JMB Realty
Encyclopedia
JMB Realty Corporation is a real estate investment company based in Chicago
that at one time was one of the largest property developers in the United States. The company was founded as Robert Judelson & Co. in 1968. In 1969 Judelson (born 1939) was joined by University of Illinois roommates Neil Bluhm
(born 1938) and Judd Malkin (born 1938).
Judelson split from the partnership in 1973 to form a real estate company Balcor Company with Jerry Reinsdorf
. Bluhm became chairman and Malkin would be president. Judelson and Malkin were among the Reinsdorf consortium that bought the Chicago White Sox
in 1981 and Chicago Bulls
in 1984
In 1983 JMB acquired the structures that housed Federated Department Stores
. In 1984 it acquired Urban Development from Aetna
for $1.4 billion
In 1988 it acquired Amfac, a large Hawaii sugar cane land owner for $920 million and has since sold off much of the property as the Hawaii sugar cane industry has been dismantled. Among the assets was the department store Liberty House
, which went into bankruptcy before being acquired by Federated. Amfac went into bankruptcy in 2002. One of the companies that emerged from the bankruptcy is Xanterra
, a management company in United States National Parks. The Anschutz
Company bought Xanterra from JMB in 2008.
crash.
that built 25 shopping malls and managed another 60. It was listed on the New York Stock Exchange
and Chicago Stock Exchange
trading under the ticker symbol
of "URB."
Rodamco North America acquired it in 2000 for $3.4 billion. At the time it had 2,200 employees. Among the malls were:
In 2002 Rodmaco broke up the malls by selling them to The Rouse Co., Simon Property Group
and Westfield Holdings
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
that at one time was one of the largest property developers in the United States. The company was founded as Robert Judelson & Co. in 1968. In 1969 Judelson (born 1939) was joined by University of Illinois roommates Neil Bluhm
Neil Bluhm
-Biography:Neil Bluhm was born in 1938. His father left home when he was 13, and his mother worked as a bookkeeper. He graduated from the University of Illinois at Urbana and received a Doctor of Jurisprudence from Northwestern University....
(born 1938) and Judd Malkin (born 1938).
Judelson split from the partnership in 1973 to form a real estate company Balcor Company with Jerry Reinsdorf
Jerry Reinsdorf
Jerry M. Reinsdorf is a CPA, lawyer and an owner of the MLB's Chicago White Sox and the NBA's Chicago Bulls. He started his professional life as a tax attorney with the Internal Revenue Service. He has been the head of the White Sox and Bulls for over 20 years.He made his initial fortune in real...
. Bluhm became chairman and Malkin would be president. Judelson and Malkin were among the Reinsdorf consortium that bought the Chicago White Sox
Chicago White Sox
The Chicago White Sox are a Major League Baseball team located in Chicago, Illinois.The White Sox play in the American League's Central Division. Since , the White Sox have played in U.S. Cellular Field, which was originally called New Comiskey Park and nicknamed The Cell by local fans...
in 1981 and Chicago Bulls
Chicago Bulls
The Chicago Bulls are an American professional basketball team based in Chicago, Illinois, playing in the Central Division of the Eastern Conference in the National Basketball Association . The team was founded in 1966. They play their home games at the United Center...
in 1984
In 1983 JMB acquired the structures that housed Federated Department Stores
Federated Department Stores
Macy's, Inc. is a department store holding company and owner of Macy's and Bloomingdale's department stores. Macy's Inc.'s stores specialize mostly in retail clothing, jewelery, watches, dinnerware, and furniture....
. In 1984 it acquired Urban Development from Aetna
Aetna
Aetna, Inc. is an American health insurance company, providing a range of traditional and consumer directed health care insurance products and related services, including medical, pharmaceutical, dental, behavioral health, group life, long-term care, and disability plans, and medical management...
for $1.4 billion
In 1988 it acquired Amfac, a large Hawaii sugar cane land owner for $920 million and has since sold off much of the property as the Hawaii sugar cane industry has been dismantled. Among the assets was the department store Liberty House
Liberty House
Liberty House, headquartered in Honolulu, Hawaii, was a department store and specialty store chain with locations throughout the Hawaiian Islands and on Guam, as well as several locations on the mainland U.S.-History:...
, which went into bankruptcy before being acquired by Federated. Amfac went into bankruptcy in 2002. One of the companies that emerged from the bankruptcy is Xanterra
Xanterra Parks and Resorts
Xanterra Parks & Resorts is a privately-owned United States park and resort management company based in Greenwood Village, Colorado, controlled by entertainment magnate Phillip Anschutz...
, a management company in United States National Parks. The Anschutz
Philip Anschutz
Philip Frederick Anschutz is an American entrepreneur. Anschutz bought out his father's drilling company in 1961 and earned large returns in Wyoming. He has invested in stocks, real estate and railroads...
Company bought Xanterra from JMB in 2008.
Major acquisitions
JMB expanded aggressively before having to sell much of its properties because of declining real estate values in the wake of the Black Monday (1987)Black Monday (1987)
In finance, Black Monday refers to Monday October 19, 1987, when stock markets around the world crashed, shedding a huge value in a very short time. The crash began in Hong Kong and spread west to Europe, hitting the United States after other markets had already declined by a significant margin...
crash.
