Reichmanns Redux

Long bets start to pay off for the real estate dynasty

When Philip Reichmann, the genial 41-year-old scion of the real estate dynasty, bought back the last outstanding equity in 1 First Canadian Place in September, he wasn't snapping up just another posh downtown Toronto office tower. A quarter century ago, the teenage Reichmann had helped his family build the 72-story complex. His job: keeping close watch on the elegant Italian marble used to brighten its walls. Then, when the family's worldwide $10 billion real estate empire came undone seven years ago, Reichmann was shaken as the gleaming tower slipped out of family hands. Now that he has been able to bring it back, Reichmann admits: "There's no doubt it has symbolic value to us."

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