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{{short description|American real estate firm and developer}}
{{Short description|American real estate firm and developer}}
{{Multiple issues|
{{Advert|date=April 2015}}
{{Self-published|date=April 2020}}
}}
{{Infobox company
{{Infobox company
| name = The Related Companies, L.P.
| name = Related Companies, L.P.
| logo = The Related Companies.svg
| logo = The Related Companies.svg
| logo_size = 250px
| logo_size = 250px
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| foundation = {{Start date and age|1972}}
| foundation = {{Start date and age|1972}}
| founder = [[Stephen M. Ross]]
| founder = [[Stephen M. Ross]]
| hq_location = [[30 Hudson Yards]]
| location_city = [[New York City]], [[New York (state)|New York]]
| hq_location_city = [[New York City]], [[New York (state)|New York]]
| location_country = [[United States]]
| hq_location_country = United States
| area_served =
| area_served =
| key_people = [[Stephen M. Ross]] ([[Chairman]])<br>Jeff T. Blau ([[Chief executive officer|CEO]])<br>Bruce A. Beal, Jr. ([[President (corporate title)|President]])
| key_people = [[Stephen M. Ross]]<br />(Non Executive [[chairman]])<br />[[Jeff Blau|Jeff T. Blau]] ([[Chief executive officer|CEO]])<br />Bruce A. Beal, Jr. ([[President (corporate title)|president]])
| industry = [[Real estate development]]
| industry = [[Real estate development]]
| products =
| products =
Line 21: Line 18:
| operating_income =
| operating_income =
| net_income =
| net_income =
| assets = [[United States dollar|US$]]50 billion (2017), including assets managed for others<ref>{{cite web|title=Operating Portfolio|url=http://www.related.com/our-company/businesses/19/Operating-Portfolio|website=www.related.com|access-date=7 September 2017}}</ref>
| assets = [[United States dollar|US$]]60 billion (2023)<ref name=Forbes/>
| equity = US$4 billion (2017)<ref name="corporate-bio">{{cite web|title=Corporate Bio|url=http://content.related.com/PressKits/Corporate%20Bio.pdf|access-date=7 September 2017|language=en-us}}</ref>
| equity = US$4 billion (2017)<ref name="corporate-bio">{{cite web|title=Corporate Bio|url=http://content.related.com/PressKits/Corporate%20Bio.pdf|access-date=7 September 2017|language=en-us}}</ref>
| owner = [[Stephen M. Ross]] (60%)
| owner = [[Stephen M. Ross]] (60%)<ref>{{Cite web|url=https://content.related.com/Lists/InTheNews/Attachments/678/6142013_IBD_Leaders_and_Success_SMR.pdf|title=Stephen Ross Builds Related Cos. Into Top Developer}}</ref>
| num_employees = 3,000+ (2017)
| num_employees = 4,000+ (2023)
| parent =
| parent =
| divisions =
| divisions =
| subsid = {{Unbulleted list|Equinox Holdings|Equinox Hotels|Equinox Fitness Clubs|SoulCycle|Related Urban|Related Fund Management|Related California|Related Gulf|Related Midwest}}
| subsid = {{Unbulleted list|Related Midwest|Related California|Related Beal|Related Argent|Related Texas|Related Michigan|Related Affordable|Related Office|Related Management Company (RMC)|Related Rentals|Related Construction}}
| homepage = {{URL|http://www.related.com}}
| homepage = {{URL|https://related.com}}
| footnotes =
| footnotes =
}}
}}
[[File:Related Co Astor Pl glass bldg jeh.jpg|thumb|upright|[[Astor Place]] building]]
[[File:Related Co Astor Pl glass bldg jeh.jpg|thumb|upright|[[Astor Place]] building]]


