Why does it seem that everyone and their mother who started a repe fund was at JMB Realty back in the day?
Any of the older guys here have insights to the firm and culture that facilitated this to occur?
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Sternlicht is on an amazing podcast with a non-real estate guy (forget the name) where he speaks at length about his time at JMB. They were once the largest opportunity fund manager; I think of them as the Blackstone Real Estate before Blackstone.
JMB was the best of the best in the 70s-90s. they were a syndicator for high net worth individuals and institutions, using real estate “losses” to defer / eliminate taxes. They ultimately got hit pretty hard in the early and mid 90s, when they went chasing deals across the border with cap rates well below the treasury (along with a lot of other investors). founder went on to start Walton St shortly thereafter. JMB still exists as it owns long term hold assets but isn’t an active trader
Always interesting to hear these stories where firms are successful then screw themselves with greed. Looking at it now who would have thought it was a good idea, but in the moment can be different.
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