Donahue Schriber Names Michael Glimcher Chair, CEO & President Costa Mesa-based Donahue Schriber Realty Group hired Michael Glimcher to replace retiring executives Patrick S. Donahue, Chairman and CEO, and Lawrence P. Casey, President and COO, effective November 2, 2020. His family founded Glimcher Realty Trust, a Columbus, Ohio-based REIT that owned roughly two dozen regional malls, open-air centers and fashion outlets before being sold to Washington Prime Group in 2015. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. Is this happening to you frequently? Michael's annual salary is between $200 - 249,999; properties and other assets push Michael's net worth over $250,000 - $499,999. "But I hired her and that was the start of it. Michael Glimcher, CEO of Glimcher, will serve as its vice chairman and CEO. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He was a 2013 Ernst & Young Entrepreneur of the Year and named a Midwest Real Estate Icon by Real Estate Forum Magazine. Manolo Blahnik. For more than two decades, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises around real estate portfolios in both the private and public markets. Glimcher, like Simon, is a family name, and family businesses tend to have, in the REIT space as anywhere else, particularly high walls around them. The author has no business relationship with any company whose stock is mentioned in this article. Glimcher, who was the first female dean of any medical school in New York state, became the first female to lead the DanaFarber Cancer Institute. As of this date, Michael is married. It's all beyond my expectations, he said. I'm just providing you with the necessary research to make your own decision. Despite the apparent logic of the union, few seemed to have seen the deal coming. [12] The DanaFarber Cancer Institute is an institution that is affiliated with Harvard, as it currently is one of its teaching hospitals. ", "Marc's a very future-minded person, and has about a hundred ideas a minute," says Glimcher friend Michael Govan, the director of the Los Angeles County Museum of Art, who also worked with Andrea at the Guggenheim. [34] Her younger son, Jake Auchincloss, is currently the Representative for the Massachusetts's 4th congressional district. She is a member of American Academy of Arts and Sciences, American Association of Immunologists, American Society for Clinical Investigation, American Association of Physicians, and American Association for the Advancement of Science. The author wrote this article themselves, and it expresses their own opinions. Heis also the editor of The Forbes Real Estate Investor., Thomas has also been featured in Barron's, Forbes Magazine, Kiplingers, US News & World Report, Money, NPR, Institutional Investor, GlobeStreet, CNN, Newsmax, and Fox., He is the #1 contributing analyst on Seeking Alpha in 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, and 2022 (based on page views) and has over 108,000 followers (on Seeking Alpha). In the case of the breakup of the marriage, it really was enormous, the ripple effectit touched every part of my life, she says over a recent lunch at the Hyphen offices. Very tempting WPG could be the REIT bargain of year. Michael Glimcher - CEO However, since the closing (in January 2015), Mr. Market has been less thrilled with the new marriage. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLLs national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nations largest commercial landscape services company. L'Oral-UNESCO Awards for Women in Science, American Association of Immunologists Lifetime Achievement Award, American Society for Clinical Investigation, American Association for the Advancement of Science, Ann Romney Center for Neurologic Diseases, Massachusetts's 4th congressional district, "Laurie H. Glimcher, MD, named president of DanaFarber Cancer Institute DanaFarber Cancer Institute | Boston, MA", "Laurie H. Glimcher, MD - DanaFarber Cancer Institute | Boston, MA", "Harvard Researcher Chosen as New Dean of Weill Cornell Medical College", "New Dean of Weill Cornell Medical College Calls for Stronger Ties to Industry", "BRIEF-Bristol-Myers Squibb Co says Laurie Glimcher notified co that she will retire from board", "Harvard Announces Pioneering Collaboration with Merck & Co., Inc. to Advance Osteoporosis Research", "Bristol-Myers Squibb: Laurie H. Glimcher, M.D. On a recent sun-drenched morning, Andrea Glimcher led me through the