⚫
'''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]],<ref name=hudson>{{cite web |url=https://www.forbes.com/sites/chloesorvino/2016/05/31/hudson-yards-americas-largest-private-real-estate-development-opens-first-building/ | title=Hudson Yards, America's Largest Private Real Estate Development, Opens First Building | first=Chloe | last=Sorvino | work=[[Forbes]] | date=May 31, 2016}}</ref> which comprises {{convert|28|acre|km2}} in Manhattan's [[Chelsea, Manhattan|Chelsea]] and [[Hell's Kitchen, Manhattan|Hell's Kitchen]] neighborhoods.<ref name=hudson/><ref name=Fortune>{{cite web|url=http://fortune.com/2013/08/29/the-man-behind-the-largest-real-estate-project-in-u-s-history/ |title=The man behind the largest real estate project in U.S. History |publisher=Fortune |date=2013-08-29 |access-date=2015-09-27}}</ref> Related is also the largest private owner of affordable housing in the United States.<ref>{{cite web|url=https://www.nmhc.org/research-insight/the-nmhc-50/top-50-lists/2023-top-owners-list/|title=NMHC 50 Largest Apartment Owners|website=NMHC|access-date=February 2, 2024}}</ref>
'''The Related Companies, L.P.''' is an American [[real estate firm]] in [[New York City]], with offices and developments in [[Boston]], [[Chicago]], [[Los Angeles]], [[Las Vegas]], [[Miami]], [[San Francisco]], [[Abu Dhabi]], [[London]], [[São Paulo]] and [[Shanghai]]. Related has more than 3,000 employees and is the largest landlord in New York City with over 8,000 residential rental units under ownership.


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."<ref name=Forbes>{{cite web|url=https://www.forbes.com/profile/stephen-ross/?sh=2f9636c76220|title=Stephen Ross|website=Forbes|access-date=December 14, 2023}}</ref>
Related manages about $4 billion of [[equity capital]] on behalf of [[sovereign wealth fund]]s,<ref name="corporate-bio"/> public [[Pension|pension plans]], [[Multi-manager investment|multi-managers]], endowments, [[Taft-Hartley Act|Taft-Hartley]] benefits plans, and family offices.<ref>Raval, Anjli. (2012-01-23) [http://www.ft.com/intl/cms/s/0/538a7a72-438c-11e1-9f28-00144feab49a.html#axzz1kIdU0pmu Related closes distressed asset fund]. FT.com. Retrieved on 2013-07-26.</ref>


Related has developed mixed-use projects such as [[Deutsche Bank Center]], the Grand LA, and [[The Square, West Palm Beach|CityPlace]].
⚫
Related has developed mixed-use projects such as [[Time Warner Center]] and the [[Bronx Terminal Market]] in New York City and [[CityPlace (West Palm Beach)|CityPlace]] in [[West Palm Beach]]. Related is developing the [[Hudson Yards Redevelopment Project]],<ref name=hudson>{{cite web | url=https://www.forbes.com/sites/chloesorvino/2016/05/31/hudson-yards-americas-largest-private-real-estate-development-opens-first-building/ | title=Hudson Yards, America's Largest Private Real Estate Development, Opens First Building | first=Chloe | last=Sorvino | work=[[Forbes]] | date=May 31, 2016}}</ref> which comprises {{convert|28|acre|km2}} in Manhattan's [[Chelsea, Manhattan|Chelsea]] and [[Hell's Kitchen, Manhattan|Hell's Kitchen]] neighborhoods.<ref name=hudson/><ref>{{cite web|url=http://fortune.com/2013/08/29/the-man-behind-the-largest-real-estate-project-in-u-s-history/ |title=The man behind the largest real estate project in U.S. History |publisher=Fortune |date=2013-08-29 |access-date=2015-09-27}}</ref>


