National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Stephen Ross Stepping Down as Related Cos. Chairman
Stephen Ross, who founded Related Cos. as an affordable housing developer, is stepping down as chairman of the company he launched in 1972, the Wall Street Journal first reported Thursday. He will focus on a newly launched venture, Related Ross, headquartered in West Palm Beach, FL. Ross also plans to spend more of his time on activities related to his majority ownership of the Miami Dolphins and his financial interest in the Formula One race in that city.
The leadership transition at Related has been underway for more than a decade, the WSJ reported. The company will be run by Jeff Blau, who became chief executive in 2012, along with president Bruce Beal Jr. and COO Kenneth Wong. Ross will retain an unspecified stake in the company.
At Related Ross, the 84-year-old founder oversees nearly three million square feet of commercial property, making him the largest commercial property owner in downtown West Palm Beach and biggest developer in the county. The Related Ross portfolio is comprised of Ross’ personal investments as well as properties he’s buying from Related.
New York City-based Related, developer of the Hudson Yards complex, owns about $60 billion worth of assets and property under development, continues to be an active developer, especially in the multifamily sector. The firm, in a partnership with Wynn Resorts, hopes to get a casino license for a resort, office and residential complex in Hudson Yards and is said to be in early talks to take over the Pacific Park development in downtown Brooklyn.
- ◦Development
- ◦People