front screen door of a large, century-old house in Southampton into a living room that looked a lot like a painting by Fairfield Porter. Glimcher graduated from the Winsor School, an all-girls private school in Boston, Massachusetts, in 1968. I believe it's critical to have a competitive advantage - an economic moat - and that means that without a "circle of competence", I don't see WPG become a model of repeatability. .css-o05pt{display:block;font-family:Didot,Didot-fallback,Georgia,Times,serif;font-weight:normal;letter-spacing:0rem;margin-bottom:0;margin-top:0;-webkit-text-decoration:none;text-decoration:none;text-shadow:0 0 0 #000,0 0 0.01em transparent;}@media (any-hover: hover){.css-o05pt:hover{color:link-hover;}}@media(max-width: 48rem){.css-o05pt{font-size:1.18581rem;line-height:1.2;margin-bottom:0.25rem;margin-top:0.625rem;}}@media(min-width: 40.625rem){.css-o05pt{line-height:1.2;}}@media(min-width: 48rem){.css-o05pt{font-size:1.23488rem;line-height:1.2;margin-bottom:0.5rem;margin-top:0rem;}}@media(min-width: 64rem){.css-o05pt{font-size:1.39461rem;line-height:1.2;margin-top:0.9375rem;}}Making Space, Deeda Blair Shares Her Philosophy on Style, Athena Calderone for Crate and Barrel Is Here, 10 Chic Home and Kitchen Finds From Amazon, Shop Hailey Bieber's Gorgeous Bathroom Decor, 17 of the Best Home Furnishings from Joss & Main, Victor Gleumad's Home Collection for Schumacher, Where to Shop Mindfully for Bedding and Bath, Luminous Beings Celebrates the Intersex Community, Fashion Designers Pivot to Interior Design, If It's Nearly Impossible to Buy, It Might Be Here. [8] Clinically, she is a specialist in osteoporosis. She subsequently resigned from that position and joined another pharmaceutical board, as a director of GlaxoSmithKline. So I think the pieces are there to figure it out. And after nearly a decade of marriage and two children, Marc, 49, and Andrea, 42, have honed teamwork that is the marital equivalent of a basketball no-look pass. Please disable your ad-blocker and refresh. WPG's updated guidance range is $1.77-1.85 per share for adjusted FFO, and AFFO per share for the first quarter was $0.47. Glimcher and Halleran were both previously with Chicago-based Starwood Retail Partners. I think that Hyphen is serving a real niche, says LeWitt. Given the low cap rate on the deal and the implied cap rate at which Washington Prime is now trading - 7.75% to 8.25% - earnings accretion is likely to occur only in the presence of "substantial" synergies. [1] She was elected a Member of the American Philosophical Society in 2019. We thank him for his efforts and are happy that an executive with his knowledge and understanding of the retail industry will remain on with Starwood Capital Group as a Senior Advisor. [31][35][36], Laurie Glimcher has been considered a champion of women's rights in the scientific community by many of her peers. "But I think the main thing is that I can pretty much retire at any time and let my wife take care of it. It's just another example of how Glimcher's home and work and life intersect. As the Chief Executive Officer of a developer and operator of retail malls and shopping centers across the United States and a former Chairman and Chief Executive Officer of a publicly-traded real estate investment trust with real estate projects across the United States, Mr. Glimcher brings the Board management, public company, risk management, corporate governance and real estate development, investment and construction experience. M/I Homes, Inc. is one of the nation's leading builders of single-family homes, having sold over 127,650 homes. "When I've been out there, the time he spent on the floor building helicopters was amazing," says Pace artist Chuck Close, who has known Marc since childhood. Glimcher expanded her role from writing press releases to coordinating books and filmsacting as the liaison, for example, between Agnes Martin and the makers of the documentary,Agnes Martin: With My Back to the World. We are thrilled to purchase these grocery-anchored centers and to hire terrific new colleagues, which, together with our existing portfolio and people, will create the leading private, open-air retail platform in the United States, says Alex Nyhan, CEO of First Washington Realty. Your source for daily news covering CRE transactions and trends. Therefore, I'm placing a BUY recommendation on the shares at $14.19 (I must wait at least 10 days before buying shares). On