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Taubman history
Taubman company history timeline
1950: Alfred Taubman launches a shopping center empire.
The company was founded in 1950 by A. Alfred Taubman.
In 1953, it opened its first shopping center, North Flint Plaza, in Flint, Michigan.
In 1955, company headquarters was relocated to a boxy, one-story buil ding in Oak Park, Michigan.
At 2.3 million square feet, Woodfield of Schaumburg, Illinois, was the largest enclosed mall built up to 1971 and remained one of the five largest in the United States through the end of the century.
In 1973, the company was incorporated as Taubman Centers, Inc.
Taubman company headquarters moved to a glassy corporate edifice in T roy, Michigan, in 1978.
Such developments unfolded even as Alfred Taubman was caught up in a price-fixing scandal at the British auction house Sotheby's Holdings Inc., which he had acquired with an investment group in 1983.
1985: Taubman Realty Group Limited Partnership is formed as Ta ubman gets financing from GM pensions.
In 1987, the company sold Southridge Mall, in Milwaukee County, Wisconsin.
In 1992, the company became a public company via an initial public offering.
Brauer, Molly, "Two REITs Team Up to Build Seven Value Malls," Knight Ridder/Tribune Business News, May 19, 1998.
Taubman Centers underwent a restructuring in 1998, a year of many cha nges.
Taubman ventured into a new type of development in 1998 through a joi nt venture with The Mills Corporation.
Unprecedented Growth After 2000
Taubman continued to open malls even as the ec onomy staggered after 2000.
He resi gned as Taubman Centers chairman in December 2001, but retained about 30 percent of shares, and later served ten months in jail.
Four malls were opened in 2001, a record, totaling about 5.5 million square feet of retail space.
"Goldman's Dangerous REIT Game: Firm Now Defending Unpopular Strategy It Helped Devise," Investment Dealers' Digest, February 24, 2003.
2003: TCO defeats a hostile takeover from Simon Property Group Inc.
The company continued to manage the properties until 2003 when they were sold again.
While Taubman had two traditional malls under development in 2005--Sy osset, in New York's Oyster Bay (though it faced legal complications) and Northlake Mall in Charlotte, North Carolina--the company was loo king for new types of developments as well as overseas opportunities.
TCO also was studying the $20 billion New Songdo City project in South Korea, a planned commercial district with ten million square feet of retail space that was expected to open by 2009.
In 2011, the company transferred The Pier Shops at Caesars to its lenders.
In January 2014, the company sold Arizona Mills and land for the proposed The Mall at Oyster Bay to Simon Property Group.
In April 2015, the founder, Alfred Taubman, died at the age of 91.
In March 2016, in a joint venture with Macerich, the company acquired Country Club Plaza in Kansas City, Missouri, for $660 million.
In February 2020, the company agreed to be acquired by Simon Property Group.
In October 2020, Taubman sold Stamford Town Center for $20 million.
The merger closed in December 2020.
"Taubman Centers, Inc. ." International Directory of Company Histories. . Retrieved May 23, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/taubman-centers-inc
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Taubman competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Macerich | 1964 | $918.2M | 670 | 40 |
| Forest City Realty Trust | 1920 | $911.0M | 1,548 | - |
| Simon Property Group | 1993 | $6.0B | 3,300 | 184 |
| Cousins Properties | 1958 | $856.8M | 331 | 52 |
| Brixmor Property Group | 2003 | $1.3B | 477 | 16 |
| PREIT | 1960 | $432.7M | 233 | 1 |
| Kimco Realty | 1958 | $2.0B | 484 | 24 |
| BXP | 1970 | $3.4B | 760 | 52 |
| Huntington National Bank | 1866 | $4.8B | 25,693 | 1,542 |
| SL Green Realty | 1997 | $1.1B | 1,033 | - |
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Taubman may also be known as or be related to TAUBMAN CENTERS INC, Taubman, Taubman Centers, Taubman Centers Inc, Taubman Centers Inc., Taubman Co, The Taubman Company and The Taubman Company LLC.