==History==
==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.<ref>{{cite web | url=https://therealdeal.com/issues_articles/the-closing-8/ | title=The Closing with Stephen Ross | first=Katherine | last=Clarke | publisher=[[The Real Deal (magazine)|The Real Deal]] | date=June 1, 2014}}</ref><ref name=ceo>{{cite web | url=https://www.forbes.com/sites/morganbrennan/2012/09/07/dont-expect-much-to-change-as-billionaire-stephen-ross-steps-aside-as-related-cos-ceo/ | title=Billionaire Stephen Ross Steps Down As CEO Of Related Cos | first=Morgan | last=Brennan | work=[[Forbes]] | date=September 7, 2012}}</ref>
In 1972, [[Stephen M. Ross]] founded Related Companies with a $10,000 loan from his mother and a business plan focused on affordable housing.<ref>{{cite web | url=https://therealdeal.com/issues_articles/the-closing-8/ | title=The Closing with Stephen Ross | first=Katherine | last=Clarke | publisher=[[The Real Deal (magazine)|The Real Deal]] | date=June 1, 2014}}</ref><ref name=ceo>{{cite web | url=https://www.forbes.com/sites/morganbrennan/2012/09/07/dont-expect-much-to-change-as-billionaire-stephen-ross-steps-aside-as-related-cos-ceo/ | title=Billionaire Stephen Ross Steps Down As CEO Of Related Cos | first=Morgan | last=Brennan | work=[[Forbes]] | date=September 7, 2012}}</ref> Related originally began as the Related Housing Companies, which built thousands of subsidized low and moderate income apartments nationwide.<ref name=NYMag>{{cite web|url=https://nymag.com/intelligencer/2019/02/stephen-ross-hudson-yards.html|title=The Only Man Who Could Build Oz|website=New York Magazine|date=February 18, 2019|author=Carl Swanson|access-date=December 14, 2023}}</ref>

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]].<ref name=NYMag/>

⚫
In September 2012, Ross became chairman, and [[Jeff Blau]] stepped into the role of CEO.<ref name=ceo/><ref>{{cite news | url=https://www.bizjournals.com/southflorida/news/2012/09/10/stephen-ross-stays-related-companies.html | title=Stephen Ross stays Related Companies exec chair, Blau new CEO | first=Oscar Pedro | last=Musibay | publisher=[[American City Business Journals]] | date=September 10, 2012}}</ref>

⚫
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]].<ref>{{cite news | url=https://www.bizjournals.com/newyork/news/2014/03/18/us-govt-sues-nyc-developers-charging-failure-to.html | title=US gov't sues NYC developers, charging failure to comply with Americans with Disabilities Act | first=DANIEL | last=ACKER | publisher=[[American City Business Journals]] | date=March 18, 2014}}</ref><ref>{{cite news | url=https://www.wsj.com/articles/new-york-city-developer-accused-in-disabled-access-suit-1395100777 | title=New York City Developer Accused in Disabled-Access Suit | first=Josh | last=Barbanel | publisher=[[The Wall Street Journal]] | date=March 17, 2014}}{{subscription required}}</ref>


Related announced its plans to develop the £5 billion, 180-acre North London neighborhood, Brent Cross Town, in 2020. It is currently under development.<ref>{{cite web|url=https://www.worldconstructiontoday.com/news/argent-related-reveals-designs-for-5bn-brent-cross-town-in-uk/|title=Argent Related reveals designs for £5bn Brent Cross Town in UK|website=World Construction Today|date=7 October 2020 |access-date=May 3, 2024}}</ref>
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.<ref>{{cite web | url=http://www.crainsnewyork.com/article/20130130/REAL_ESTATE/130129885/almost-three-decades-later-225-rector-is-a-hit | title=Almost three decades later, 225 Rector is a hit | first=Matt | last=Chaban | publisher=[[The Real Deal (magazine)|The Real Deal]] | date=January 30, 2013}}</ref>


In 2021, Related was one of the founders of energyRe, a clean energy company.<ref>{{cite web|url=https://www.wsj.com/finance/investing/the-new-green-investment-getting-clean-energy-to-big-cities-1586e785|title=The New Green Investment: Getting Clean Energy to Big Cities|website=Wall Street Journal|date=December 4, 2023|author=Amrith Ramkumar
In January 2012, the company closed an $825 million distressed asset fund.<ref>{{cite web | url=https://therealdeal.com/miami/2012/01/23/related-closes-825m-distressed-asset-fund/ | title=Related closes $825M distressed asset fund | publisher=[[The Real Deal (magazine)|The Real Deal]] | date=January 23, 2012}}</ref>
|access-date=February 4, 2024}}</ref>