average, MI Homes executives and independent directors trade stock every 31 days with the average trade being worth of $1,421,116. She tried, at first, to concentrate on her kids and, eventually, herselfhiring a trainer, teaching herself boxing, taking a shot at high-altitude skiing, which was, despite her lifelong athleticism, a stretch. [20] For this discovery, Glimcher became the first woman to receive the Soma Weiss Award, an honor her father had received 26 years earlier. Dan Donahue died in 2003 at age 60. All rights reserved. There are 13 older and 2 younger executives at MI Homes. Jefferies' Omotayo Okusanya offered a more bearish viewpoint (Source: SNL Financial): There are three potential problem areas for the combined entity: expected synergies, deal financing and long-term strategy. Shoes, $965. He's talking about the regattas in which he races his Ker 40 sailboat (one of only 10 in the world), but he may as well be talking about the art business. 800-929-DIOR. Michael Glimcher has stepped down from the helm of WP Glimcher Inc., little more than a year after Glimcher Realty Trust was acquired for $4.3 billion. Claire Gilman, the curator, came down from her office to greet Glimcher and Michael Wang, a Chinese businessman who had been introduced by a mutual friend. Additional information can be found at www. Mark Deason, Head of U.S. Asset Management for Starwood Capital Group, added, "Michael has an intense passion for the retail business, is widely respected by his peers and has a deep understanding of what retailers and shoppers are looking for and how we, as landlords, must adapt. [37], In 2015, Glimcher was targeted by animal rights activists over their protest of withdrawal of support for chimpanzees in Liberia by the New York Blood Center where Glimcher had been on the board for two years. [27], Glimcher followed in the footsteps of her father by later becoming a full professor at Harvard Medical School at the age of 39; the two became research partners. First Washington Realty picks up Costa Mesa-based developer's 47 shopping centers as western beachhead, From left: Michael Glimcher, president, chairman and CEO of Donahue Schriber; Alex Nyhan, CEO of First Washington Realty; the Donahue Schriber Headquarters at 200 Baker Street in Costa Mesa (First Washington Realty, Donahue Schriber, LoopNet). Entering text into the input field will update the search result below. ", "I'm excited to join the Starwood team, a brand that has been synonymous with success," Glimcher said. Is it worth the risk to load up shares yielding 7%, while waiting on shares to trade to 10x, 11x, or 12x? I read over the earnings call transcript, and a few things jumped out: with 57 Sears, roughly 11% of our GLA, only a little over 1% of our - or 1.2% of our base rate, let's put that in perspective, it's probably not the highest rent paying space we have in the portfolio, and we own a little over a third of them. After studying art history at Barnard, she landed her first job, creating patron experiences at the Guggenheim. Pat Donahue also had been a. I listened to her. [33], Her eldest son, Dr. Hugh Glimcher Auchincloss, is also a physician, currently a cardiothoracic surgeon at Massachusetts General Hospital. Copyright 2023 Surperformance. Michael P. Glimcher is a businessperson who has been at the helm of 5 different companies and is Chairman, CEO, COO & President at Donahue Schriber Realty Group, Inc. Mr. Glimcher is also Chairman-Trustees Board at Columbus School for Girls, Member of International Council of Shopping Centers, Inc., Member of The Real Estate Roundtable and Donahue Schriber Realty Group is a privately held Real Estate Investment Trust (REIT) valued at over $3.5 billion. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Which way are you facing?' Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. "Their multigenerational gallery is a lot more like family than most people would think,"adds Close. The Firm has invested in virtually every class of real estate on a global basis, opportunistically shifting geographies and changing positions in the capital stack as risk-reward dynamics evolve. Over the last 23 years, insiders at MI Homes have traded over $27,863,981 worth of MI Homes stock. Madover's mother was Susan Tepper, a painter in the late 1970s and 1980s, who cofounded the East Hampton Center for Contemporary Art, a nonprofit designed to promote new artists. [3][4], From 2012 to 2016, Glimcher served as the Stephen and Suzanne Weiss Dean of Weill Cornell Medical College and the Cornell University Provost for Medical Affairs. The bigger question is whether or not WPG can become an enduring model of repeatability by becoming a multi-discipline landlord, balancing B malls with higher-quality shopping centers. So WPG must also absorb taxes, insurance, and CAM costs when the tenants stop paying rent. Hearst Magazine Media, Inc. All Rights Reserved. It starts in your mind, and then it's an idea, and then it's on paper, and then you figure out what it should be called. Owned by Starwood Capital Group, Starwood Retail Partners is the fifth largest manager of regional malls in the United States, with 30 malls and lifestyle centers in 16 states across the country. It's clear that the market has viewed the combined REIT transaction less favorably than it views the peers - not a good start for the newlyweds. But in 1985 he found himself drawn back to the gallery. 1 East Wacker, Suite 3600 Chicago, IL 60601. Contribute to the conversation or else you can leave the table. Vogue may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. But Marc sensed the youthquake on the horizon. Recently I tagged along as she toured a client through a Cecily Brown exhibition at the Drawing Center. Required fields are marked *. "It's gratifying to be able to give designers beautiful spaces to show their work, and more significant when the history of the gallery is meaningful to them. Join the regions CRE leaders at Connect LA, May 3. All our Breaking News, right to your inbox. Because, you know, artists often need another perspective on whom they should be working with, and on what terms. They collaborate on everything from Pace business (like this month's seminal Mark Rothko/Hiroshi Sugimoto show in London) to entertaining their daughter, Katharine, seven, and two-year-old son, Alexander. 2023 Starwood Retail Partners. Advertise, Promote, Attend, Create Work with Connect. When she started her business, my husband said to me, You should work with Andrea, recalls Pat Steir, the painter and printmaker, who first met Glimcher at Pace in the mid-nineties. Michael P. Glimcher is a businessperson who has been at the helm of 5 different companies and is Chairman, CEO, COO & President at Donahue Schriber Realty Group, Inc. Mr. Glimcher is also Chairman-Trustees Board at Columbus School for Girls, Member of International Council of Shopping Centers, Inc., Member of The Real Estate Roundtable and Director-Leasing Administration at The Glimcher Co. and on the board of 6 other companies. As I have no knowledge of individual investor circumstances, goals, and/or portfolio concentration or diversification, readers are expected to complete their own due diligence before purchasing any stocks mentioned or recommended. "My father is the worst," Marc jokes. [9] She was the president of the American Association of Immunologists from 2003 to 2004. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disneys Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Pictured Above: Pooling resources. Mr. Glimcher served as Vice Chairman and Chief Executive Officer of WP Glimcher, a real estate investment trust formed through the merger of Washington Prime Group, Inc. and Glimcher Realty Trust, from January 2015 to June 2016. For comments, questions or concerns, please contact Dennis Kaiser. Michael Glimcher is 52, he's been the Independent Director of MI Homes since 2013. Commercial Real Estate news for every market and every facet, every day. The most recent stock trade was executed by Robert H Schottenstein on 17 February 2023, trading 4,520 units of MHO stock currently worth $256,239. Glimcher, 46, has been connecting the dots for two decades, first while running public relations and special projects for Pace Gallery and, more recentlysince her marriage to Marc Glimcher, Pace's president, ended in 2013with her own company, Hyphen. The house she's renting, it turns out, was once the home of Porter and his wife, Anne, and a gathering spot for New York School painters and poets like Jane Freilicher and Frank O'Hara. [18] Her research has had implications for understanding asthma, HIV, inflammatory bowel disease, and osteoporosis, and around 2016, on cancer immunotherapy.[19]. All rights reserved. With her own sleek style and statuesque bearing, Andrea could be one of Helmut Newton's heroinesand she once caught the eye of the maestro himself. