– Re: TUTOR PERINI/HUDSON YARDS PRESS RELEASE
In Reply To
RELATED CORPORATE PROFILE
In 1972, Stephen Ross founded Related Companies, known then as Related Housing Companies. From the beginning, Mr. Ross understood that only an experienced, multi-skilled team of professionals could drive the success of the complex, integrated real estate company he envisioned.
During the 1970’s Related took the lead in financing and developing government assisted multi-family housing for long-term investment. It was a unique concept at the time and still is today. Related soon became the leading financier and developer of affordable housing in the country. By the end of the decade, just eight years later, Related had raised over $40 million in equity to support more than 50 developments with a combined value of over $250 million.
In the 1980s, the company rapidly diversified and dramatically expanded the scope of its business and the range of its holdings. New projects included large-scale, market-rate multi-family developments as well as major metropolitan office and commercial properties. At the same time, the financial services arm grew considerably, becoming a major provider of debt and equity capital and managed over 50 private and public funds. The 1980s also brought a name change – from Related Housing Companies to Related Companies – in recognition of the company's substantial growth, new capabilities and expanded services. To take advantage of growing opportunities around the country, Related opened offices in Miami, Los Angeles and later, Chicago.
In the early 90’s as a downturn in the real estate market was being experienced throughout the country, Related’s expertise was often sought out by owners of distressed assets, and the company acquired and repositioned many assets in New York and throughout the nation including The Aurora, Tribeca Tower and Tiffany Mews. Following the downturn, Related led an urban and commercial resurgence, forming new partnerships and completing several new residential and mixed-use developments. To better manage its growth, Related was organized into three divisions - Development, Management and Financial Services, each with its own unique mission and opportunities.
The Development Division developed and acquired luxury housing, government-assisted housing, retail, commercial and mixed-use properties. The Property Management division provided property management services for residential, commercial and retail space with direct access to real-time information about operating costs and market conditions. The Financial Services division managed capital on behalf of several large institutions including the State Teachers Retirement System of Ohio, GM Pension Fund, MEPT and CalPERS. CreditRE and CertRE, ventures with Credit-Suisse, Zurich Financial and Related were also formed in the mid-90s and made or credit-enhanced $2.2 billion in loans on 155 properties representing over 44,000 apartments and nearly 1 million square feet of commercial real estate.
In 1998 the company won the coveted bid to develop the prestigious Time Warner Center at Columbus Circle in Manhattan.
With the onset of the 21st century, Related has continued its growth through new markets, new partnerships and new capabilities. In addition, the company has continued its development of high-profile luxury residential properties and major mixed-use developments in urban markets.
In 2003, Related sold Related Capital to CharterMac, now known as Centerline Capital Group, a full-service real estate finance and investment company that Related took public six years earlier. In February 2006, Related purchased Equinox® Holdings, Inc., further expanding the company’s capabilities into the fitness and lifestyle arena and creating a valuable synergy with the development, sales and management of its luxury residential and mixed-use products.
In 2007, Related established partnerships with an elite consortium of investors including Goldman Sachs, MSD Capital, Mubadala Development Company, Kuwait Investment Authority and The Olayan Group, which will help fuel the company’s significant growth potential.
In 2008, Related was selected to develop a new 26-acre neighborhood on the west side of New York City, Hudson Yards. That same year, Related was tapped by Deutsche Bank to complete the construction on the $4 billion Cosmopolitan development in Las Vegas.
Today, Related Companies stands as a fully integrated, highly diversified industry leader with expertise in virtually every aspect of development, acquisitions, management, finance and sales, and a commitment to continue to break new ground and reshape the industry. Related’s senior management team averages more than 20 years of experience in the industry, and over 14 years with Related, enabling the company to execute on the most challenging and complex development and financing opportunities.