LOS ANGELES-Accounting legend Kenneth Leventhal has passed away. He was 91.
Founded by Leventhal and Stan Ross, in its day, Kenneth Leventhal & Co. was considered the premier real estate accounting firm. From its founding it was credited with pioneering innovations that helped clients save costs, operate more efficiently or achieve other business objectives.
That pioneering instinct was evident in his hiring practices. As he added partners to the fledgling firm, he reportedly told them that they would have to be more than accountants; they would have to be business experts who could help clients to solve problems.
In cyclical downturns in the economy and property markets, the firm began to assist clients in reorganizing outside of bankruptcy court. It built a reputation as a workout specialist, advising companies in complex reorganizations, including some of the biggest names in US real estate, among them Donald Trump, hotel developer John Portman, and mall developer Edward DeBartolo.
It also advised the US Resolution Trust Corp. in selling billions of dollars of assets of failed thrift institutions. As its reputation grew, the firm took on global assignments, advising international clients in restructuring and selling portfolios of distressed real estate and other assets. In 1995, the duo merged their practice into the folds of Ernst & Young.
Howard Roth, global real estate leader for E&Y, reflected on the impact of the man, noting that after the merger, he brought “a vision that conformed Ernst & Young's statrus as an industry leader. Although he officially retired as an Ernst & Young partner in 1999, Kenneth remained one of the firm’s strongest brand ambassadors and until recently continued to work in our Century City office.
“Kenneth Leventhal had a profound effect on our industry, our firm and on me, personally,” Roth continued. “He will be missed throughout the company.”
Leventhal is survived by his wife of 63 years, Elaine Otter, two sons, a granddaughter and other family members. Services will take place on Thursday, May 10, at 2 pm, Mount Sinai Hollywood Hills here.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
