America's Biggest Commercial Landlords

  1. Miles of Malls

    Miles of Malls

    If you're looking to lease commercial space for your business--whether in an office tower, industrial or business park, mall, or shopping complex--there's a good chance your search will lead to 1 of 25 real estate companies. That's because they own a combined total of more than 3.65 billion square feet of commercial real estate in the U.S. and overseas, an area considerably greater in size than the City of Boston. To identify some of America's biggest landlords, consulted reports from real estate publications National Real Estate Investor and Retail Traffic, which conduct surveys of commercial real estate owners, and spoke to CoStar Group, a Washington-based commercial real estate information and analytics company. We then contacted the largest property owners on these lists, based on the number of square feet they own and manage globally, to update the data. The lists include companies that own and lease space, such as industrial real estate company Prologis, as well as real estate investment managers that acquire and manage properties for investors, including CB Richard Ellis Investors, and pension funds such as TIAA-CREF. Apartment property owners were not included. Also, while retailers such as Wal-Mart, Target, McDonald's, and Kroger have large real estate portfolios, information on space they own, compared to space they lease, was not available before our publication date.

    Click here to see 25 of America's biggest commercial real estate owners.
  2. No. 25: Majestic Realty

    No. 25: Majestic Realty

    Global total: 70 million sq. ft.

    Headquarters: City of Industry, Calif.

    Chief executive: Edward P. Roski Jr.

    Privately held Majestic Realty owns and manages industrial, office, and retail space; business parks; and sports, entertainment, and hospitality projects such as the Staples Center in Los Angeles, Majestic Airport Center in Ontario, Calif., and Majestic Freeway Business Center in Riverside County, Calif. CEO Edward Roski Jr., whose net worth is estimated at $2.1 billion by Forbes, is a part-owner of the National Basketball Assn.'s L.A. Lakers and the National Hockey League's L.A. Kings, reports

    * On all slides, the global total square footage figure represents the most recent estimate reported by the companies, unless otherwise noted. It includes office, industrial, and retail space that the companies own, manage, or hold interest in. Apartment owners and retailers were not included in this list.
    Majestic Realty/Getty Images
  3. No. 24: Weingarten Realty Management

    No. 24: Weingarten Realty Management

    Global total: 70.6 million sq. ft.

    Headquarters: Houston

    Chief executive: Andrew M. Alexander

    Weingarten Realty Management, founded in 1948, owns, acquires, and develops shopping centers and industrial properties and also manages properties for joint venture partners. Drew Alexander joined Weingarten in 1978 as a leasing executive in the retail division and became CEO of the company in 2001, according to
    Weingarten Realty Management
  4. No. 23: Macerich

    No. 23: Macerich

    Global total: 73 million sq. ft.

    Headquarters: Santa Monica, Calif.

    Chief executive: Arthur M. Coppola

    Retail property giant Macerich is a real estate property trust (REIT) that leases space in regional malls around the country. The company's portfolio includes Queens Center in New York, Tysons Corner Center outside Washington, and Scottsdale Fashion Square in Scottsdale, Ariz., according to Chief Executive Arthur Coppola joined Macerich in 1976 and took it public in 1994.
  5. No. 22: First Industrial Realty Trust

    No. 22: First Industrial Realty Trust

    Global total: 74 million sq. ft.

    Headquarters: Chicago

    Chief executive: Bruce W. Duncan

    First Industrial Realty Trust, a publicly traded REIT founded in 1994, buys, sells, leases, develops, and manages industrial real estate space in the U.S. and Canada, including distribution centers, regional warehouses, and research and development, manufacturing, and light-industrial spaces. Bruce Duncan, formerly president and CEO of Equity Residential, became chief executive in January 2009.
    First Industrial Realty Trust
  6. No. 21: DCT Industrial Trust

    No. 21: DCT Industrial Trust

    Global total: 75.5 million sq. ft.

