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Granite Properties
Granite Properties is a privately held real estate firm founded in 1991, focused on office and mixed-use properties across North America.
Granite Properties
Granite Properties was founded in 1991 by Michael Dardick and David Grandfsky. The firm is privately held and headquartered in Plano, Texas, with additional offices in Toronto, Luxembourg, New York, Chicago, Houston, and Menlo Park. Its wealth origin traces to private real estate investment. The firm focuses on office and mixed-use properties, targeting high-growth markets across the United States and Canada. Its portfolio includes over 27 million square feet of space. Granite Properties is known for developing and managing Class A office buildings, often in suburban office parks and urban infill locations. The firm's team size is not publicly disclosed, but it operates with offices in six North American cities plus Luxembourg. In 2023, Granite Properties closed a $1.5 billion fund for value-add office investments (per public record). The firm has a philanthropic arm, Granite Properties Foundation, though details are limited. Granite Properties' structural differentiator is its dual role as developer and long-term owner-operator, which aligns incentives around building quality and tenant retention. The firm maintains a low-leverage approach and focuses on markets with strong demographic trends, distinguishing it from purely speculative developers.
General information
Firm type
Real Estate
Year founded
1991
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Plano
Corporate office
Plano, TX, United States
Additional offices
Toronto, Canada · Luxembourg · New York, NY · Chicago, IL · Houston, TX · Menlo Park, CA
Principals
Michael Dardick
CEO
David Grandfsky
President
Sector focus
Frequently asked questions
Who runs investment decisions at Granite Properties?
Investment decisions are led by CEO Michael Dardick and President David Grandfsky, who co-founded the firm in 1991. The firm's senior leadership team oversees acquisition, development, and asset management strategies.
How does Granite Properties source proprietary deal flow?
Granite Properties sources deals through a combination of direct developer relationships, off-market acquisitions, and its in-house development platform. The firm often originates opportunities in markets where it has long-standing local teams.
Is Granite Properties structured as a family office or a real estate operating company?
Granite Properties operates as a privately held real estate development and investment firm, not a traditional family office. It functions as an operating company with an in-house investment management arm.
Does Granite Properties participate in fund commitments or only direct deals?
Granite Properties raises capital through institutional funds and separate accounts, while also committing its own balance sheet to investments. The firm has raised value-add funds, such as the $1.5 billion fund closed in 2023.
What investment stages does Granite Properties typically target?
The firm targets value-add and core-plus office properties, including ground-up development, redevelopment, and acquisitions of underperforming assets. It focuses on high-growth US and Canadian markets.
Where does the underlying wealth come from?
The origin of capital is private real estate investment, with the firm's principals having built the business through retained earnings and institutional capital partnerships.
Does Granite Properties maintain philanthropic structures, and how are they separated?
Yes, the firm operates the Granite Properties Foundation, a separate charitable entity focused on community giving. It is distinct from the investment operations and funded by the firm and its principals.
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