Related Companies, L.P. is an American real estate firm with headquarters in New York City, and with offices around the country including in West Palm Beach, Chicago, Boston, Los Angeles, San Francisco, as well as in London. Related developed the Hudson Yards Redevelopment Project,[3] which comprises 28 acres (0.11 km2) in Manhattan's Chelsea and Hell's Kitchen neighborhoods.[3][4] Related is also the largest private owner of affordable housing in the United States.[5]
 | |
| Company type | Private |
|---|---|
| Industry | Real estate development |
| Founded | 1972 |
| Founder | Stephen M. Ross |
| Headquarters | 30 Hudson Yards, , United States |
Key people | Stephen M. Ross (Non Executive chairman) Jeff T. Blau (CEO) Bruce A. Beal, Jr. (president) |
| Total assets | US$60 billion (2023)[1] |
| Total equity | US$4 billion (2017)[2] |
| Owner | Stephen M. Ross (60%) |
Number of employees | 4,000 (2023) |
| Subsidiaries |
|
| Website | related |
The company's real estate assets, valued at over $60 billion, is made up of mixed-use, residential, retail, office, hospitality in what the company calls "premier high-barrier-to-entry markets."[1]
Related has developed mixed-use projects such as Deutsche Bank Center, the Grand LA, and CityPlace.
History
editIn 1972, Stephen M. Ross founded Related Companies with a $10,000 loan from his mother and a business plan focused on affordable housing.[6][7] Related originally began as the Related Housing Companies, which built thousands of subsidized low and moderate income apartments nationwide.[8]
By the 1980s, the company turned towards higher-profile projects. Related hired architect Robert A.M. Stern in the 1990s to design The Chatham on the corner of 65th Street and Third Avenue.[8]
In September 2012, Ross became chairman, and Jeff Blau stepped into the role of CEO.[7][9]
In 2014, the United States Department of Justice filed a lawsuit against the company and several other large NYC developers, claiming failure to comply with the Americans with Disabilities Act of 1990.[10][11]
Related announced its plans to develop the £5 billion, 180-acre North London neighborhood, Brent Cross Town, in 2020. It is currently under development.[12]
In 2021, Related was one of the founders of energyRe, a clean energy company.[13]
In May 2021, Time Warner sold One Columbus Circle back to Related, and the building was renamed the Deutsche Bank Center.[14] Related also signed its first major lease with WHOOP at One Kenmore Square as part of the redevelopment of properties under the iconic Citgo sign.[15] The company launched Lantern House and 360 Rosemary, West Palm Beach’s first Class A office in over a decade, in September of that year.[16][17]
The Grand LA opened in July 2022. Designed by Frank Gehry, the $1.3 billion development includes a 45-story multifamily structure, a 28-story hotel and 164,000 square feet of retail and restaurant space.[18]
In October 2022, the company unveiled The Cortland, a 25-story luxury residential building designed by Robert A.M. Stern and Olson Kundig.[19]
Related’s Quinn property broke the record for most expensive home sold in Boston’s South End in November 2022; the unit sold for $7.4 million.[20]
In late 2022, Related entered into a partnership with Wynn Resorts to develop an integrated resort with a casino on the western yard.[21] The next year, it was announced that the plan would include a "'resort' tower", developed with Wynn, as well as a casino and hotel. The plan includes a 2-million-square-foot office tower, as well as 5.5 acres of public parkland, a public school, and a 1 million-square-foot apartment building with 329 affordable housing units.[22] The 1,189 feet (362 m) proposed hotel, located west of 11th Avenue, would be 80 stories tall and would include 1,750 rooms, making it one of largest hotels in New York City if built.[23] In March 2024, Wynn Resorts released renderings of the proposed resort and other components of the western portion of the project.[24] In July 2024, the non-profit group Friends of the High Line claimed that the plan to build a 20-story podium and sky scraper on the western section of the site would overwhelm the park. In response, Related’s CEO downplayed the complaint saying that Related met with the non-profit group “ten times in the past year” and the original design had already been modified.[25] The current plan now includes 5.6 acres of public green space and will generate thousands of union jobs.[26][27]
In 2023, Related Midwest opened the Row Fulton Market, a 294-unit luxury rental condo that is the tallest building in Chicago’s Fulton Market District.[28] That same year, Related and The Olayan Group began the first BTR rental home offering at Author King’s Cross.[29]
In October 2023, the University of Michigan approved construction for the $250 million UM Center for Innovation, which will be developed by Related in partnership with ODM.[30]
The groundbreaking ceremony for the Hudson Tunnel Project, a new river tunnel that would double the amount of trains coming from and to New Jersey, took place in November 2023. Related is leading the construction of the concrete casing of the Tunnel.[31] The following month, Related broke ground on Willets Point, the largest New York City affordable housing project in 40 years.[32]
The company announced in July 2024 that Ross would be stepping down as chairman of Related Companies to focus on his other business ventures. Ross will continue to serve as nonexecutive chairman of Related Companies, while Jeff Blau, Bruce Beal Jr., and Kenneth Wong will run the company.[33]
References
edit- ^ a b "Stephen Ross". Forbes. Retrieved December 14, 2023.