    Headquarters: Denver

    Chief executive: Philip L. Hawkins

    DCT Industrial Trust owns 75.5 million sq. ft. of bulk distribution and light industrial space in the U.S. and Mexico. CEO Philip Hawkins previously worked with CarrAmerica Realty, a REIT, and LaSalle Partners (now called Jones Lang LaSalle)
    DCT Industrial Trust
  7. No. 20: Brookfield Properties

    No. 20: Brookfield Properties

    Global total: 77 million sq. ft.

    Headquarters: New York

    Chief executive: Richard B. Clark

    Brookfield Properties is a publicly traded REIT that owns, develops, and manages property in the U.S., Canada, and Australia, including the World Financial Center in New York, Brookfield Place in Toronto, and the Bank of America Plaza in Los Angeles. Ric Clark has been with Brookfield and its predecessors since 1984 and has been president and CEO since 2002.
    Bloomberg/Brookfield Properties
  8. No. 19: Liberty Property Trust

    No. 19: Liberty Property Trust

    Global total: 79.8 million sq. ft.

    Headquarters: Malvern, Pa.

    Chief executive: William P. Hankowsky

    Liberty Property Trust, a publicly owned REIT that is a commercial developer of green buildings. It owns more than 700 office and industrial properties, including the Comcast Center and One Crescent Boulevard in Philadelphia, according to Bill Hankowsky, formerly president of the Philadelphia Industrial Development Corp., joined Liberty in 2001 and became chief executive officer in 2003.
    Copyright Peter Aaron/Esto
  9. No. 18: CBL & Associates Properties

    No. 18: CBL & Associates Properties

    Global total: 85.6 million sq. ft.

    Headquarters: Chattanooga

    Chief executive: Stephen D. Lebovitz

    CBL & Associates Properties, a publicly owned REIT, owns, holds interests in, or manages 159 properties, including 84 regional malls and open-air shopping centers, including Triangle Town Center in Raleigh, N.C., Hamilton Place in Chattanooga, and Arbor Place in Douglasville, Ga., according to Stephen D. Lebovitz, son of Chairman Charles B. Lebovitz, became president in 1999 and chief executive officer on Jan. 1
    CBL & Associates Properties
  10. No. 17: Vornado Realty Trust

    No. 17: Vornado Realty Trust

    Global total: 107.3 million sq. ft.

    Headquarters: New York

    Chief executive: Michael D. Fascitelli

    Vornado is a publicly traded REIT that owns and manages retail and office space around the country and owns a 32.7 percent share in Toys "R" Us. Its portfolio includes office properties in New York and the Washington area in addition to retail properties in 21 states, according to Michael Fascitelli, chief executive since May 2009, is president and trustee of Alexander's and serves on the board of Toys "R" Us.
    Kevin Chu, Jessica Paul, and F.Charles/Bloomberg
  11. No. 16: Westfield Group

    No. 16: Westfield Group

    Global total: 113 million sq. ft.

    Headquarters: Sydney, Australia

    Group Managing Director: Steven M. Lowy

    Westfield is a publicly owned retail group that has interests in an investment portfolio of 10.5 million square meters (113 million sq. ft.) of gross leasable area in 119 shopping centers in Australia, New Zealand, the U.K., and the U.S., according to the company's half-year report. Properties include Westfield Garden State Plaza in New Jersey, Westfield Annapolis in Maryland, and the Westfield San Francisco Centre.

    Getty Images
  12. No. 15: Centro Properties

    No. 15: Centro Properties

    Global total: 119 million sq. ft.

    Headquarters: Glen Waverley Victoria, Australia

    Chief executive: Robert Tsenin

    Centro manages a portfolio of more than 700 shopping centers such as Wynnewood Village in Dallas, Westview Center in Hanover Park, Ill., and Pointe Orlando in Orlando, Fla., according to The company ceded control to creditors in 2008 and is seeking buyers for more than $3.9 billion of assets, Bloomberg News reported on Oct. 28. Robert Tsenin became CEO in February.
    Centro Properties
  13. No. 14: Inland Real Estate Group of Companies

    No. 14: Inland Real Estate Group of Companies

    Global total: 121.4 million sq. ft.

    Headquarters: Oak Brook, Ill.

