Corporate Property Investors
| Industry | Real estate investment trust |
|---|---|
| Founded | 1971 |
| Founder | Disque Deane |
| Defunct | 1998 |
| Fate | Acquired by Simon Property Group |
Corporate Property Investors was a real estate investment trust that built several notable shopping centers, including Lenox Square in Atlanta, the Burlington Mall in Massachusetts, and Roosevelt Field Mall in New York.
History
[edit]CPI was founded in 1971 by Disque Deane.[1]
From 1977 to 1998, fashion buyer and pioneering art patron Rosalind Gersten Jacobs was director of merchandise and marketing.
In 1982, the company financed the General Motors Building in Manhattan with $500 million and received an option to buy the building.[2][3]
In 1991, the company acquired the General Motors Building for $500 million.[1]
In January 1998, The Rouse Company bid for the company.[4] However, Rouse was outbid and CPI was acquired by Simon Property Group.[5][6]
The General Motors Building was separately sold to Donald Trump and CNO Financial Group for $800 million.[7]
References
[edit]- ^ a b HYLTON, RICHARD D. (February 15, 1991). "Real Estate Group Buys G.M. Building". The New York Times.
- ^ MARTIN, DOUGLAS (January 5, 1982). "G.M. TO GET $500 MILLION FOR EDIFICE". The New York Times.
- ^ Henry, Diane (January 20, 1982). "The G.M. Building: A Rare Deal". The New York Times.
- ^ "Rouse Considers Acquiring Corporate Property Investors". The Wall Street Journal. January 15, 1998.
- ^ "Simon buys: Simon DeBartolo Group Inc. will buy Corporate". Chicago Tribune. February 19, 1998.
- ^ BAGLI, CHARLES V. (February 20, 1998). "Simon DeBartolo Wins Fight For a Prime Group of Malls". The New York Times.
- ^ YARDLEY, JIM (May 31, 1998). "Trump Buying The Landmark G.M. Building". The New York Times.