Hot on the heels of the sale of AREA Property Partners to Ares Management, the Mack family is launching Mack Real Estate Group, an investment and development company to be headquartered in New York City.
AREA cofounders William Mack and Richard Mack, who are founding the new company along with Stephen Mack, will serve as the company’s chairman and CEO, respectively. Richard will pull double duty as Ares’ consultant through the end of 2013, while William also continues his duties as board chairman at Mack-Cali Realty’s East Cost office.
MREG already has about 6 million square feet of properties and developments in the U.S. under its belt, and also boasts partnership interests in entities controlling over 60 million square feet.
MREG is also the majority owner of Winthrop Property Management, providing property and construction management services — as a third party — to roughly 11,000 multifamily units and 10 million square feet of commercial buildings.
“We will often be direct investors, and as we build Mack Real Estate Group, we will also seek partnerships with emerging and established investment managers and developers who share our vision for successful real estate investment, and seek to provide them advice, counsel, and expertise as well as access to institutional investors,” Richard Mack told GlobeSt. [GlobeSt] — Julie Strickland