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Rick Caruso

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Rick Joseph Caruso, is founder and chief executive officer of Caruso Affiliated, one of the largest privately-held real estate companies in the United States,[1] with a portfolio of the retail and mixed-use properties that attract tens of millions of guests each year.[2] He has been an active Los Angeles civic leader, serving as President of the Police Commission and Commissioner of the Los Angeles Department of Water and Power. In 2012, Caruso was listed as one of Los Angeles’ wealthiest residents by the Los Angeles Business Journal, with a net worth of $2.2 billion.[3]

Early Life and Education

Caruso was born in Los Angeles. He earned a Bachelor of Science degree with honors from the University of Southern California in 1980, and graduated from Pepperdine University in 1983 as a Margaret Martin Block Scholar with a Juris Doctor degree.[4][5][6] In 1995, he was recognized as the Alumnus of the Year by Pepperdine School of Law.[7]

He worked briefly as a real-estate lawyer representing developers but was soon attracted to the business itself: He "quit practicing law and spent the next 15 years developing industrial buildings in California and elsewhere."[8] He is married to Tina Caruso; the couple has four children.[9]

Career

Caruso began his professional career as a real estate lawyer working at Finley Kumble[10] as a member of its corporate finance department. In 1990 he "quit practicing law" and decided to devote his energies to developing retail and residential properties full-time.[7] [11]

In 1987, Caruso founded Caruso Affiliated, a real estate development firm which develops, owns and manages properties such as The Grove at Farmers Market in Los Angeles, the Americana at Brand in Glendale, The Commons at Calabasas, The Promenade at Westlake, and the Marina Waterside.[10][1]

Caruso has lectured on real estate issues at the Kennedy School of Public Administration at Harvard University,[12] the University of Southern California School of Policy, Planning, and Development[13]and the Milken Institute Global Conference.[14]

Caruso participates annually as a guest panelist for the International Council of Shopping Centers.[15]

Public service

Caruso was appointed by Mayor James Hahn to the Police Commission and was elected its president.[16] He led the selection process that resulted in the hiring of William Bratton as police chief.[17]

Earlier, he was named by Mayor Tom Bradley as a commissioner for the Los Angeles Department of Water and Power. At 25, he was the youngest commissioner in the history of that agency.[18]

Caruso is a current member of the Los Angeles Coliseum Commission,[19] which oversees the operations of the Los Angeles Memorial Coliseum and nearby Sports Arena. He was a leading critic of the Coliseum hosting a rave party, stating, "The only thing that these rave events are good for is making money...But I put the safety of our kids above making money."[20] Caruso later called for the resignation of Coliseum Commission General Manager Pat Lynch over the hosting of the events.[21][22][23]

Community activities

Caruso is involved in Para Los Ninos, which provides education and child development services to neighborhoods in Southern California.[24] The organization renamed one of its child development centers the Tina and Rick Caruso Child Development Center[25] "in their honor to acknowledge the[ir] generosity."[26] The Caruso Catholic Center on the USC campus was developed and named after Caruso following his contribution of $6 million.[27]

He is also a trustee of the University of Southern California School of Policy, Planning and Development[28] and is on the Pepperdine School of Law Board of Visitors.[29] He is on the board of the National Institute of Transplantation[30] and is a trustee of Saint John’s Hospital.[31]

Caruso participates annually as a guest panelist for the International Council of Shopping Centers and is a trustee of that organization.[32]

Awards

Caruso was named by the Los Angeles Business Journal as the "Developer of the Year"[citation needed] and as Conejo Valley's "Man of the Year" by the Conejo Valley Chamber of Commerce[33] He was honored by the Los Angeles Economic Development Corporation with its annual EDDY Award "for his unwavering commitment to L.A. County through his philanthropic contributions, civic engagement, and economic leadership." [34]

