Macks Launch New Venture Following AREA Sale

NEW YORK CITY-Having wound down their involvement with AREA Property Partners, which they sold to Ares Management earlier this summer, the Mack family has launched Mack Real Estate Group as its new vehicle for investment and development. The company will be headquartered in New York, as AREA was, with plans to launch satellite offices in Los Angeles, Seattle and London within the next six months.

William Mack and Richard Mack, cofounders of AREA, will serve as chairman and CEO, respectively, of MREG, which they have founded with Stephen Mack. Richard Mack, formerly North America CEO at AREA, will also serve as a consultant to Ares through year’s end. William Mack, who served as chairman of AREA, is also board chairman at East Coast office REIT Mack-Cali Realty Corp.