Younger Macklowe Launches Own Company

NEW YORK CITY-Following months of rumors that the father and son team of Harry and William Macklowe would be parting company, the younger Macklowe has made it official. He announced Monday that he’s left Macklowe Properties to start his own firm, known as the William Macklowe Co., which will focus on acquisitions, strategic lending, real estate correlated investments and portfolio acquisitions. A spokesman for Macklowe Properties says the company has no comment.

Bearing out May’s published reports in Crain’s New York Business and on GlobeSt.com, WMC has set up shop on a full floor at 126 E. 56th St. Also known as Tower 56, 126 E. 56th is among the properties which Macklowe Properties was forced to turn over to lender Deutsche Bank two years ago. Chicago-based Transwestern bought the property in 2008 for a reported $160 million.

In a release, William Macklowe says he’s refinanced two portfolio properties: the 22-story office building at 400 Madison Ave., with $66.5 million in refinancing from Metropolitan Life Insurance and Malkin Strategic Capital; and the office/retail building at 610 Broadway, with a $43-million first mortgage from Eurohypo. The new firm will continue management of its own portfolio and will pursue select third-party management assignments, the release states.

WMC brings a dozen Macklowe Properties employees over to the new firm, including COO Jason Grebin; Noah Leonard, managing director of finance & acquisitions; Jim Migliore, EVP of management services; and Ken Dillon, SVP of commercial leasing. In a release, William Macklowe says the team is “excited about our business plan and the broad platform we’ve developed. It allows us to be opportunistic in our investment strategy, continuing to use our strengths in both traditional office and residential deals and complex transactions where our broad and unique experience will add significant value.”

The younger Macklowe joined his father’s firm in 1993, becoming president at Macklowe Properties in 2002. He took over as chairman and CEO in ’08 after the firm was forced to sell the General Motors Building at 767 Fifth Ave.