Richard Lundquist

Richard Lundquist followed in his father’s footsteps on ownership but has cut his own path when it comes to executing his own vision at the longstanding family-owned firm.

Charles Lundquist founded Continental Development in 1969 with 20 acres of land in the South Bay that he had acquired for an investment group he had formed 14 years earlier. That became the basis of the firm’s primary asset, Continental Park in El Segundo. The firm bills the 460,000-square-foot, six- story office building to be the largest mixed-use office park in Los Angeles County.

Son Richard joined the firm in 1972, working in various roles before being promoted to president in 1988.He purchased 100 percent ownership of the company by the mid-1990s, after his father retired, and a couple of years ago stepped back from day-to-day operations and elevated two long-term executives to serve as co-presidents: Alex Rose for development, and Bob Tarnofsky for real estate.

How the two executives lead the company into the future remains to be seen, but they have a model for pivoting in Lundquist, who took the firm into the medical office market in 2003, when it acquired the Skypark Medical & Office Park in Torrance.

— Lauren Elkies Schram