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The General Investment & Development Companies history
The General Investment & Development Companies company history timeline
REITs were a relatively new creation, established by Congress in 1960 as a way for small investors to become involved in real estate in a manner similar to mutual funds.
By the end of 1964, the ground was broken for the John F. Kennedy Center for the Performing Arts.
In 1970 the Bucksbaums exchanged their interests in General Management Corporation for shares in a REIT they named General Growth Properties (GGP). Another entity, General Growth Companies, was then formed to plan, develop, and manage the REIT's assets.
David Cortelyou becomes CEO of Unico, having worked in leasing and in the development of Rainier Tower since 1973.
In 1984 GGP sold the centers to Equitable Life Assurance Society for $800 million, which at the time was the largest single-asset real estate transaction in history.
Not until the Tax Reform Act of 1986 changed the nature of real estate investment did REITs begin to gain widespread usage.
1995: Martin Bucksbaum dies.
In June 1996 GGP sold the balance of its CenterMark interests to Westfield, so that in little more than two years the REIT realized a tidy $143 million financial gain on the deal.
In 1997 it spent just $350 million to add eight malls, including the Oaks Mall in Florida and Westroads Mall in Nebraska.
Naming John Bucksbaum CEO in 1999
Also in 1999 GGP acquired Baybrook Mall in Texas.
In 2002 GGP paid $440 million and assumed $576 million in debt to acquire JP Realty Inc., a REIT with properties in the Intermountain region of the United States.
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The General Investment & Development Companies competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Windsor Communities | 1960 | $3.5M | 125 | 40 |
| Level Group | 2004 | $450,000 | 2 | 6 |
| OCF Realty | 2007 | $51.0M | 69 | 6 |
| LuxuryRealEstate.com | 1986 | $1.9M | 48 | - |
| By Referral Only | - | $3.4M | 50 | - |
| Renatus | 2011 | $2.6M | 42 | 1 |
| Castles Unlimited | 1985 | $15.0M | 49 | - |
| Jaqua Realtors | 1975 | $1.3M | 15 | - |
| New Home Star | 2008 | $200.0M | 550 | - |
| theMART | 1930 | $150.0M | 550 | 2 |
The General Investment & Development Companies history FAQs
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The General Investment & Development Companies may also be known as or be related to General Investment & Development Company, General Investment & Development Cos. and The General Investment & Development Companies.