- ^ "Corporate Bio" (PDF). Retrieved 7 September 2017.
- ^ a b Sorvino, Chloe (May 31, 2016). "Hudson Yards, America's Largest Private Real Estate Development, Opens First Building". Forbes.
- ^ "The man behind the largest real estate project in U.S. History". Fortune. 2013-08-29. Retrieved 2015-09-27.
- ^ "NMHC 50 Largest Apartment Owners". NMHC. Retrieved February 2, 2024.
- ^ Clarke, Katherine (June 1, 2014). "The Closing with Stephen Ross". The Real Deal.
- ^ a b Brennan, Morgan (September 7, 2012). "Billionaire Stephen Ross Steps Down As CEO Of Related Cos". Forbes.
- ^ a b Carl Swanson (February 18, 2019). "The Only Man Who Could Build Oz". New York Magazine. Retrieved December 14, 2023.
- ^ Musibay, Oscar Pedro (September 10, 2012). "Stephen Ross stays Related Companies exec chair, Blau new CEO". American City Business Journals.
- ^ ACKER, DANIEL (March 18, 2014). "US gov't sues NYC developers, charging failure to comply with Americans with Disabilities Act". American City Business Journals.
- ^ Barbanel, Josh (March 17, 2014). "New York City Developer Accused in Disabled-Access Suit". The Wall Street Journal.(subscription required)
- ^ "Argent Related reveals designs for £5bn Brent Cross Town in UK". World Construction Today. 7 October 2020. Retrieved May 3, 2024.
- ^ Amrith Ramkumar (December 4, 2023). "The New Green Investment: Getting Clean Energy to Big Cities". Wall Street Journal. Retrieved February 4, 2024.
- ^ Mark Hallum (April 4, 2022). "PDT Partners Takes 110K SF at Deutsche Bank Center". Commercial Observer. Retrieved February 4, 2024.
- ^ Hannah Green (July 14, 2023). "See inside the Kenmore HQ of wearable tech unicorn Whoop". BostonInno. Retrieved February 4, 2024.
- ^ Ryan Waddoups (September 22, 2021). "Heatherwick Studio's Lantern House Is Complete". Surface Mag. Retrieved February 4, 2024.
- ^ Brian Bandell (September 23, 2021). "Related completes 360 Rosemary office in West Palm Beach". South Florida Business Journal. Retrieved February 4, 2024.
- ^ Greg Cornfield (July 14, 2022). "Frank Gehry Finally Cut the Ribbon for The Grand in Downtown LA". Commercial Observer. Retrieved February 2, 2024.
- ^ Allison Hope (May 12, 2022). "Inside the most luxurious new trophy towers launching this year in NYC". NY Post. Retrieved May 3, 2024.
- ^ Erin Kayata (November 16, 2022). "This Is the Most Expensive Condo Ever Sold in the South End". Retrieved February 4, 2024.
- ^ Dana Rubinstein; Nicole Hong; Matthew Haag (September 15, 2022). "Related Companies and Wynn to Bid for New Casino in Midtown Manhattan". New York Times. Retrieved May 3, 2024.
- ^ Steve Cuozzo; Josh Kosman; Carl Campanile (May 28, 2023). "Hudson Yards developer reveals revised $10 billion bid for casino". NY Post. Retrieved May 3, 2024.
- ^ "New Renderings Revealed for Wynn Resorts at Phase Two of Hudson Yards". 14 March 2024.
- ^ Brad Luck (March 14, 2024). "Wynn and Related unveil renderings of proposed Hudson Yards casino development". NBC. Retrieved May 3, 2024.
- ^ Steve Cuozzo (July 14, 2024). "Related Companies to build 1,200-foot skyscraper on Madison Avenue". NY Post. Retrieved July 21, 2024.
- ^ Chen, Stefanos (2024-07-10). "Supporters of the High Line Aim to Block Plan to Build a Casino Nearby". The New York Times. ISSN 0362-4331. Retrieved 2024-07-10.
- ^ "Protect The High Line". Protect The High Line. Retrieved 2024-07-10.
- ^ Alby Gallun (April 13, 2023). "What $23,000 a month gets you in Fulton Market". Chicago Business. Retrieved December 14, 2023.
- ^ "Related Argent expands in-house asset management team to support Build-to-Rent growth". Built Environment Networking. February 23, 2023. Retrieved December 14, 2023.
- ^ Kim Koalowski; Kara Berg (October 19, 2023). "University of Michigan regents approve construction for $250M Detroit innovation center". Detroit News. Retrieved May 3, 2024.
- ^ Michael Oreskes (November 6, 2023). "Groundbreaking for Hudson Rail Tunnel Draws Politicos and Protestors". Our Town. Retrieved February 2, 2024.
- ^ "Mayor Adams, Community Partners Break Ground on Willets Point Transformation, Largest Affordable Housing Project in 40 Years". NYC. December 20, 2023. Retrieved February 2, 2024.
- ^ Peter Grant (July 11, 2024). "Stephen Ross Is Launching His Second Act at 84: A New Florida Real-Estate Firm". Wall Street Journal. Retrieved July 11, 2024.