    Chief executive: Daniel L. Goodwin

    The eighth-largest shopping center owner in the U.S., according to Retail Traffic, the Inland Real Estate Group of Companies manages commercial real estate in 47 states. CEO Daniel Goodwin has worked in real estate for more than 35 years, according to
    Inland Real Estate Group of Companies
  14. No. 13: CB Richard Ellis Investors

    No. 13: CB Richard Ellis Investors

    Global total: 128 million sq. ft.*

    Headquarters: Los Angeles
    Chief executive: Matt Khourie

    CB Richard Ellis Investors, founded in 1972, is a global real estate investment management firm with $33.7 billion in assets under management, according to CEO Matt Khourie served for 29 years with Trammell Crow, CBRE's real estate development business, before joining CRBE Investors.

    * Based on total office and industrial space owned globally as of Dec. 31, 2009, as reported by the company to National Real Estate Investor

    Copyright 2010
  15. No. 12: Duke Realty

    No. 12: Duke Realty

    Global total: 133 million sq. ft.

    Headquarters: Indianapolis

    Chief executive: Dennis D. Oklak

    Founded in 1972, publicly owned Duke Realty develops office and industrial space. In 2007, Duke Realty merged with Bremner Healthcare and has expanded its offerings to include planning, development, ownership, and management of health-care facilities that range from small medical office buildings to facilities with diagnostics, oncology centers, or surgery centers. Dennis D. Oklak, who became chief executive in April 2004, previously worked at Deloitte & Touche for nine years.
    Duke Realty
  16. No. 11: Developers Diversified Realty

    No. 11: Developers Diversified Realty

    Global total: 134 million sq. ft.

    Headquarters: Beachwood, Ohio

    Chief executive: Daniel B. Hurwitz

    Developers Diversified, founded in 1965, owns and manages about 590 retail operating and development properties in the U.S., Brazil, Canada, and Puerto Rico. Diversified says it is the largest landlord in Puerto Rico. Daniel Hurwitz previously served as chief operating officer and was appointed chief executive officer on Jan. 1.
    Developers Diversified Realty
  17. No. 10: Kimco Realty

    No. 10: Kimco Realty

    Global total: 137 million sq. ft.

    Headquarters: New Hyde Park, N.Y.

    Chief executive: David B. Henry

    Kimco Realty, a publicly traded REIT, owns interests in 948 retail properties across 44 states, Puerto Rico, Canada, Mexico, and South America, including Mesa Riverview in Arizona and Towson Place in Maryland, according to David Henry, who spent 23 years at General Electric, was appointed chief executive officer in November 2009.

  18. No. 9: TIAA CREF

    No. 9: TIAA CREF

    Global total: 143 million sq. ft.

    Headquarters: New York

    Chief executive: Roger W. Ferguson Jr.

    TIAA-CREF, which began in 1918 when the Carnegie Foundation established a pension system for professors, made its first real estate investments in 1947, according to It has grown into one of the nation's largest commercial real estate owners, with buildings such as One Boston Place in Boston and 601 Tower in Minnetonka, Minn. Roger W. Ferguson, a member of President Barack Obama's Economic Recovery Advisory Board, was head of financial services for Swiss Re and chairman of Swiss Re America Holding prior to joining TIAA-CREF in April 2008.
  19. No. 8: AMB Property

    No. 8: AMB Property

    Global total: 158.4 million sq. ft.

    Headquarters: San Francisco

    Chief executive: Hamid R. Moghadam

    AMB Property was founded in 1983 and closed an IPO in 1997. The REIT's portfolio includes warehouse and distribution facilities--industrial properties located near seaports, airports, and major freeway interchanges.

    AMB Property
  20. No. 7: GE Capital Real Estate

    No. 7: GE Capital Real Estate

    Global total: 160 million sq. ft.*

    Norwalk, Conn.

    Chief executive: Ronald R. Pressman

    GE Capital Real Estate, a commercial real estate investment company that is a subsidiary of General Electric, owns or finances 11,400 properties, according to The company has $81.5 billion total assets, mainly in the U.S., Europe, and Asia. Ron Pressman began working with GE in 1980 and served as president and chief executive officer of GE Asset Management.

