General Growth Properties

General Growth Properties

General Growth Properties was founded in 1954 by brothers Matthew (Marty) and Maurice Bucksbaum in Cedar Rapids, Iowa. They built the company from a single shopping center into a national portfolio of regional malls, taking the firm public in 1993 as a real estate investment trust (REIT). The Bucksbaum family controlled the company through a dual-class share structure for decades, until the 2008 financial crisis forced a restructuring. The firm's strategy centered on owning, operating, and developing enclosed regional shopping malls and retail centers across the United States, with holdings spanning 40+ states. GGP's portfolio in 2007 included approximately 125 malls totaling over 80 million square feet of gross leasable area (per SEC filings). Known properties included Water Tower Place in Chicago, South Street Seaport in New York, and Ala Moana Center in Honolulu. The firm was also an early adopter of co-anchoring malls with department stores such as Macy's, Nordstrom, and JCPenney. At its peak before bankruptcy, General Growth employed roughly 3,000 people across its headquarters in Chicago and regional offices including Bloomfield Hills, Santa Monica, and Honolulu. In 2008, the company filed for Chapter 11 bankruptcy protection — the largest real estate bankruptcy in U.S. history at the time — due to over $27 billion in debt tied to its 2004 acquisition of The Rouse Company. It emerged from bankruptcy in 2010 under CEO Sandeep Mathrani. In August 2018, GGP was acquired by Brookfield Asset Management for approximately $15.3 billion, and the company's stock was delisted from the NYSE (per Brookfield investor materials, 2018). The firm's structural differentiator was its focus on enclosed regional malls at a time when the retail sector was moving toward open-air lifestyle centers and online shopping. GGP maintained a strategy of owning dominant malls in affluent markets, investing heavily in property renovations and experiential retail (such as dining and entertainment) to combat foot-traffic declines. The company also held a significant stake in Taubman Centers for a period, though it sold that interest in 2003.