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Jon Hammes

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Jon Hammes
NationalityAmerican
EducationUniversity of Wisconsin Milwaukee,
University of Wisconsin Madison School of Urban Land Economics and Real Estate
Occupation(s)Hammes Company,
Lakeshore Chinooks,
Milwaukee Bucks owner

Jon D. Hammes is the founder and managing partner of Hammes Company.[1] He was formerly managing partner of Milwaukee's Trammel Crow real estate company.[2]

In July 2015, Hammes was named co-chair of Scott Walker's presidential fundraising campaign.[3]

Early life and education

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Hammes was born and raised in south Racine, Wisconsin.[4][5] He was the third of seven children. His grandfather, who moved to Racine around 1900, built the Hammes Tavern in 1928.[4][6][7] Hammes' father, Don, operated the tavern and served as the booster club president at Washington Park High School, from which Hammes and all of his siblings graduated.[4][7]

Hammes earned his Master of Science degree in real estate and urban land economics from the University of Wisconsin–Madison in 1974.[8][9][10] He studied under James Graaskamp, who helped establish real estate as an academic discipline.[8][11][12] Hammes also earned a Bachelor of Business Administration degree from the University of Wisconsin–Milwaukee.[13]

Career

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Hammes started his career with the Trammell Crow Company in 1974 and credits Trammell Crow as a career mentor.[14][8] In 1987, he succeeded Allan Hamilton as Midwest regional partner after previously serving as a Great Lakes regional partner.[15][16] While serving in this role, he was involved in the Milwaukee Center development project.[17] Hammes was also a member of the company's management board.[14][18][13]

In 1991, Hammes left Trammell Crow to form Hammes Company, a real estate firm that soon specialized in health care facilities and related developments.[8][19] He told the Milwaukee Business Journal that the health care sector represented a substantial percentage of gross national product at the time, and it made sense to allocate resources there.[8] Under Hammes’ leadership, the company recruited medical industry specialists and optimized their operations to more effectively compete for health care buildings.[8]

In 2001, Hammes launched the investment arm of Hammes Company that became Hammes Partners.[20]

Hammes has also been personally involved with his company's construction of sports facilities, including the renovation of Lambeau Field in Green Bay and the development of the U.S. Bank Stadium in Minneapolis.[8][21][22]

Hammes continues to serve as chairman and CEO of Hammes Company.[8][19]

Board service

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Hammes serves on numerous boards associated with the Milwaukee community and the state of Wisconsin, including Junior Achievement of Wisconsin (emeritus member),[23] Marquette University (board of trustees since 2014),[24] the Medical College of Wisconsin (since 2000),[25] Teach For America-Milwaukee,[26] the University of Wisconsin Foundation,[27] Greater Milwaukee Committee,[10] the Milwaukee Metropolitan Association of Commerce,[10] the Milwaukee World Festival (which produces the annual Summerfest music festival),[28] WiCab Inc.,[10] the Badger Institute,[29] and the YMCA of Metropolitan Milwaukee.[13] He also serves on the board of the American Enterprise Institute.[24]

Heartland

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In 1996, Wisconsin Governor Tommy Thompson appointed Hammes to be chairman of the State of Wisconsin Investment Board.[30] In September, 2000, the investment board purchased $8.3 million worth of distressed bonds from Heartland Advisors, a Milwaukee-based firm where Hammes served as an independent director.[31][32] While Hammes referred the state board's staff to Heartland officials, he recused himself from the consideration process for the investment because of a conflict of interest. Hammes involvement in Heartland's recommendation resulted in criticism from the co-chairman of the state legislature's Joint Audit Committee, Gary George.[33] In October 2000, the funds in which the state invested lost a combined $62 million in value.[34] A report by the Wisconsin State Auditor issued in November, 2001 did not find any evidence that Hammes had influenced the investment decision.[31][33] In September 2002, the State of Wisconsin Investment Board was able to sell back the portfolio of distressed bonds to Heartland for the original purchase price, plus an additional $2.93 million, as per the terms of the original bond-sale agreement.[33][35] In December 2003, the SEC issued a consent order requiring Heartland's independent directors, including Hammes, to cease and desist violating securities laws, which they agreed to without admitting or denying any wrongdoing.[34]

Sports ownership

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Hammes is part of the Milwaukee Bucks' ownership group.[36] He is also an owner of the Lakeshore Chinooks, a Mequon, Wisconsin-based baseball team in the Northwoods League.[37]

In 2015, Hammes and members of his family purchased a golf course known as The Bog in Saukville, Wisconsin through Milwaukee B & E Partners I LLC, an affiliate of Hammes Company.[38][39]

Personal life

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Hammes and his wife, Ann, have four children and thirteen grandchildren.[24] He is a member of Marquette University's President's Society.[24]

