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Lincoln Property Company history
Lincoln Property Company company history timeline
Lincoln Property was founded in Dallas on Lincoln's birthday in 1965 as a partnership between Trammell Crow and Mack Pogue.
With Mack Pogue buying out Trammel Crow in 1977, Lincoln Property Company now expands from apartment development to include commercial development, leasing, and property management.
To carry out these plans, in 1979 Pogue took on a new, permanent partner, William Duvall, to manage development projects in other regions of the country.
By 1980 it was already ranked among the top 10 housing builders.
Tax breaks offered to investors beginning in 1982 further encouraged development.
For example, it was the top-ranked builder in fast-growing Denver in 1984, with 14,000 units completed there that year.
One 39-story, $100 million building in New Orleans, however, had an occupancy rate as low as 40 percent a year and a half after its completion in 1984.
Although the national occupancy rate for office buildings fell to 86 percent in 1986, Lincoln's joint venture practices allowed it to break even with occupancy rates as low as 65 percent.
In 1990 Lincoln sold $200 million in Texas properties, including industrial buildings, shopping centers, and land to the NCNB Texas National Bank in order to settle its defaulted loans with that bank.
It acquired 1,100 units in Phoenix and 800 in Denver in 1990 in the belief that the market had bottomed out.
By 1991 Lincoln had become the nation's largest management company, overseeing 84,008 apartments, with Trammell Crow as the second largest.
Lincoln had gone into default on the loans in 1992.
In 1997, Lincoln formed a strategic partnership with AIG Global Real Estate Investment Corp., a wholly owned subsidiary of the American International Group, Inc., to develop an international real estate portfolio.
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