country Shopping Center in Cedar Rapids, Iowa, in order to open a 4th location for the grocery store founded by their father.[4]

By 1964, the company owned 5 malls and moved its headquarters to Des Moines, Iowa.[3]

In 1970, General Management became General Growth Properties (GGP) and became a public company via an initial public offering.[3]

In 1984, the company sold its holdings to Equitable Real Estate Investment Management for $800 million in the largest-ever single-asset real estate transaction to date, but retained the property management of the assets.[5]

In 1989, the company acquired Center Companies, creating the fourth-largest shopping center management company in the United States.[6][7]

In 1993, the company once again became a public company via an initial public offering, raising $400 million.[7]

In 1994, the company purchased a 40% interest in Centermark Properties from Prudential Financial.[8][9] In 1995, the company sold 25% of its 40% stake, yielding a profit of over $100 million. In 1995, the company also purchased the Homart Development Company from Sears for $1.85 billion.[10]

In 1995, co-founder and CEO Martin Bucksbaum died and the company moved its headquarters from Des Moines to Chicago.[4][11]

In 1999, John Buckbaum succeeded his father as CEO.[12]

In 2000, the company moved its headquarters from Des Moines to Chicago.[3]

In 2004, the company acquired The Rouse Company, which owned 37 regional shopping malls and Howard Hughes Corporation, a land development company, for $7.2 billion in cash.[13][14]

Bankruptcy and reorganization[edit]

By 2008, the company had taken on $25 billion in debt and the company was facing required debt payments. John Bucksbaum was ousted as CEO, though he remained chairman of the board, and Adam Metz was named CEO.[12]

In December 2008, hedge fund manager Bill Ackman disclosed a 25% ownership stake in the company.[15]

In 2009, the company missed a deadline to repay $900 million in loans backed by two Las Vegas properties, putting the company in danger of filing for bankruptcy protection. At that point, the stock price was down 98% in 12 months.[16] The Bucksbaum family's stake in the firm, which was worth $2.5 billion in 2005,[11] had declined in value by a similar amount.[12]

On April 16, 2009, the company filed one of the largest real estate bankruptcies ever and received $375 million in debtor-in-possession financing from Pershing Square Capital Management, the hedge fund managed by Bill Ackman.[17]

In February 2010, Brookfield Asset Management made a $2.625 billion equity investment in the company.[18][19]

In November 2010, the company exited bankruptcy protection. Creditors were paid in full and equity holders made a "substantial" recovery of their investment, both of which are unusual in bankruptcy filings.[20] In conjunction with the reorganization, the company spun off Howard Hughes Corporation to its shareholders.[21]

In December 2010, CEO Adam Metz and President and COO Thomas Nolan left the company and Sandeep Mathrani, formerly the head of the retail division of Vornado Realty Trust, was named CEO.[22]

In 2011, the company sold Faneuil Hall for $140 million.[23]

In January 2012, the company completed the spin off of The Rouse Company to its shareholders.[24]


In 2013, co-founder Matthew Bucksbaum died.[3]

In February 2014, Bill Ackman sold his remaining shares in the company back to the company for $556 million.[25]

In April 2015, the company acquired the Crown Building for $1.78 billion.[26]

In January 2017, the company changed its name to GGP Inc.[27]


  1. ^ a b c d e f g h i j GGP Inc. 2016 Form 10-K Annual Report
  2. ^ "General Growth Building, Chicago". Chicago Architecture Info. Retrieved October 22, 2017. 
  3. ^ a b c d e Goldsborough, Bob (November 29, 2013). "Matthew Bucksbaum, 1926-2013". Chicago Tribune. 
  4. ^ a b STROM, STEPHANIE (July 10, 1995). "Obituaries: Martin Bucksbaum, 74, Pioneer In Shopping Center Development". The New York Times. 
  5. ^ "Matthew Bucksbaum, 87, pioneer and philanthropist". International Council of Shopping Centers. November 26, 2013. 
  6. ^ "Shopping Center Groups Combine". Associated Press. The New York Times. September 30, 1989. 
  7. ^ a b Johnson, Ben (January 1, 1996). "General Growth lives up to its name and then some". National Real Estate Investor. 
  8. ^ MILLS, JOSHUA (November 4, 1993). "Prudential Will Sell Centermark". The New York Times. 
  9. ^ "Investors to buy Prudential's shopping malls for $1 billion". United Press International. November 3, 1993. 
  10. ^ "Sears Completes Sale of Its Homart Unit". Reuters. The New York Times. December 27, 1995. 
  11. ^ a b Murphy, H. Lee (October 15, 2005). "Bucksbaum". Crain Communications. 
  12. ^ a b c "General Growth founder's son steps aside as CEO". Reuters. October 27, 2008. 
  13. ^ "General Growth Properties, Inc. Completes Merger of the Rouse Company" (Press release). Business Wire. November 12, 2004. 
  14. ^ PRISTIN, TERRY (August 21, 2004). "Reshaping a Reshaper of Landscapes; Rouse Company to Be Acquired By Owner of Shopping Centers". The New York Times. 
  15. ^ "Ackman Raises Stake in General Growth". The New York Times. December 10, 2008. 
  16. ^ "General Growth misses payments". Bloomberg News. Baltimore Sun. February 13, 2009. 
  17. ^ DE LA MERCED, MICHAEL J. (April 16, 2009). "General Growth Properties Files for Bankruptcy". The New York Times. 
  18. ^ "General Growth Properties Announces $2.625 Billion Proposed Equity Commitment from Brookfield Asset Management" (Press release). Business Wire. February 24, 2010. 
  19. ^ Graham, Scott (February 24, 2010). "General Growth nabs $2.6B from Brookfield Asset to emerge from bankruptcy". American City Business Journals. 
  20. ^ Hals, Tom; Stempel, Jonathan (November 9, 2010). "U.S. mall operator General Growth exits bankruptcy". Reuters. 
  21. ^ "General Growth Properties Completes Spinoff of The Howard Hughes Corporation" (Press release). Business Wire. November 9, 2010. 
  22. ^ Jonas, Ilaina (December 17, 2010). "General Growth CEO, president leave Dec. 22-sources". Reuters. 
  23. ^ "GGP Sells Faneuil Hall Marketplace for $140 Million" (Press release). PRNewswire. October 14, 2011. 
  24. ^ "General Growth Properties Completes Spinoff of The Howard Hughes Corporation" (Press release). Business Wire. November 9, 2010. 
  25. ^ "General Growth returns not enough for Ackman's requirements". Bloomberg L.P. Crain Communications. February 13, 2014. 
  26. ^ McIntyre, Andrew (April 21, 2015). "General Growth Pays $1.8B For New York's Crown Building". Law360. 
  27. ^ "General Growth Properties Announces Corporate Name Change to GGP" (Press release). Business Wire. January 17, 2017. 

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