In May 2021, [[WarnerMedia|Time Warner]] sold One Columbus Circle back to Related, and the building was renamed the Deutsche Bank Center.<ref>{{cite web|url=https://commercialobserver.com/2022/04/pdt-partners-takes-110k-sf-at-deutsche-bank-center/|title=PDT Partners Takes 110K SF at Deutsche Bank Center|website=Commercial Observer|date=April 4, 2022|author=Mark Hallum|access-date=February 4, 2024}}</ref> Related also signed its first major lease with [[WHOOP (company)|WHOOP]] at One [[Kenmore Square]] as part of the redevelopment of properties under the iconic [[Boston Citgo sign|Citgo sign]].<ref>{{cite web|url=https://www.bizjournals.com/boston/inno/stories/news/2023/07/14/inside-whoop-s-new-kenmore-hq.html|title=See inside the Kenmore HQ of wearable tech unicorn Whoop|website=BostonInno|date=July 14, 2023|author=Hannah Green|access-date=February 4, 2024}}</ref> 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.<ref>{{cite web|url=https://www.surfacemag.com/articles/lantern-house-thomas-heatherwick/|title=Heatherwick Studio's Lantern House Is Complete|website=Surface Mag|date=September 22, 2021|author=Ryan Waddoups|access-date=February 4, 2024}}</ref><ref>{{cite web|url=https://www.bizjournals.com/southflorida/news/2021/09/23/360-rosemary-office-west-palm-beach.html|title=Related completes 360 Rosemary office in West Palm Beach|website=South Florida Business Journal|date=September 23, 2021|author=Brian Bandell|access-date=February 4, 2024}}</ref>
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.<ref name=ceo/><ref>{{cite news | url=http://www.businessinsider.com/one-madison-50-million-triplex-penthouse-2013-9 | title=Tour A $50 Million Glass Penthouse 60 Floors Above Madison Square Park | first=Megan | last=Willett | publisher=[[Business Insider]] | date=September 24, 2013}}</ref>


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.<ref>{{cite web|url=https://commercialobserver.com/2022/07/la-frank-gehry-the-grand-downtown-la-related-companies-conrad-development/|title=Frank Gehry Finally Cut the Ribbon for The Grand in Downtown LA|website=Commercial Observer|date=July 14, 2022|author=Greg Cornfield|access-date=February 2, 2024}}</ref>
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In September 2012, Ross resigned as chief executive officer of the company and was replaced with Jeff Blau.<ref name=ceo/><ref>{{cite news | url=https://www.bizjournals.com/southflorida/news/2012/09/10/stephen-ross-stays-related-companies.html | title=Stephen Ross stays Related Companies exec chair, Blau new CEO | first=Oscar Pedro | last=Musibay | publisher=[[American City Business Journals]] | date=September 10, 2012}}</ref>


In October 2022, the company unveiled The Cortland, a 25-story luxury residential building designed by [[Robert A.M. Stern]] and [[Olson Kundig]].<ref>{{cite web|url=https://nypost.com/2022/05/12/the-4-top-manhattan-condo-projects-to-watch-this-year/|title=Inside the most luxurious new trophy towers launching this year in NYC|website=NY Post|date=May 12, 2022|author=Allison Hope|access-date=May 3, 2024}}</ref>
⚫
In March 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]].<ref>{{cite news | url=https://www.bizjournals.com/newyork/news/2014/03/18/us-govt-sues-nyc-developers-charging-failure-to.html | title=US gov't sues NYC developers, charging failure to comply with Americans with Disabilities Act | first=DANIEL | last=ACKER | publisher=[[American City Business Journals]] | date=March 18, 2014}}</ref><ref>{{cite news | url=https://www.wsj.com/articles/new-york-city-developer-accused-in-disabled-access-suit-1395100777 | title=New York City Developer Accused in Disabled-Access Suit | first=Josh | last=Barbanel | publisher=[[The Wall Street Journal]] | date=March 17, 2014}}{{subscription required}}</ref>