- 1983: Federated Realty AssociatedFederated Department StoresMacy's, Inc. is a department store holding company and owner of Macy's and Bloomingdale's department stores. Macy's Inc.'s stores specialize mostly in retail clothing, jewelery, watches, dinnerware, and furniture....
for $112 million - 1984: Urban Investment and Development, from AetnaAetnaAetna, Inc. is an American health insurance company, providing a range of traditional and consumer directed health care insurance products and related services, including medical, pharmaceutical, dental, behavioral health, group life, long-term care, and disability plans, and medical management...
Life and Casualty for an estimated $1 billion - 1986: AlcoaAlcoaAlcoa Inc. is the world's third largest producer of aluminum, behind Rio Tinto Alcan and Rusal. From its operational headquarters in Pittsburgh, Pennsylvania, Alcoa conducts operations in 31 countries...
's properties in Century City, California, for $600 million - 1987: Cadillac FairviewCadillac FairviewCadillac Fairview Corporation Limited is a North American investor, owner, and manager of commercial real estate.The name "Cadillac Fairview" came into existence in 1974 as a result of the merger between Cadillac Development Corporation Ltd and Fairview Corporation...
, Canadian developer-owner of shopping centers and office buildings, for $2.6 billion. - 1987: Disney Corporation's Arvida Corp.Arvida Corp.Arvida Corp., a Florida resort and real estate development company, was founded in 1958 by Arthur Vining Davis to develop his Florida land holdings, which included the historic Boca Raton Resort & Club, built in 1928....
unit, developer of planned communities in Florida and Georgia, for $400 million - JMB would build the planned community of Weston, FloridaWeston, FloridaWeston is a suburb of South Florida located in Broward County, Florida, USA. Established as a city in 1996, much of the community was developed by Arvida/JMB Realty and is located near the western developmental boundary of Broward County. It is the most western city in Broward County, and its... - 1988: Amfac, a diversified services company with operations in food processing, hotels-resorts, retailing, agriculture and property, for $920 million.
- 1989: Randsworth Trust P.L.C., the London-based real estate company, for $800 million, including refinanced debt.
- 1989: Panhandle EasternPanhandle EasternPanhandle Eastern Pipe Line Company, LP is a natural gas pipeline which brings natural gas from the panhandle region of Oklahoma east through the Midwest to supply Indiana and Ohio. It is owned by Panhandle Energy - Southern Union Gas Company. The company is headquartered in Houston, Texas, United...
Corporation's Houston CenterHouston CenterHouston Center is a retail and office complex in Downtown Houston, Texas, United States. It is owned and operated by subsidiaries of Crescent Real Estate Equities Co. .The three towers in Houston Center have almost of Class A office space...
, a mixed-use development, for $400 million.
Urban Shopping Centers, Inc.
Urban Shopping Centers was a self-administered real estate investment trustReal estate investment trust
A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...
that built 25 shopping malls and managed another 60. It was listed on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
and Chicago Stock Exchange
Chicago Stock Exchange
The Chicago Stock Exchange is a stock exchange in Chicago, Illinois, USA. The exchange is a national securities exchange and self-regulated organization, which operates under the oversight of the U.S. Securities and Exchange Commission . The Chicago Stock Exchange is the third most active stock...
trading under the ticker symbol
Ticker symbol
A stock symbol or ticker symbol is a short abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. A stock symbol may consist of letters, numbers or a combination of both. "Ticker symbol" refers to the symbols that were printed on the ticker...
of "URB."
Rodamco North America acquired it in 2000 for $3.4 billion. At the time it had 2,200 employees. Among the malls were:
- Water Tower PlaceWater Tower PlaceWater Tower Place is a large urban, mixed-use development comprising a shopping mall and 74 story skyscraper in Chicago, Illinois, United States. The complex is located at 835 North Michigan Avenue, along the Magnificent Mile. It is named after the nearby Chicago Water Tower...
, Chicago - Copley PlaceCopley PlaceCopley Place is an enclosed shopping mall, constructed in 1983, located in the Back Bay section of Boston, Massachusetts. It is owned by Simon Property Group, which acquired it in the 2002 breakup of the then-Dutch owned Urban Shopping Centers, Inc...
, BostonBostonBoston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had... - Houston GalleriaHouston GalleriaThe Galleria, stylized theGalleria, is an upscale mixed-use urban development centrally located in the Uptown District of Houston, Texas, United States. The development consists of a retail complex, as well as the Galleria Office Towers complex, two Westin hotels, and a private health club...
, Houston - San Francisco Shopping Center, San Francisco
- Century City Shopping Center, Los AngelesLos ÁngelesLos Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
- Perimeter MallPerimeter MallPerimeter Mall is a super-regional shopping mall in Dunwoody, Georgia, just north of Atlanta, near the highway interchange of Interstate 285 and Georgia 400....
, Atlanta - Florida Mall, Orlando, FloridaOrlando, FloridaOrlando is a city in the central region of the U.S. state of Florida. It is the county seat of Orange County, and the center of the Greater Orlando metropolitan area. According to the 2010 US Census, the city had a population of 238,300, making Orlando the 79th largest city in the United States...
In 2002 Rodmaco broke up the malls by selling them to The Rouse Co., Simon Property Group
Simon Property Group
Simon Property Group, Inc. is an American commercial real estate company, ranked #1 in the United States as the largest real estate investment trust. Simon is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers, The...
and Westfield Holdings