Corporate Property Investors Explained

Corporate Property Investors
Industry:	Real estate investment trust
Fate:	Acquired by Simon Property Group
Founder:	Disque Deane

Corporate Property Investors was a real estate investment trust that built several notable shopping centers, including Lenox Square in Atlanta, the Burlington Mall in Massachusetts, and Roosevelt Field Mall in New York.

History

CPI was founded in 1971 by Disque Deane.^[1]

From 1977 to 1998, fashion buyer and pioneering art patron Rosalind Gersten Jacobs was director of merchandise and marketing.

In 1982, the company financed the General Motors Building in Manhattan with $500 million and received an option to buy the building.^{[2] [3]}

In 1991, the company acquired the General Motors Building for $500 million.^[1]

In January 1998, The Rouse Company bid for the company.^[4] However, Rouse was outbid and CPI was acquired by Simon Property Group.^{[5] [6]}

The General Motors Building was separately sold to Donald Trump and CNO Financial Group for $800 million.^[7]

Notes and References

1. News: Real Estate Group Buys G.M. Building . RICHARD D. . HYLTON . . February 15, 1991 . subscription.
2. News: G.M. TO GET $500 MILLION FOR EDIFICE . DOUGLAS . MARTIN . . January 5, 1982 . subscription.
3. News: The G.M. Building: A Rare Deal . Diane . Henry . . January 20, 1982 . subscription.
4. News: Rouse Considers Acquiring Corporate Property Investors . . January 15, 1998 . subscription.
5. News: Simon buys: Simon DeBartolo Group Inc. will buy Corporate . . February 19, 1998.
6. News: Simon DeBartolo Wins Fight For a Prime Group of Malls . CHARLES V. . BAGLI . . February 20, 1998 . subscription.
7. News: Trump Buying The Landmark G.M. Building . JIM . YARDLEY . . May 31, 1998 . subscription.