The Related Companies

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The Related Companies, L.P.
Company typePrivate
IndustryReal estate development
Founded1972; 52 years ago (1972)
FounderStephen M. Ross
Headquarters30 Hudson Yards, ,
United States
Key people
Stephen M. Ross (Chairman)
Jeff T. Blau (CEO)
Bruce A. Beal, Jr. (President)
Total assetsUS$60 billion (2023)[1]
Total equityUS$4 billion (2017)[2]
OwnerStephen M. Ross (60%)
Number of employees
4,000+ (2023)
Subsidiaries
  • Related Southeast
  • Related Midwest
  • Related California
  • Related Beal
  • Related Argent
  • Related Texas
  • Related Michigan
  • Related Affordable
  • Related Office
  • Related Management Company (RMC)
  • Related Rentals
  • Related Construction
Websiterelated.com
Astor Place building

The 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]

The company's real estate assets, valued at over $60 billion, is made up of mixed-use, residential, retail, office, hospitality and affordable properties 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

In 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 company completed construction of Abington House, a rental apartment property on the High Line designed by architect Robert A. M. Stern.[10] That same year, 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.[11][12] As an initial step in the Grand Avenue Project, Related completed The Emerson, an affordable housing community catered towards older adults, in October 2014.[13]

In 2021, Related was one of the founders of energyRe, a clean energy company.[14]

In May 2021, Time Warner sold One Columbus Circle back to Related, and the building was renamed the Deutsche Bank Center.[15] 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.[16] 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.[17][18]

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.[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 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.[21] That same year, Related and the Olayan Group began the first BTR rental home offering at Author King’s Cross.[22]

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.[23] The following month, Related broke ground on Willets Point, the largest New York City affordable housing project in 40 years.[24]

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]

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.[25]

References

  1. ^ a b "Stephen Ross". Forbes. Retrieved December 14, 2023.
  2. ^ "Corporate Bio" (PDF). Retrieved 7 September 2017.
  3. ^ a b c d Sorvino, Chloe (May 31, 2016). "Hudson Yards, America's Largest Private Real Estate Development, Opens First Building". Forbes.
  4. ^ a b "The man behind the largest real estate project in U.S. History". Fortune. 2013-08-29. Retrieved 2015-09-27.
  5. ^ "NMHC 50 Largest Apartment Owners". NMHC. Retrieved February 2, 2024.
  6. ^ Clarke, Katherine (June 1, 2014). "The Closing with Stephen Ross". The Real Deal.
  7. ^ a b Brennan, Morgan (September 7, 2012). "Billionaire Stephen Ross Steps Down As CEO Of Related Cos". Forbes.
  8. ^ a b Carl Swanson (February 18, 2019). "The Only Man Who Could Build Oz". New York Magazine. Retrieved December 14, 2023.
  9. ^ Musibay, Oscar Pedro (September 10, 2012). "Stephen Ross stays Related Companies exec chair, Blau new CEO". American City Business Journals.
  10. ^ ALBERTS, HANA R. (July 10, 2014). "Tour Robert A.M. Stern's High Line Rentals at Abington House". Curbed.
  11. ^ ACKER, DANIEL (March 18, 2014). "US gov't sues NYC developers, charging failure to comply with Americans with Disabilities Act". American City Business Journals.
  12. ^ Barbanel, Josh (March 17, 2014). "New York City Developer Accused in Disabled-Access Suit". The Wall Street Journal.(subscription required)
  13. ^ Vincent, Roger (October 1, 2014). "Developer of new Bunker Hill apartment high-rise woos older residents". Los Angeles Times.
  14. ^ Amrith Ramkumar (December 4, 2023). "The New Green Investment: Getting Clean Energy to Big Cities". Wall Street Journal. Retrieved February 4, 2024.
  15. ^ Mark Hallum (April 4, 2022). "PDT Partners Takes 110K SF at Deutsche Bank Center". Commerial Observer. Retrieved February 4, 2024.
  16. ^ Hannah Green (July 14, 2023). "See inside the Kenmore HQ of wearable tech unicorn Whoop". BostonInno. Retrieved February 4, 2024.
  17. ^ Ryan Waddoups (September 22, 2021). "Heatherwick Studio's Lantern House Is Complete". Surface Mag. Retrieved February 4, 2024.
  18. ^ Brian Bandell (September 23, 2021). "Related completes 360 Rosemary office in West Palm Beach". South Florida Business Journal. Retrieved February 4, 2024.
  19. ^ Greg Cornfield (July 14, 2022). "Frank Gehry Finally Cut the Ribbon for The Grand in Downtown LA". Commercial Observer. Retrieved February 2, 2024.
  20. ^ Erin Kayata (November 16, 2022). "This Is the Most Expensive Condo Ever Sold in the South End". Retrieved February 4, 2024.
  21. ^ Alby Gallun (April 13, 2023). "What $23,000 a month gets you in Fulton Market". Chicago Business. Retrieved December 14, 2023.
  22. ^ "Related Argent expands in-house asset management team to support Build-to-Rent growth". Built Environment Networking. February 23, 2023. Retrieved December 14, 2023.
  23. ^ Michael Oreskes (November 6, 2023). "Groundbreaking for Hudson Rail Tunnel Draws Politicos and Protestors". Our Town. Retrieved February 2, 2024.
  24. ^ "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.
  25. ^ Bandell, Brian (July 6, 2017). "Related Group opens Brickell Heights, sells commercial space for $17.5M (Video)". American City Business Journals.