Related’s Quinn property broke the record for most expensive home sold in [[South End, Boston|Boston’s South End]] in November 2022; the unit sold for $7.4 million.<ref>{{cite web|url=https://www.bostonmagazine.com/property/2022/11/16/south-end-condo-record/|title=This Is the Most Expensive Condo Ever Sold in the South End|website=|date=November 16, 2022|author=Erin Kayata|access-date=February 4, 2024}}</ref>
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]].<ref>{{cite news | url=https://ny.curbed.com/2014/7/10/10077226/tour-robert-a-m-sterns-high-line-rentals-at-abington-house | title=Tour Robert A.M. Stern's High Line Rentals at Abington House | first=HANA R. | last=ALBERTS | publisher=[[Curbed]] | date=July 10, 2014}}</ref>


In late 2022, Related entered into a partnership with [[Wynn Resorts]] to develop an integrated resort with a casino on the western yard.<ref>{{cite web|url=https://www.nytimes.com/2022/09/15/nyregion/casino-hudson-yards-manhattan.html|title=Related Companies and Wynn to Bid for New Casino in Midtown Manhattan|website=New York Times|date=September 15, 2022|author1=Dana Rubinstein|author2=Nicole Hong|author3=Matthew Haag|access-date=May 3, 2024}}</ref> 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.<ref>{{cite web|url=https://nypost.com/2023/05/28/hudson-yards-developer-jeff-blau-reveals-revised-10b-casino-bid/|title=Hudson Yards developer reveals revised $10 billion bid for casino|website=NY Post|date=May 28, 2023|author1=Steve Cuozzo|author2=Josh Kosman|author3=Carl Campanile|access-date=May 3, 2024}}</ref> 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.<ref>{{cite web | url=https://newyorkyimby.com/2024/03/new-renderings-revealed-for-wynn-resorts-at-phase-two-of-hudson-yards.html | title=New Renderings Revealed for Wynn Resorts at Phase Two of Hudson Yards | date=14 March 2024 }}</ref> In March 2024, Wynn Resorts released renderings of the proposed resort and other components of the western portion of the project.<ref>{{cite web|url=https://www.nbcnewyork.com/news/local/hudson-yards-casino-proposed-wynn-resorts-related-companies-manhattan-gaming/5224883/|title=Wynn and Related unveil renderings of proposed Hudson Yards casino development|website=NBC|date=March 14, 2024|author=Brad Luck|access-date=May 3, 2024}}</ref> 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.<ref>{{cite web|url=https://nypost.com/2024/07/14/business/related-companies-to-build-1200-foot-skyscraper-on-madison-avenue/|title=Related Companies to build 1,200-foot skyscraper on Madison Avenue|website=NY Post|date=July 14, 2024|author=Steve Cuozzo|access-date=July 21, 2024}}</ref> The current plan now includes 5.6 acres of public green space and will generate thousands of union jobs.<ref>{{Cite news |last=Chen |first=Stefanos |date=2024-07-10 |title=Supporters of the High Line Aim to Block Plan to Build a Casino Nearby |url=https://www.nytimes.com/2024/07/10/nyregion/high-line-casino-hudson-yards.html |access-date=2024-07-10 |work=The New York Times |language=en-US |issn=0362-4331}}</ref><ref>{{Cite web |title=Protect The High Line |url=https://protect.thehighline.org/ |access-date=2024-07-10 |website=Protect The High Line |language=en-US}}</ref>
The company has an agreement to redevelop [[Grand Avenue (Los Angeles)|Grand Avenue]] in [[Bunker Hill, Los Angeles]]. In October 2014 as an initial step in the [[Grand Avenue Project]], they completed The Emerson, an apartment tower marketed to older adults that includes an [[affordable housing]] component.<ref>{{cite news | url=http://www.latimes.com/business/realestate/la-fi-property-report-emerson-20141002-story.html | title=Developer of new Bunker Hill apartment high-rise woos older residents | first=Roger | last=Vincent | newspaper=[[Los Angeles Times]] | date=October 1, 2014}}</ref>


