CHICAGO. (September 9, 2009) -- General Growth Management, Inc. (GGMI), a subsidiary of General Growth Properties (GGP), is commemorating a historic 30-year milestone of providing third party management services. GGMI is in good company with icons and brands such as Trivial Pursuit, the cell phone and the McDonald’s Happy Meal all celebrating 30th anniversaries this year.
Including predecessor companies, General Growth has been in the shopping center business since 1954 and has been in the third party business since 1979 when institutional owners began to buy regional malls. It was August of that year when the first institutional client selected General Growth to manage four of their newly acquired centers in Ohio, Oklahoma, New York and Texas. Over the course of its 30-year history, GGMI has managed, leased, and marketed nearly 200 properties.
“This year, GGMI is three decades strong and we are extremely proud of our Third Party Management Division. The GGP Third Party division has an excellent track record of success,” said Adam Metz, chief executive officer for General Growth Properties.
General Growth’s Third Party Management Division currently manages a diverse portfolio of properties for institutional and private investors and is one of the largest third party managers of regional shopping centers in the United States. Properties range from community centers in small markets to regional malls in mid-sized cities to shopping centers with footprints that exceed one million square feet in major metropolitan areas.
“During our 30-year history in this business, we have had the privilege of working with some of the best clients in the industry,” said Kate Sheehy, senior vice president of client services for General Growth. “Our mission has always been to maximize the performance of the properties entrusted to our care and provide the best possible service to our clients. We appreciate their business and look forward to serving their property management needs for many years to come.”
ABOUT GENERAL GROWTH MANAGEMENT INC.
General Growth Management, Inc. is a subsidiary of General Growth Properties, Inc. General Growth Properties, Inc. currently has ownership interest in, or management responsibility for, over 200 regional shopping malls in 44 states, as well as ownership in master planned community developments and commercial office buildings. The Company’s portfolio totals approximately 200 million square feet of retail space and includes over 24,000 retail stores nationwide.