In 1995, Hammes donated $250,000 to construct the Hammes Field at Mount Pleasant, Wisconsin's Jerome I. Case High School. The field commemorates his father, for his longtime support of youth sports through the YMCA.[4]

In 2007, Hammes and 12 other Wisconsin School of Business alumni donated $85 million to the school to support its educational mandate and preserve its name.[40][41] The gift represented the largest single donation ever given to the University of Wisconsin-Madison.[41]

In 2012, Hammes was recognized by the University of Wisconsin-Madison for his "outstanding entrepreneurial achievement",[42] and received the Wisconsin Real Estate Alumni Association's Wisconsin Award at the Wisconsin Biennial Real Estate Conference.[10][43] He is also a recipient of the association's Distinguished Alumnus Award.[10] In 2015, Jon and Ann were presented with honorary Doctor of Humanities degrees from the Medical College of Wisconsin.[44] In 2020, they donated $2 million to the Marquette University and Medical College of Wisconsin department of biomedical engineering, which was the largest donation to-date to the joint department.[45]

See also

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References

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  1. ^ Kirchen, Rich (October 30, 2014). "Low-key development giant Jon Hammes discusses Bucks, stadiums, downtown". Milwaukee Business Journal. Retrieved July 10, 2015.
  2. ^ Bauer, Fran (February 25, 1986). "His Address is Park Place". The Milwaukee Journal.
  3. ^ Bauter, Alison (July 8, 2015). "Jon Hammes, Cubs' Todd Ricketts to co-chair Walker presidential fundraising campaign: Report". Milwaukee Business Journal. Retrieved July 10, 2015.
  4. ^ a b c d Leary, Patrick (March 12, 2017). "Racine native Hammes excited to give back through arena project". Racine Journal Times. Racine, Wisconsin. Retrieved 7 May 2021.
  5. ^ O'Connor, Sara; Myers, Sherrill (1993). Working Space: The Milwaukee Repertory Theater Builds a Home. Theatre Communications Group. p. 20. ISBN 978-1559360333.
  6. ^ Burke, Michael (January 18, 2004). "A bitter brew: Tough drunken-driving laws, change in Racine's work force have left some tavern owners crying in their beer". The Journal Times. Retrieved May 11, 2021.
  7. ^ a b "Donald Wilbur Hammes". The Journal Times. Racine, Wisconsin. May 19, 1996. Retrieved May 11, 2021.
  8. ^ a b c d e f g h Millard, Pete (September 28, 2008). "Hammes made health care a specialty in real estate". Milwaukee Business Journal. American City Business Journals. Retrieved 12 May 2021.
  9. ^ "Cornerstone and Sustaining Members". Wisconsin Real Estate Alumni Association, Inc. Retrieved 5 May 2021.
  10. ^ a b c d e f "Graaskamp Center Board Member Donates Millions to the Wisconsin School of Business". Madison, WI: Wisconsin School of Business (University of Wisconsin–Madison). October 2007. Retrieved 5 May 2021.
  11. ^ Heise, Kenan (April 27, 1988). "James Graaskamp, Professor at Wisconsin". Chicago Tribune. Retrieved May 13, 2021.
  12. ^ DeLisle, James R. (2000). "Graaskamp: A Holistic Perspective". Research Issues in Real Estate. 6. Boston, MA: Springer: 51–85. CiteSeerX 10.1.1.128.8200. doi:10.1007/978-1-4615-1703-0_3. ISBN 978-1-4613-5686-8.
  13. ^ a b c "Biography: Jon D. Hammes". Madison, WI: Wisconsin School of Business (University of Wisconsin–Madison). Retrieved 5 May 2021.
  14. ^ a b Kirchen, Rich (October 30, 2014). "Low-key development giant Jon Hammes discusses Bucks, stadiums, downtown". Milwaukee Business Journal. American City Business Journals. Retrieved 6 May 2021.
  15. ^ Barnhart, Bill; Ibata, David (March 5, 1987). "Trammell Crow Feud Erupts". Chicago Tribune. Retrieved May 12, 2021.
  16. ^ Ibata, David (February 13, 1987). "New Partner Named for Trammel Crow". Chicago Tribune. Retrieved May 12, 2021.
  17. ^ Kerch, Steve (November 15, 1987). "Milwaukee, The City That Works - With Developers". Chicago Tribune. Retrieved May 18, 2021.
  18. ^ Kerch, Steve (December 13, 1989). "Trammell Crow Deep in Hearts of Texans". Chicago Tribune. Retrieved May 10, 2021.