In 2023, Related Midwest opened the [[900 West Randolph|Row Fulton Market]], a 294-unit luxury rental condo that is the tallest building in Chicago’s [[Fulton Market District]].<ref>{{cite web|url=https://www.chicagobusiness.com/commercial-real-estate/fulton-market-penthouse-apartments-unveiled-related-midwest|title=What $23,000 a month gets you in Fulton Market|website=Chicago Business|date=April 13, 2023|author= Alby Gallun|access-date=December 14, 2023}}</ref> That same year, Related and The [[Olayan Group]] began the first [[Build to rent|BTR]] rental home offering at [[King's Cross, London|Author King’s Cross]].<ref>{{cite web|url=https://www.built-environment-networking.com/news/related-argent-expands-in-house-asset-management-team-to-support-build-to-rent-growth/|title=Related Argent expands in-house asset management team to support Build-to-Rent growth|website=Built Environment Networking|date=February 23, 2023|access-date=December 14, 2023}}</ref>
In January 2016, the company proposed developing a $6.5 billion project on the site of the former Santa Clara All Purpose Landfill.<ref>{{cite news | url=https://www.bizjournals.com/sanjose/print-edition/2016/01/01/related-companies-plans-an-ambitious-project-in.html | title=Related Companies must dig deep to build housing on former dump | first=Nathan | last=Donato-Weinstein | publisher=[[American City Business Journals]] | date=January 1, 2016}}</ref>


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.<ref>{{cite web|url=https://www.detroitnews.com/story/news/local/michigan/2023/10/19/university-of-michigan-regents-approve-construction-for-250m-detroit-innovation-center/71240866007/|title=University of Michigan regents approve construction for $250M Detroit innovation center|website=Detroit News|date=October 19, 2023|author1=Kim Koalowski|author2=Kara Berg|access-date=May 3, 2024}}</ref>
In February 2017, [[Fast Company (magazine)|Fast Company]] named the company as one of The Most Innovative Companies of 2017 for its work on [[Hudson Yards (development)|Hudson Yards]].<ref>{{cite news | url=https://www.fastcompany.com/3067478/most-innovative-companies/why-related-companies-is-one-of-the-most-innovative-companies-of-2 | title=Why Related Companies Is One Of The Most Innovative Companies Of 2017 | publisher=[[Fast Company (magazine)|Fast Company]] | date=February 13, 2017}}</ref>


The groundbreaking ceremony for the [[List of crossings of the Hudson River|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.<ref>{{cite web|url=https://www.ourtownny.com/news/groundbreaking-for-hudson-rail-tunnel-draws-politicos-and-protestors-YB2838991|title=Groundbreaking for Hudson Rail Tunnel Draws Politicos and Protestors|website=Our Town|date=November 6, 2023|author=Michael Oreskes|access-date=February 2, 2024}}</ref> The following month, Related broke ground on [[Willets Point, Queens|Willets Point]], the largest New York City affordable housing project in 40 years.<ref>{{cite web|url=https://www.nyc.gov/office-of-the-mayor/news/977-23/mayor-adams-community-partners-break-ground-willets-point-transformation-largest-affordable|title=Mayor Adams, Community Partners Break Ground on Willets Point Transformation, Largest Affordable Housing Project in 40 Years|website=NYC|date=December 20, 2023|access-date=February 2, 2024}}</ref>
In May 2017, the company contacted officials in [[Boca Raton]] about potentially redeveloping its city hall and municipal complex downtown.<ref>{{cite news | url=https://www.bizjournals.com/southflorida/news/2017/05/11/related-group-interested-in-redeveloping-boca.html | title=Related Group interested in redeveloping Boca Raton's municipal complex | first=Brian | last=Bandell | publisher=[[American City Business Journals]] | date=May 11, 2017}}</ref>


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.<ref>{{cite web|url=https://www.wsj.com/real-estate/stephen-ross-is-launching-his-second-act-at-84-a-new-florida-real-estate-firm-68d340d7?mod=Searchresults_pos1&page=1|title=Stephen Ross Is Launching His Second Act at 84: A New Florida Real-Estate Firm|website=Wall Street Journal|date=July 11, 2024|author=Peter Grant|access-date=July 11, 2024}}</ref>
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.<ref>{{cite news | url=https://www.bizjournals.com/southflorida/news/2017/07/06/related-group-opens-brickell-heights-sells.html | title=Related Group opens Brickell Heights, sells commercial space for $17.5M (Video) | first=Brian | last=Bandell | publisher=[[American City Business Journals]] | date=July 6, 2017}}</ref>