References

  1. ^ a b "Rick J. Caruso, founder and CEO, Caruso Affiliated". Smart Business. 1 July 2012.
  2. ^ Martin Moodie. "Shilla/ARI bid for LAX duty free gets Rick Caruso endorsement". The Moodie Report. Retrieved 11 May 2013.
  3. ^ Alfred Lee (21 May 2012). "Marginal Returns" (PDF). Los Angeles Business Journal.
  4. ^ "Rick J. Caruso". USC Price. Retrieved 11 May 2013.
  5. ^ "Distinguished Alumnus Rick J. Caruso Addresses Audience at 33rd Annual Associates Dinner". Pepperdine University. Retrieved 11 May 2013.
  6. ^ "Admissions". Pepperdine University. Retrieved 11 May 2013.
  7. ^ a b Annette Moore (March 8, 2007). "Inside the world's biggest airline merger". USC News.
  8. ^ Morris Newman, "Commercial Real Estate: Developer Turns Shopping Malls Into Center of Attention," Los Angeles Times, November 10, 1998, page C-1 (Library card required.)
  9. ^ "Adrian G. Uribarri, "Developer Gets Recognition for Aid to Children," ''Los Angeles Times,'' January 11, 2007". Articles.latimes.com. 2007-01-11. Retrieved 2011-09-03. For the 2006 holidays, the Carusos visited Para Los Ninos with their four children, who helped hand out food, gift cards and 2-foot-tall teddy bears.
  10. ^ a b Meinert, Maya. "Early Developer". LA Business Journal. Retrieved 12 May 2013.
  11. ^ Newman, Morris (November 10, 1998). "Commercial Real Estate: Developer Turns Shopping Malls Into Center of Attention". Los Angeles Times.
  12. ^ "Caruso! Not the singing one. The talking one. Rick Caruso talks more LA". LA Times. Retrieved 12 May 2013.
  13. ^ "USC 125th Commencement: Speakers at Satellite Ceremonies". University of Southern California. Retrieved 12 May 2013.
  14. ^ "Global Conference 2013 - Rick Caruso". Milken Institute. Retrieved 12 May 2013.
  15. ^ "Saint John's Health Center". Newstjohns.org. Retrieved 12 May 2013.
  16. ^ "Attorney Rick Caruso Unanimously Elected to Head Police Commission". Metnews.com. 2001-08-22. Retrieved 2011-09-03.
  17. ^ "Hahn Picks Bratton to Lead Police Force - Los Angeles Times". Articles.latimes.com. 2002-10-03. Retrieved 2011-09-03.
  18. ^ Matthew Fleischer, "The Caruso Factor," LA Weekly, December 31, 2008
  19. ^ "Coliseum Commission". Lacoliseumlive.com. 1945-09-25. Retrieved 2011-09-03.
  20. ^ "Electric Daisy Carnival | Giant rave will not return to L.A. Memorial Coliseum this summer, officials say - Los Angeles Times". Articles.latimes.com. 2011-02-25. Retrieved 2011-09-03.
  21. ^ Romero, Dennis (2011-02-09). "Raves: Rick Caruso Calls for Resignation of Coliseum G.M. Patrick Lynch - Los Angeles News - The Informer". Blogs.laweekly.com. Retrieved 2011-09-03.
  22. ^ "Coliseum Commission General Manager Patrick Lynch Resigns | FOX 11 News". Myfoxla.com. 2010-06-21. Retrieved 2011-09-03.
  23. ^ February 15, 2011  (2011-02-15). "Coliseum manager resigns amid rave controversy - latimes.com". Latimesblogs.latimes.com. Retrieved 2011-09-03. {{cite web}}: Text "  2:09 pm" ignored (help)CS1 maint: extra punctuation (link) CS1 maint: numeric names: authors list (link)
  24. ^ "Para Los Niños". Paralosninos.org. Retrieved 2011-09-03.
  25. ^ "Rick Caruso Wife | Developer gets recognition for aid to children - Los Angeles Times". Articles.latimes.com. 2007-01-11. Retrieved 2011-09-03.
  26. ^ [1] Press release, Para Los Ninos, January 10, 2007
  27. ^ Tuesday, December 16, 2008, by Dakota (2008-12-16). "Ground Blessing Takes Place for New USC Caruso Catholic Center : Curbed LA". La.curbed.com. Retrieved 2011-09-03.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  28. ^ Moore, Annette (2011-02-09). "Rick J. Caruso Elected to USC Board". Usc.edu. Retrieved 2011-09-03.
  29. ^ "Board of Visitors | School of Law | Pepperdine University". Law.pepperdine.edu. Retrieved 2011-09-03.
  30. ^ "Board of Directors". Transplantation.com. Retrieved 2011-09-03.
  31. ^ "Saint John's Health Center". Newstjohns.org. Retrieved 2011-09-03.
  32. ^ "International Council of Shopping Centers". ICSC. Retrieved 2011-09-03.
  33. ^ "Dyan Sage | Conejo Valley Chamber Presents Annual Awards - Los Angeles Times". Articles.latimes. com. 1997-09-15. Retrieved 2011-09-03.
  34. ^ "The Walt Disney Company To Be Honored AT 13th LAEDC's Annual Eddy Awards®". Enewsbuilder.net. Retrieved 2011-09-03.

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