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. Big laugh. We will work together to take advantage of our combined platforms' relationships and scale, further enhancing our ability to capitalize on the opportunities and face the challenges that are confronting the retail industry. Glimcher discouraged him from buying anything too hastily: Before you buy anything you should really look.. [23] In 2018, she received the American Association of Immunologists Lifetime Achievement Award. A lot of the bigger galleries have become so focused on being in many different cities, and yet their artists aren't necessarily going with them. The company has 120 employees and offices in Costa Mesa, Fresno, Sacramento, and San Diego, California, as well as Portland, Oregon. Sandals, $655, Manolo Blahnik, 212-582-3007. Language links are at the top of the page across from the title. [9][10], In February 2016, Laurie Glimcher was named the next president and CEO of DanaFarber Cancer Institute. "I got to his house and the butler handed me a phone. We couldnt be more pleased that Michael has agreed to lead Donahue Schriber going forward.. The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. Michael has the experience, intelligence and energy to take Donahue Schriber to the next level and realize the companys full potential. WPG expects to be realizing in 2016 that the estimated pro forma net debt-to-EBITDA ratio will drop to the high 6x, closer to the long-term target of 6x to 6.5x. That's my plan.". Glimcher is a past International Council of Shopping Centers' Trustee, as is Donahue. My Intelligent REIT Lab: For more information on my REIT Lab, CLICK HERE. Mr. Glimcher served as Principal of Glimcher Legacy, a privately-held non-retail real estate firm, from June 2016 to September 2017. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. ), The balloons are an act Marc has exported to their Southampton weekend house, among other skills. "Scott was a great partner who was essential to creating and growing Starwood Retail Partners from its inception in 2012 to a portfolio of 30 malls and lifestyle centers across the United States. Anthony Pompliano Net Worth Phone Number, House Address, Wiki, Ashley Massengill Net Worth | Bio, Family, Address, Career, Atlas Monroe Net Worth | Age, Height, Weight, Dating And More, Beyonce S Net Worth Phone Number, House Address, Wiki, Blue Ivy Net Worth Phone Number, House Address, Wiki. This carried on into Glimcher's involvement with the National Institutes of Health to create a similar postdoc grant program caring for family members. I feel like now I've really hit my stride, and it's frightening and thrilling because there is no turning back. The bigger question is whether or not WPG can become an enduring model of repeatability by becoming a multi-discipline landlord balancing B malls with higher-quality shopping centers. Get a peak into the lives of one of the art world's power couples, Andrea and Marc Glimcher. Records link the following phone numbers with Michael's details: (614) 253-4077 (Ameritech Ohio), (614) 253-8377. [3], She joined the board of directors of Bristol-Myers Squibb in 1997 and retired from the board in 2017. Her Harvard lab has a three-year contract with Merck for the drug Fosamax, a treatment for osteoporosis. The commingling of art and life is a Glimcher trademark. She's very sophisticated., Like a planetary system that's still expanding, the art world manages to create new orbits and power relationships every few years. "We had an amazing 50 years, so if we have another great 50 years that would be unprecedented." "There's a lot of money at stake." Remember, these 57 sites equate to around 8.3 million square feet. Can you move BeReal account to a new phone number? But when you look at some of these mall REITs that are family-founded and still have significant family involvement, it creates a little bit of a barrier in your mind toward these kinds of transactions. [15], Glimcher's research has focused on the immune system; she is known for early work with T cell differentiation, her discovery that Schnurri-3 regulates osteoblasts which led to a collaboration with Merck & Co., and her discovery of the role played by XBP-1 in lipogenesis and the unfolded protein response. Those looking for clues as to the powers of persuasion possessed by gallerist Marc Glimcher may want to examine his courtship techniques. He pauses and smiles at Andrea. Source: