The Real Deal sits down with Simon Ziff, President of The Ackman-Ziff Real Estate Group to discuss this epic milestone, the road to 100 years, and his excitement about what the future holds for the firm.
Ackman-Ziff Real Estate Group is celebrating 100 years of Ackman — a legacy that began in 1926 when the Ackman brothers, Herman and Bert, founded the original firm. In 1964, Larry Ackman joined his father and uncle after graduating from Harvard Business School. Larry later teamed with his cousin Andy Singer, renaming the company Ackman Brothers & Singer.
The next chapter began in 1989, when Simon Ziff joined the firm. In 1994, the name was changed to The Ackman-Ziff Real Estate Group, which has since grown dramatically and remains an industry leader today, having arranged over $150 billion in financing.
Now in his 37th year with the firm, Simon reflects on the firm’s values, its history, and the journey that has sustained it through a century of change.
“It’s been quite a run…”
“It’s been quite a run for our Ackman team since the day I first met Larry Ackman — in his office, after answering a classified ad in The New York Times.”
“I’d say my expectations have been exceeded — and probably the expectations of anyone who ever knew me,” Simon says with a laugh.
“The first thing Larry ever said to me was, ‘Good business ethics is good business.’ That was the centerpiece of the firm’s ethos — and it still is. The client is the client. We represent them, not ourselves.”
A Succession Twist
“Larry Ackman and Andy Singer were two of the very best in our field. Their respective sons joined the firm while I was there. This was a family business at the top of its game, with succession seemingly set.”
“I just hoped I could be a contributor to this legendary family firm.”
But, as Simon recalls, family businesses are never short on drama. “Then one day, doors slammed — and it looked like there was trouble in paradise. Within hours, it seemed this family business might be over, and I’d be looking for a new job.”
“That’s when Larry called me into his office and asked me to be his partner. Soon after, Andy Singer invited me into his office and offered me a chance to lead his new firm.”
“It’s probably not a coincidence that the drama in this family business, and observed in many others, led me to teaching a class on lessons learned in family real estate businesses at both NYU and University of Miami which has people of all ages attending in-person and online from all over the country.”
Choosing a Path
“You’re probably wondering what happened next,” Simon continued. “Bill had left the firm, gone to business school, and quickly established himself as a brilliant young investor. He and his classmate David Berkowitz founded Gotham Partners — and they were off to the races. No real estate capital advisory for Bill.”
“As you know, I went with Ackman — and in no small part that decision was influenced by Bill Ackman’s trajectory and relationships in the emerging real estate private equity community. It was also clear to me that Ackman-Ziff could evolve into something much bigger — something national.”
Going National
“When I told Larry I’d stay, I said we needed to expand nationally — to take the capital relationships and creativity we’d developed in New York and export them to owners across the country. A trend, which has become even more pronounced today, was more and more global institutional capital allocators taking office space in Manhattan, most regional competitors couldn’t bring those relationships. We saw an opportunity.”
Under Ziff’s guidance, the business diversified beyond its traditional New York family clients into markets nationwide.
“Larry agreed with me that the optimal firm — to maintain integrity and excellence — was between 25 to 50 professionals and should remain independent. That’s ultimately where we grew, though it wasn’t easy.”
Talent, Relationships, and the ‘Special Sauce’
“We leaned heavily on NYU’s Schack Institute, where we found incredible talent — including future partners Russell Schildkraut, Patrick Hanlon, and Jason Krane. We’ve always looked for a certain type of colleague — team-oriented, hungry, and humble. People who come from grounded backgrounds and have earned every opportunity through effort, not entitlement.”
“Our edge became clear: talent, integrity, relationships, creativity, and an obsession with finding the most attractive capital in the market. That’s our special sauce — and the reason we’re still here after 100 years.”
“Challenges…we sure had them”
“Since joining, we survived the S&L crisis, Asian financial crisis, Russian financial crisis, dot-com bubble, and the Covid market crash.”
“Of course, nothing could have prepared us for the worst of them all, the global financial crisis of 2009. It was an absolute war to survive. There were literally no transactions. We made it through by having an overly conservative balance sheet with reserves and falling back on our strength in executing difficult transactions. Most importantly, we kept our talented team together to live another day and take advantage of the bounce.”
Looking Ahead
“2025 has been the most compelling year of transactions that I can remember and we are carrying that momentum into the new year. I may not be here for the 125th anniversary,” Simon says with a smile, “but I hope to be here for my 50th Ackman anniversary.”