Matthew Bucksbaum

Matthew Bucksbaum (February 20, 1926 – November 24, 2013) was an American businessman and philanthropist. Matthew and his brothers Martin and Maurice co-founded General Growth Properties (NYSE: GGP).[1]

Matthew Bucksbaum
Born(1926-02-20)February 20, 1926
Marshalltown, Iowa, U.S.
DiedNovember 24, 2013(2013-11-24) (aged 87)
Chicago
EducationB.A. University of Iowa
OccupationReal estate developer
Known forCo-founder of General Growth Properties
Net worth$1.2 billion (2011)
Spouse(s)Carolyn "Kay" Swartz
Children2
Military career
Allegiance United States
Service/branch United States Army Air Forces
Years of serviceWorld War II
Unit Fifth Air Forces
Cryptographer
Battles/warsSouthwest Pacific Area
New Guinea campaign

Early life and education

Bucksbaum was born to a Jewish family[2] in Marshalltown, Iowa, to Ida (Gervich) and Louis Bucksbaum. During World War II, he served in the Army Air Forces in the Southwest Pacific Theatre as a cryptographer based in New Guinea.[3] He graduated from the University of Iowa cum laude with a Bachelor of Arts in Economics in 1949, where he was a member of the Phi Beta Kappa Society and the Order of Artus.[4][5] His family owned a chain of three grocery stores.[1]

Career

In 1954, Bucksbaum and his brother Martin borrowed $1.2 million and built the first shopping center in Cedar Rapids, Iowa, anchored by a fourth family grocery store.[1][6] They expanded into enclosed malls which mirrored the continued movement to the suburbs seen in the 1960s. By 1964, their company - then named General Management - owned five malls anchored by the Younkers department store.[1] In 1972, the company became publicly traded on the New York Stock Exchange under the name General Growth Properties (NYSE: GGP) and became the second-largest owner, developer, and manager of regional shopping malls in the country.[6][7] Bucksbaum served as its chairman and chief executive officer,[7] and under his tenure he formed two real estate investment trusts and expanded the company's portfolio of malls and shopping centers via more than $36 billion in acquisitions.[5] In 1984, General Growth sold 19 malls for $800 million to Equitable Real Estate, which was deemed the "nation's largest single asset real estate transaction" to date.[6] In 1995, his brother Martin died and he re-located the company to Chicago.[6] In 2004, General Growth purchased The Rouse Company for $14.2 billion.[6] By 2007, General Growth was the second-largest REIT owning 194 malls with over 200 million square feet in 44 states.[6] In 2008, General Growth filed for Chapter 11 bankruptcy protection after the collapse of the stock market.[6]

Philanthropy

Bucksbaum sat on the board of trustees of the Aspen Music Festival and School, the Chicago Symphony Orchestra and the Lyric Opera of Chicago.[5] He was a president of the Temple B'nai Jeshurun and the Polk County Mental Health Association, and a director of the Iowa Natural Heritage Foundation, all in Des Moines, Iowa.[5] He donated $42 million to the University of Chicago for the creation of the Bucksbaum Institute for Clinical Excellence.[7]

Personal life

Bucksbaum was married to Carolyn "Kay" (Swartz) Bucksbaum, who was also Jewish.[3][7][8] They resided in Chicago,[4] and had two children.[4] Their son, John Bucksbaum, served as CEO of General Growth Properties from 1999 to 2008, and as its chairman from 2007 to 2010.[6] Their daughter Ann Louise Bucksbaum is married to journalist Thomas Friedman.[9] As of March 2011, he was worth an estimated US$1.2 billion.[4]

Death

Bucksbaum died in Chicago of complications from Alzheimer's disease on November 24, 2013.[1]

gollark: Right, the fogged dragon thing is a bug, I believe it should be fixed now.
gollark: Okay then, the amount of added dragons is now listed.
gollark: Also, fogged ones *should* be removed on the 5-min cycle.
gollark: Oh, sure.
gollark: Ah, so that one's sick, yes.

References
  1. "Matthew Bucksbaum, mall developer, dies". The Chicago Tribune. Retrieved 2013-11-30.
  2. Jewish Journal: "Dark days for Jewish owners of Chico Mall" by Dean Rotbart December 9, 2008
  3. Weber, Bruce (November 29, 2013). "Matthew Bucksbaum, Mall Developer, Dies at 87". New York Times. Retrieved December 19, 2015.
  4. Forbes: "Matthew Bucksbaum & family" 2012
  5. The Wall Street Journal: "Matthew Bucksbaum - Founder and chairman emeritus, General Growth Properties Inc." Archived 2013-07-05 at Archive.today retrieved September 27, 2015
  6. Keren Blankfeld, The Tarnishing of the Bucksbaum Family Legacy, Forbes, August 18, 2010
  7. Bucksbaum Institute: "About Matthew And Carolyn Bucksbaum" retrieved September 27, 2015
  8. "Carolyn "Kay" Bucksbaum (1929- )". Iowa Women's Archives at the University of Iowa Libraries. Archived from the original on 2015-09-09. Retrieved April 1, 2015.
  9. Forbes: "Thomas Friedman is On Top of the World" by Garrett M. Graff July 1, 2006
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.