    *Figure includes only industrial, office, and retail property. GE Capital Real Estate also owns multifamily, hotel, and parking properties.
    GE Capital Real Estate
  21. No. 6: ING Clarion Partners

    No. 6: ING Clarion Partners

    Global total: 163.6 million sq. ft.*

    Headquarters: New York

    Chief executive: Stephen J. Furnary

    ING Clarion Partners is the U.S. asset management arm of ING Group's real estate investment business. Founded in 1982, it acquires, develops, and manages commercial real estate. Properties include Plaza Tower One, an office building in Greenwood Village, Colo. and Pioneer 360, an industrial park in Arlington, Tex. Stephen J. Furnary is a founding partner of ING Clarion and began working in the real estate industry in 1974.

    * Based on total office, industrial, and retail space owned globally as of June 30, according to ING Clarion Partners. The company has an estimated 204.3 million sq. ft. total in office, multifamily, retail, industrial, hotel, and self-storage space under management.
    ING Clarion Partners
  22. No. 5: General Growth Properties

    No. 5: General Growth Properties

    Global total: 200 million sq. ft.*

    Headquarters: Chicago

    Chief executive: Adam S. Metz

    General Growth, founded in 1954, currently has ownership interests in, or management responsibility for, nearly 200 regional shopping malls, according to Properties include Fashion Show Mall in Las Vegas, Mizner Park in Boca Raton, Fla., and the Ala Moana Center in Honolulu. The publicly owned company filed bankruptcy in 2009. CEO Adam Metz was previously a founding partner of Polaris Capital, an owner of malls nationwide. Sandeep Mathrani will succeed Metz as CEO at the beginning of 2011, according to a company release. The company is expected to exit bankruptcy at the end of November.

    *Based on company estimate on an Oct. 29 press release.
    General Growth Properties
  23. No. 4: LaSalle Investment Management

    No. 4: LaSalle Investment Management

    Global total: 229.9 million sq. ft.*

    Headquarters: Chicago

    Chief executive: Jeff Jacobson

    A subsidiary of Jones Lang LaSalle, LaSalle Investment Management manages $39 billion in private and public property equity investments, according to a company press release. Its property portfolio includes the Washingtonian Center in Gaithersburg, Md. Before being appointed global CEO in January 2007, Jeff Jacobson was regional CEO for LaSalle in Europe.

    * Based on total office, industrial, and retail space owned globally as of June 30, according to LaSalle Investment Management. The company has an estimated total of 318 million square feet of industrial, office, hotel, multifamily, mixed-use, and retail space under management.
    LaSalle Investment Management
  24. No. 3: RREEF

    No. 3: RREEF

    Global total: 260.5 million sq. ft.*

    Headquarters: New York

    Global head:
    Pierre Cherki

    RREEF is the real estate investment management business of Deutsche Bank's asset management division. The company, which has assets under management of $59.4 billion, recently acquired the Weston Business Center in Weston, Fla., and the Unilever-Haus office building in Hamburg, Germany.

    * Industrial, office, and retail real estate owned globally as of second quarter 2010, according to the company. RREEF also invests in residential property.
  25. No. 2: Simon Property Group

    No. 2: Simon Property Group

    Global total: 264 million sq. ft.

    Headquarters: Indianapolis

    Chief executive: David E. Simon

    Simon Property Group, founded in 1960, is a privately-owned REIT that owns or has an interest in 393 properties, including: regional malls, community and lifestyle centers, and the Premium Outlets and The Mills brands of shopping centers, according to David Simon, son of company founder Melvin Simon, has been chief executive of Simon Property Group since 1995.
  26. No. 1: Prologis

    No. 1: Prologis

    Global total: 479.7 million sq. ft.

    Headquarters: Denver

    Chief executive: Walter C. Rakowich

    ProLogis, a publicly owned REIT founded in 1991, ranks as the No. 1 U.S. commercial property owner, with 479.7 million square feet of industrial space, according to company estimates. The company owns property in North America, Europe, and Asia. Walter Rakowich joined the company in 1994 and has also served as chief operating officer and chief financial officer.