The Related Companies

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The Related Companies, L.P.
Private
Industry Real estate development
Founded 1972; 45 years ago (1972)
Founder Stephen M. Ross
Headquarters New York City, New York, United States
Key people
Stephen M. Ross (Chairman)
Jeff T. Blau (CEO)
Bruce A. Beal, Jr. (President)
Total assets US$50 billion (2017), including assets managed for others[1]
Total equity US$4 billion (2017)[2]
Owner Stephen M. Ross (60%)[3]
Number of employees
3,000+ (2017)
Subsidiaries Equinox Fitness
Website www.related.com
Astor Place building

The Related Companies, L.P. is an American privately-owned real estate firm in New York City, with offices and major developments in Boston, Chicago, Los Angeles, Las Vegas, Miami, San Francisco, Abu Dhabi, London, São Paulo and Shanghai, employing 3,000 professionals. Related is the largest owner of luxury residential rental properties in New York City, with over 7,000 units.

Related manages approximately $4 billion of equity capital on behalf of sovereign wealth funds,[2] public pension plans, multi-managers, endowments, Taft Hartley plans and family offices.[4]

It has developed mixed-use projects such as Time Warner Center in New York City, as well as CityPlace in West Palm Beach. Related is currently developing the Hudson Yards Redevelopment Project,[5] which comprises 28 acres (0.11 km2) in Manhattan’s Chelsea and Hell's Kitchen neighborhoods.[5][6]

Investments[edit]

Notable developments by the company are:

Property Name Location
Brickell Heights Miami, Florida
CityPlace West Palm Beach, Florida
Hudson Yards Redevelopment Project New York City, New York
One Madison New York City, New York
The Century Los Angeles, California
Time Warner Center New York City, New York

Related also owns Equinox Fitness clubs and a partnership interest in Union Square Events, the catering, culture, sports, and events business of Danny Meyer’s Union Square Hospitality Group.

History[edit]

In 1972, Stephen M. Ross founded Related Companies with a $10,000 loan from his mother and a business plan focused on affordable housing.[7][8]

In 1985, the company constructed 225 Rector Place as a rental apartment complex. It sold the building in 2005 to developer Yair Levy and then bought the building back for $82.8 million after the lender, Anglo Irish Bank, foreclosed on the property in November 2010.[9]

In January 2012, the company closed an $825 million vulture fund.[10]

In 2012, in partnership with HFZ Capital Group and CIM Group, the company took over development of One Madison after the original developer filed for bankruptcy protection.[8][11]

In September 2012, Ross resigned as chief executive officer of the company and was replaced with Jeff Blau.[8][12]

In March 2014, the United States Department of Justice filed a lawsuit against the company, claiming failure to comply with the Americans with Disabilities Act of 1990.[13][14]

In July 2014, the company completed construction of Abington House, a rental apartment property on the High Line designed by architect Robert A. M. Stern.[15]

In October 2014, the company completed The Emerson, an apartment tower in Bunker Hill, Los Angeles marketed to older adults that includes an affordable housing component.[16]

In January 2016, the company proposed developing a $6.5 billion project on the site of the former Santa Clara All Purpose Landfill.[17]

In February 2017, Fast Company named the company as one of The Most Innovative Companies of 2017 for its work on the Hudson Yards Redevelopment Project.[18]

In May 2017, the company contacted officials in Boca Raton about potentially redeveloping its city hall and municipal complex downtown.[19]

In July 2017, the company completed the 690-unit Brickell Heights condominium development in Miami and sold most of its commercial space for $17.5 million.[20]

References[edit]

  1. ^ "Operating Portfolio". www.related.com. Retrieved 7 September 2017. 
  2. ^ a b "Corporate Bio" (PDF). Retrieved 7 September 2017. 
  3. ^ Stephen Ross Builds Related Cos. Into Top Developer
  4. ^ Raval, Anjli. (2012-01-23) Related closes distressed asset fund. FT.com. Retrieved on 2013-07-26.
  5. ^ a b Sorvino, Chloe (May 31, 2016). "Hudson Yards, America's Largest Private Real Estate Development, Opens First Building". Forbes. 
  6. ^ "The man behind the largest real estate project in U.S. History". Fortune. 2013-08-29. Retrieved 2015-09-27. 
  7. ^ Clarke, Katherine (June 1, 2014). "The Closing with Stephen Ross". The Real Deal. 
  8. ^ a b c Brennan, Morgan (September 7, 2012). "Billionaire Stephen Ross Steps Down As CEO Of Related Cos". Forbes. 
  9. ^ Chaban, Matt (January 30, 2013). "Almost three decades later, 225 Rector is a hit". The Real Deal. 
  10. ^ "Related closes $825M distressed asset fund". The Real Deal. January 23, 2012. 
  11. ^ Willett, Megan (September 24, 2013). "Tour A $50 Million Glass Penthouse 60 Floors Above Madison Square Park". Business Insider. 
  12. ^ Musibay, Oscar Pedro (September 10, 2012). "Stephen Ross stays Related Companies exec chair, Blau new CEO". American City Business Journals. 
  13. ^ ACKER, DANIEL (March 18, 2014). "US gov't sues NYC developers, charging failure to comply with Americans with Disabilities Act". American City Business Journals. 
  14. ^ Barbanel, Josh (March 17, 2014). "New York City Developer Accused in Disabled-Access Suit". The Wall Street Journal. (subscription required)
  15. ^ ALBERTS, HANA R. (July 10, 2014). "Tour Robert A.M. Stern's High Line Rentals at Abington House". Curbed. 
  16. ^ Vincent, Roger (October 1, 2014). "Developer of new Bunker Hill apartment high-rise woos older residents". Los Angeles Times. 
  17. ^ Donato-Weinstein, Nathan (January 1, 2016). "Related Companies must dig deep to build housing on former dump". American City Business Journals. 
  18. ^ "Why Related Companies Is One Of The Most Innovative Companies Of 2017". Fast Company. February 13, 2017. 
  19. ^ Bandell, Brian (May 11, 2017). "Related Group interested in redeveloping Boca Raton’s municipal complex". American City Business Journals. 
  20. ^ Bandell, Brian (July 6, 2017). "Related Group opens Brickell Heights, sells commercial space for $17.5M (Video)". American City Business Journals.