Related Companies, L.P. is an American real estate firm with headquarters in New York City, and with offices around the country including in West Palm Beach, Chicago, Boston, Los Angeles, San Francisco, as well as in London. Related developed the Hudson Yards Redevelopment Project,[3] which comprises 28 acres (0.11 km2) in Manhattan's Chelsea and Hell's Kitchen neighborhoods.[3][4] Related is also the largest private owner of affordable housing in the United States.[5]
 | |
| Company type | Private |
|---|---|
| Industry | Real estate development |
| Founded | 1972 |
| Founder | Stephen M. Ross |
| Headquarters | 30 Hudson Yards, , United States |
Key people | Stephen M. Ross (Chairman) Jeff T. Blau (CEO) Bruce A. Beal, Jr. (President) |
| Total assets | US$60 billion (2023)[1] |
| Total equity | US$4 billion (2017)[2] |
| Owner | Stephen M. Ross (60%) |
Number of employees | 4,000+ (2023) |
| Subsidiaries |
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| Website | related |
The company's real estate assets, valued at over $60 billion, is made up of mixed-use, residential, retail, office, hospitality in what the company calls "premier high-barrier-to-entry markets."[1]
Related has developed mixed-use projects such as Deutsche Bank Center, the Grand LA, and CityPlace.
History
editIn 1972, Stephen M. Ross founded Related Companies with a $10,000 loan from his mother and a business plan focused on affordable housing.[6][7] Related originally began as the Related Housing Companies, which built thousands of subsidized low and moderate income apartments nationwide.[8]
By the 1980s, the company turned towards higher-profile projects. Related hired architect Robert A.M. Stern in the 1990s to design The Chatham on the corner of 65th Street and Third Avenue.[8]
In September 2012, Ross became chairman, and Jeff Blau stepped into the role of CEO.[7][9]
In 2014, the United States Department of Justice filed a lawsuit against the company and several other large NYC developers, claiming failure to comply with the Americans with Disabilities Act of 1990.[10][11]
Related announced its plans to develop the £5 billion, 180-acre North London neighborhood, Brent Cross Town, in 2020. It is currently under development.[12]
In 2021, Related was one of the founders of energyRe, a clean energy company.[13]
In May 2021, Time Warner sold One Columbus Circle back to Related, and the building was renamed the Deutsche Bank Center.[14] Related also signed its first major lease with WHOOP at One Kenmore Square as part of the redevelopment of properties under the iconic Citgo sign.[15] The company launched Lantern House and 360 Rosemary, West Palm Beach’s first Class A office in over a decade, in September of that year.[16][17]
The Grand LA opened in July 2022. Designed by Frank Gehry, the $1.3 billion development includes a 45-story multifamily structure, a 28-story hotel and 164,000 square feet of retail and restaurant space.[18]
In October 2022, the company unveiled The Cortland, a 25-story luxury residential building designed by Robert A.M. Stern and Olson Kundig.[19]
Related’s Quinn property broke the record for most expensive home sold in Boston’s South End in November 2022; the unit sold for $7.4 million.[20]
In late 2022, Related entered into a partnership with Wynn Resorts to develop an integrated resort with a casino on the western yard.[21] The next year, it was announced that the plan would include a "'resort' tower", developed with Wynn, as well as a casino and hotel. The plan includes a 2-million-square-foot office tower, as well as 5.5 acres of public parkland, a public school, and a 1 million-square-foot apartment building with 329 affordable housing units.[22] The 1,189 feet (362 m) proposed hotel, located west of 11th Avenue, would be 80 stories tall and would include 1,750 rooms, making it one of largest hotels in New York City if built.[23] In March 2024, Wynn Resorts released renderings of the proposed resort and other components of the western portion of the project.[24]
In 2023, Related Midwest opened the Row Fulton Market, a 294-unit luxury rental condo that is the tallest building in Chicago’s Fulton Market District.[25] That same year, Related and the Olayan Group began the first BTR rental home offering at Author King’s Cross.[26]
In October 2023, the University of Michigan approved construction for the $250 million UM Center for Innovation, which will be developed by Related in partnership with ODM.[27]
The groundbreaking ceremony for the Hudson Tunnel Project, a new river tunnel that would double the amount of trains coming from and to New Jersey, took place in November 2023. Related is leading the construction of the concrete casing of the Tunnel.[28] The following month, Related broke ground on Willets Point, the largest New York City affordable housing project in 40 years.[29]