Douglas Shorenstein, whose San Francisco-based real estate development firm controls major properties in New York City, died Tuesday after a battle with cancer. He was 60.
Shorenstein oversaw a nationwide portfolio of more than 24.8 million square feet, with office holdings in New York such as 1407 Broadway, 477 Madison Avenue and 850 Third Avenue.
“As many of you know, Doug had been ill for some time, and he fought a courageous battle with his illness,” his family said in a statement. “Through it all, he maintained a positive and hopeful outlook, and he remained steadfastly focused on serving his family, his colleagues and his community. We miss him dearly already.”
Behind the story:
Shorenstein, who split his time between San Francisco and New York, began his career as a real estate lawyer with Shearman & Sterling in New York. He joined his father, Walter, in the family business in 1983, and became chairman and CEO in 1995. In addition to running the family real estate business, Shorenstein was a former chair of the Federal Reserve Bank of San Francisco.
In recent years, Shorenstein Properties was involved in major transactions. It was famously one of the two sellers of the 2.3 million-square-foot Starrett-Lehigh Building in West Chelsea to RXR Realty in 2011 for $920 million. Last year, Shorenstein sold the Park Avenue Tower, a 35-story office building, to the Blackstone Group for $750 million in 2014.
This year, Shorenstein paid $330 million for the ground lease at 1407 Broadway, a 1.1 million-square-foot office building in Midtown. Its 850 Third Avenue is currently on the market, with a price tag of $450 to $500 million. The firm is currently developing a 225-unit residential tower at 509 West 28th Street in Hudson Yards. [SF Gate] – E.B. Solomont