SNL Financial, F.A.S.T. Glimcher was considered for the position for the Dean of Harvard Medical School but turned the position down in order to become the president of the DanaFarber Cancer Institute. I would say I've honestly been in all three places in this chapter of my life. Her new business seemed a natural progression from her work at Pace: She could be a spokesperson for artists, an advocate in the press. [24], She has been elected to the National Academy of Sciences, the National Academy of Medicine, the American Academy of Arts and Sciences and the American Philosophical Society. Marc's Seinfeldian sense of humor coexists with his superserious side: "I like winning," he says, deadpan. This is no SWAN (sleep well at night) REIT, but the shares appear to be beaten down somewhat. All rights reserved. Michael Glimcher has never known much separation between the retail world and his home life. To let me fully experience Porter'sThe Living Room,Glimcher places me where Porter would have stood, then presents me with a copy of the 1952 paintinga languid interior, with fireplace, a table, chairs, windows to the summer outdoorsas if it were a map. At stake was the fate of the public relations and special projects department they dreamed up 18 years agoa breakthrough that's now commonplace. Pace now boasts 12 galleries worldwide, including a new London headquarters opening this month. Alexander and Andrea have the blues with Claes Oldenburg and Coosje van Bruggen's Leaning Clarinet. Katharine, Andrea, and Marc Glimcher. Additional information can be found at www.starwoodcapital.com. Arguably, the yield is considerably higher than that of its peer group: That's a tempting yield, and although there are risks related to: (1) B malls, (2) exposure to Sears and J.C. Penney, (3) increased leverage, and (4) wide diversification, the dividend payout appears sustainable. Owned by Starwood Capital Group, Starwood Retail Partners is the fifth largest manager of regional malls in the United States, with 30 malls and lifestyle centers in 16 states across the country. [26], Glimcher is the daughter of Geraldine Lee (Bogolub) and Melvin J. Glimcher, who was a pioneer in the development of artificial limbs while the chair of the Massachusetts General Hospital Orthopedics Department. Nowadays, people have started supporting his work and other things. That is a real threat. "Andrea is an amazing person in her myriad abilities," adds Close. www.starwoodretail.com. I recognized there was a need for someone to act as an advocate, an adviser to artists and estates.. [25], In 2020 she was named the newest member of the Stand Up to Cancer Scientific Advisory Committee. During this time, Glimcher worked with mentor Bill Paul, who strongly encouraged her to continue her research independently after completing medical school. we did talk about $100 million worth of free cash flow. He is also a member and past Trustee of the International Council of Shopping Centers and a member of The Real Estate Roundtable and serves as Chairman of the Board of Trustees of the Columbus School for Girls. Hyphen has been like putting up a tent, she says. Upon arriving at Cornell there were 0 out of 19 clinical department chairs filled by women; as of today there are 2. Offering on-demand online courses that provide continuing education credits for brokers, attorneys, appraisers and architects. Executives. The oldest executive at MI Homes Inc. is Norman Traeger, 80, who is the Independent Director. Michael Glimcher has been married for a long time, which is not a secret to anybody. JPMorgan Asset Management and the New York State Teachers Retirement System (NYSTRS) were among Donahue Schribers largest investors. In June of 2017, Glimcher joined Starwood Retail Partners where he served as CEO for three years. After Glimcher Realty Trust merged with Washington Prime Group in 2015 to create WP Glimcher, Michael served as CEO and Vice Chairman until 2016. Live and virtual events bringing together the best of information and networking. The Firm has invested in virtually every class of real estate on a global basis, opportunistically shifting geographies and changing positions in the capital stack as risk-reward dynamics evolve. Her family is Jewish. Glimcher has lived in a Beaux-Arts building on the Upper West Side since 2005, but not long ago expanded by combining its two top-floor apartments.
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