Related Cos.’ Ross Steps Down, Launches New Firm
Stephen Ross, the founder & chairman of the Related Cos. LP., is stepping down after spending 52 years leading one of the largest commercial real estate development firms in the country.
According to The Wall Street Journal, the 84-year-old Ross will remain as Related’s non-executive chairman and will retain his majority ownership stake in the private company. As of year-end 2023, Related had more than $60 billion in assets across the office, multifamily, retail and hospitality sectors.
Reporting from The Wall Street Journal states that Ross is set to be replaced by CEO Jeff Blau and Chief Operating Officer Kenneth Wong.
The mogul’s next moves
Following his departure, Ross, a Palm Beach, Fla. resident, intends to rebrand, relaunch and lead Related Southeast, the firm’s South Florida-focused investment and development subsidiary as Related Ross. Related Southeast is currently the largest office owner in downtown West Palm Beach, holding more than 3 million square feet. Properties owned and developed by the company include One Flagler, 360 Rosemary and CityPlace Tower.
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Ross, who also owns the Miami Dolphins, was quoted by WSJ as being open to joint ventures between Related and Related Ross.
Related’s recent works
Ross, a tax attorney by trade, founded Related in 1972 as Related Housing Cos., which was geared primarily toward developing affordable housing. In 1979, Ross and Miami-based business partner Jorge Pérez established the separate Related Group, growing into the development of commercial properties, hotels and luxury condominiums. The associates parted ways in 2022.
Ross’ firm changed its development focuses in the 1980s to office spaces, luxury condominiums and retail spaces.
Notable recent projects are primarily on the mixed-use front, and include Manhattan’s Hudson Yards and Deutsche Bank Center, Miami’s One Brickell City Centre and 901 South Congress in Austin, Texas.
Earlier this year, the firm announced the planned swapping of industrial space from office at Related Santa Clara, an $8 billion, 9.2 million-square-foot mixed-use project taking shape in Silicon Valley.
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