Billy Macklowe announces new company launch

July 26, 2010 02:00PM

From left: Billy and Harry Macklowe

Billy
Macklowe, son of real estate developer and investor Harry Macklowe, has
officially founded the William Macklowe Company, the new firm announced
today. The younger Macklowe brought with him a dozen former employees
from his father’s Macklowe Properties — where he became CEO and
chairman in 2008, ousting his father from the role, before announcing his resignation
this May. Billy’s new venture will focus heavily on acquisitions,
strategic lending and real estate investment. “Our buildings will be
run and operated in the Macklowe tradition, which has long been
recognized for exemplifying the highest management standards of our
industry,” Billy said, adding that his company plans “to be
opportunistic in [its] investment strategy.” So far, the company has
refinanced two portfolio properties, 400 Madison Avenue and 610
Broadway — both of which had been under Billy’s control while at
Macklowe Properties, according to a spokesperson for William Macklowe
Company. The spokesperson also added that Billy had moved out his dad’s
company “a couple of weeks ago.” TRD