General Growth Properties, Inc.
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| Public company | |
| Traded as | : GGP S&P 500 Index component |
| Industry | Real estate investment trusts |
| Founded | 1954 |
| Founder | Martin Bucksbaum Matthew Bucksbaum |
| Headquarters | Chicago, Illinois |
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Key people
|
Bruce Flatt, Chairman Sandeep Mathrani, CEO |
| Revenue |
 $2.346 billion (2016) |
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$1.272 billion (2016) |
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| Total assets |
 $22.732 billion (2016) |
| Total equity |
$8.635 billion (2016) |
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Number of employees
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1,800 (2016) |
| Website | www |
GGP Inc (formerly General Growth Properties, Inc.) is a publicly-traded real estate investment trust that invests in shopping centers.
The company is headquartered at 110 North Wacker Drive in Chicago, Illinois, a historic building designed by architectural firm Graham, Anderson, Probst & White.
As of December 31, 2016, the company owned interests in 127 shopping centers in the United States comprising approximately 125 million square feet of gross leasable area. The company also owned a 35% interest in a shopping center in Rio de Janeiro, Brazil. In 2016, tenants at its shopping centers generated over $20 billion in sales.
Notable properties owned by the company include the following:
The company was founded by two brothers, Martin and Matthew Bucksbaum, in 1954 as General Management. That year, they borrowed $1.2 million to develop their first shopping center, Town & Country Shopping Center in Cedar Rapids, Iowa, in order to open a 4th location for the grocery store founded by their father.
By 1964, the company owned 5 malls and moved its headquarters to Des Moines, Iowa.
In 1970, General Management became General Growth Properties (GGP) and became a public company via an initial public offering.
In 1984, the company sold its holdings to Equitable Real Estate Investment Management for $800 million in the largest-ever single-asset real estate transaction to date, but retained the property management of the assets.
In 1989, the company acquired Center Companies, creating the fourth-largest shopping center management company in the United States.
In 1993, the company once again became a public company via an initial public offering, raising $400 million.
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Wikipedia