==References==
==References==
{{Reflist|30em}}
{{Reflist|30em}}


{{The Related Companies}}
{{Hudson Yards}}
{{Hudson Yards}}


Latest revision as of 00:40, 1 December 2024

Related Companies, L.P.
Company typePrivate
IndustryReal estate development
Founded1972; 53 years ago (1972)
FounderStephen M. Ross
Headquarters30 Hudson Yards,
New York City, New York
,
United States
Key people
Stephen M. Ross
(Non Executive 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 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

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 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

[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.[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]
  1. ^ a b "Stephen Ross". Forbes. Retrieved December 14, 2023.
  2. ^ "Corporate Bio" (PDF). Retrieved 7 September 2017.
  3. ^ a b Sorvino, Chloe (May 31, 2016). "Hudson Yards, America's Largest Private Real Estate Development, Opens First Building". Forbes.
  4. ^ "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. ^ ACKER, DANIEL (March 18, 2014). "US gov't sues NYC developers, charging failure to comply with Americans with Disabilities Act". American City Business Journals.
  11. ^ Barbanel, Josh (March 17, 2014). "New York City Developer Accused in Disabled-Access Suit". The Wall Street Journal.(subscription required)
  12. ^ "Argent Related reveals designs for £5bn Brent Cross Town in UK". World Construction Today. 7 October 2020. Retrieved May 3, 2024.
  13. ^ Amrith Ramkumar (December 4, 2023). "The New Green Investment: Getting Clean Energy to Big Cities". Wall Street Journal. Retrieved February 4, 2024.
  14. ^ Mark Hallum (April 4, 2022). "PDT Partners Takes 110K SF at Deutsche Bank Center". Commercial Observer. Retrieved February 4, 2024.
  15. ^ Hannah Green (July 14, 2023). "See inside the Kenmore HQ of wearable tech unicorn Whoop". BostonInno. Retrieved February 4, 2024.
  16. ^ Ryan Waddoups (September 22, 2021). "Heatherwick Studio's Lantern House Is Complete". Surface Mag. Retrieved February 4, 2024.
  17. ^ Brian Bandell (September 23, 2021). "Related completes 360 Rosemary office in West Palm Beach". South Florida Business Journal. Retrieved February 4, 2024.
  18. ^ Greg Cornfield (July 14, 2022). "Frank Gehry Finally Cut the Ribbon for The Grand in Downtown LA". Commercial Observer. Retrieved February 2, 2024.
  19. ^ Allison Hope (May 12, 2022). "Inside the most luxurious new trophy towers launching this year in NYC". NY Post. Retrieved May 3, 2024.
  20. ^ Erin Kayata (November 16, 2022). "This Is the Most Expensive Condo Ever Sold in the South End". Retrieved February 4, 2024.
  21. ^ 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.
  22. ^ 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.
  23. ^ "New Renderings Revealed for Wynn Resorts at Phase Two of Hudson Yards". 14 March 2024.
  24. ^ Brad Luck (March 14, 2024). "Wynn and Related unveil renderings of proposed Hudson Yards casino development". NBC. Retrieved May 3, 2024.
  25. ^ Steve Cuozzo (July 14, 2024). "Related Companies to build 1,200-foot skyscraper on Madison Avenue". NY Post. Retrieved July 21, 2024.
  26. ^ 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.
  27. ^ "Protect The High Line". Protect The High Line. Retrieved 2024-07-10.
  28. ^ Alby Gallun (April 13, 2023). "What $23,000 a month gets you in Fulton Market". Chicago Business. Retrieved December 14, 2023.
  29. ^ "Related Argent expands in-house asset management team to support Build-to-Rent growth". Built Environment Networking. February 23, 2023. Retrieved December 14, 2023.
  30. ^ Kim Koalowski; Kara Berg (October 19, 2023). "University of Michigan regents approve construction for $250M Detroit innovation center". Detroit News. Retrieved May 3, 2024.
  31. ^ Michael Oreskes (November 6, 2023). "Groundbreaking for Hudson Rail Tunnel Draws Politicos and Protestors". Our Town. Retrieved February 2, 2024.
  32. ^ "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.
  33. ^ 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.
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