  19. ^ a b Kirchen, Rich (April 15, 2014). "Hammes gears up $450M health care real estate investment fund". Milwaukee Business Journal. American City Business Journals. Retrieved 6 May 2021.
  20. ^ Gallagher, Kathleen (July 21, 2015). "Hammes Partners raises $430 million". Milwaukee Journal Sentinel. Gannet. Retrieved May 11, 2021.
  21. ^ Mader, Becca (March 10, 2002). "Project manager Hammes Co. loves its labor of Lambeau". Milwaukee Business Journal. American City Business Journals. Retrieved May 12, 2021.
  22. ^ Kirchen, Rich (October 31, 2014). "Hammes sports-facilities unit continues to blossom". Milwaukee Business Journal. American City Business Journals. Retrieved May 12, 2021.
  23. ^ "Junior Achievement of Wisconsin EMERITUS MEMBERS". Junior Achievement of Wisconsin. Retrieved May 10, 2021.
  24. ^ a b c d "Mr. Jon D. Hammes". Marquette University. Retrieved May 10, 2021.
  25. ^ "Leadership". Medical College of Wisconsin. Retrieved May 10, 2021.
  26. ^ "Meet Our Board of Directors". Teach For America. Retrieved May 10, 2021.
  27. ^ "WFAA Board of Directors". Wisconsin Foundation & Alumni Association (University of Wisconsin-Madison). Retrieved May 10, 2021.
  28. ^ "Board of Directors". Milwaukee World Festival, Inc. Retrieved May 10, 2021.
  29. ^ "Jon Hammes". Badger Institute. Retrieved May 10, 2021.
  30. ^ "Senate Journal: 1995-96 Session". Legislative Reference Bureau. 1995 – via Google Books.
  31. ^ a b Kennedy, Mike (November 26, 2001). "APPEARANCE OF CONFLICT: Wisconsin audit committee questions state board's handling of investment". Pensions & Investments. Crain Communications, Inc. Retrieved May 11, 2021.
  32. ^ Hakim, Danny (November 8, 2000). "THE MARKETS; Investment Company Faces Suits Over 2 Funds' Collapse". The New York Times. Retrieved August 12, 2021.
  33. ^ a b c Damato, Karen (August 30, 2002). "It's Wisconsin's Turn to Collect From Heartland and Nasgovitz". The Wall Street Journal. Dow Jones & Company, Inc. Retrieved May 11, 2021.
  34. ^ a b Peterson, Jonathan; Kriston, Kathy M. (December 12, 2003). "Heartland Fund Fraud Alleged". Los Angeles Times. Retrieved May 11, 2021.
  35. ^ "High-Yield Focus: Wisconsin Investment Board Returns Nursing Home Bonds to Heartland". The Bond Buyer. Arizent. October 2, 2002. p. 7 – via Nexis. On Monday, the Investment Board exercised its rights under a unique put agreement that accompanied the deal, and returned the bonds to affiliate company Heartland Holdings Inc. for their purchase price, plus a 20% annual return they were supposed to produce over the past two years but did not. Heartland Holdings paid the investment board $8.43 million for the remaining bonds on Monday to fulfill its obligations under the put transaction. Since mid-June, the firm made three other payments to the board totaling $2.93 million.
  36. ^ "Milwaukee Bucks add new owners to the team". WISN. October 17, 2014. Retrieved May 10, 2021.
  37. ^ "Ownership Group". Northwoods League. Retrieved May 10, 2021.
  38. ^ Kass, Mark (July 8, 2015). "Hammes pays $1.99 million to acquire The Bog golf course". Milwaukee Business Journal. American City Business Journals. Retrieved May 12, 2021.
  39. ^ D'Amato, Gary (July 2, 2015). "Hammes buys The Bog". Milwaukee Journal Sentinel. Retrieved May 12, 2021.
  40. ^ "UW business school receives $85M naming gift". Milwaukee Business Journal. American City Business Journals. October 31, 2007. Retrieved June 1, 2021.
  41. ^ a b LaRoi, Heather (October 28, 2007). "School of business is given millions". Madison.com. Capital Newspapers Inc. Retrieved June 1, 2021.
  42. ^ "Awards in Business". Milwaukee Journal Sentinel. April 29, 2012. Retrieved May 10, 2021.
  43. ^ "The Economic Tightrope: Biennial Wisconsin Real Estate Conference (September 13-15, 2012)" (PDF). Wisconsin Real Estate Alumni Association. September 13, 2012. Retrieved May 10, 2021.
  44. ^ "Honorary Degree Recipients". Honorary Degree Recipients. Retrieved May 10, 2021.
  45. ^ "Hammes Gift Drives Innovation" (PDF). MCW Magazine. Medical College of Wisconsin. Spring 2020. pp. 24–25. Retrieved May 12, 2021.
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