Hamid R. Moghadam | |
---|---|
Born | |
Citizenship | American |
Alma mater |
Massachusetts Institute of Technology (
SB;
SM) Stanford University ( MBA) |
Occupation(s) | Chairman and CEO of Prologis |
Years active | 1980s-present |
Board member of |
Stanford Management Company Stanford Graduate School of Business |
Website | Moghadam - Prologis |
Hamid Moghadam (born August 26, 1956) is an Iranian-American business executive and philanthropist. [1] [2] [3] In 2011, Moghadam orchestrated the combination between AMB, [4] a firm he co-founded in 1983, [1] [2] and ProLogis to create Prologis, the largest logistics real estate company in the world. Moghadam currently serves as Prologis Chairman and CEO, with Prologis operating as a global logistics real estate investment trust (REIT) [4] [5] and S&P 100 company. [6]
Born in 1956 [7] in Iran, [8] he grew up in Tehran, [1] where his father was a businessman. [1] [8] In 1969 [8] he attended school in Switzerland. [1] [7] [8] In 1973, he entered the Massachusetts Institute of Technology, [8] [7] where he received Bachelor and Master of Science degrees in engineering. [8] [9] In 1980 Moghadam received an MBA from the Stanford Graduate School of Business in California. [10] [1]
After business school, Moghadam [2] [7] started his career at Homestake Mining Company. He later joined John McMahan Associates. [11] In 1983, he and Douglas Abbey founded Abbey, Moghadam & Company in San Francisco, California. [1] [2] [12] Although they planned to provide investment advisory services, according to Forbes, they soon became known for instead "helping investors revive underperforming assets." [2] They were joined by T. Robert Burke in 1984 and established AMB Institutional Realty Advisors, later named AMB Property Corp., [1] with initial investments in office, industrial and community shopping centers. [13]
In the late 1980s, AMB changed its investment strategy to focus on industrial parks and shopping centers in infill trade areas, [2] with the company beginning to exit the office market in 1987. [13] During the collapse of the office building market in the late 1980s, this shift in assets helped the company avoid significant financial repercussions. [2] AMB launched its first private equity fund in 1989, which focused on industrial and retail properties. [12] AMB consolidated several of its investment funds in 1997 [8] and went public as an REIT. [14] In late 1997, [12] AMB closed its IPO with more than US $2.8 billion in assets. [13]
Throughout 1999, Moghadam "made a series of moves that pared the company of most of its retail holdings, following the notion that e-commerce would become the high-margin road of the future." [1] Selling its retail business around 1999 to focus solely on the industrial sector, [12] starting that year AMB sold nearly $1 billion in retail assets to institutional investors and reallocated funds into warehouses in and around major consumption areas. [15] [16] By the end of 1999, AMB was the second-largest industrially focused REIT in the United States, with a total market capitalization of $3.5 billion. [1] President and CEO of AMB Property Corporation, [17] he became AMB chairman in 2000. [3] AMB made its first overseas investment in 2002, developing a facility for Procter & Gamble in Mexico City. [12] In 2002, AMB initiated an international expansion program [13] focused on buying and developing distribution facilities near global trade hubs, [2] particularly in growth markets such as Latin America, Asia, [2] and Europe. [18] [19] [20] [21] [22] AMB added an internal development division in 2004. [12] [3]
In 2011 [12] Moghadam arranged the combination between AMB and ProLogis to create Prologis, the largest logistics real estate company in the world. [4] [5] With a market cap of approximately $24 billion [4] and corporate headquarters remaining in California, [5] the new Prologis had around $46 billion in assets under management (AUM) [5] and clients such as DHL, Home Depot Inc., Unilever, [5] and FedEx. [12] ProLogis CEO Walter Rakowich and Moghadam were appointed as the new company's co-CEOs, with Moghadam becoming the sole CEO [5] at the start of 2013. [7] [3] He oversaw IPOs in Japan in 2013 [23] and Mexico in 2014. [24]
Prologis continues to operate as a publicly traded real estate investment trust (REIT) [25] on the S&P 100, [26] [27] operating logistics and distribution facilities for customers in various industries [4] [5] [28] in the Americas, Europe, and Asia. [28] In 2018 he oversaw its acquisition of DCT Industrial Trust for $8.4 billion, [29] and in 2020, acquisitions of Liberty Property Trust for $13 billion and Industrial Property Trust for $4 billion, [30] then Duke Realty in 2022 for $23 billion. [31] The company's platform totals 1.2 billion square feet that is owned, managed or under development in 19 countries, [32] with about $196 billion in assets under management. [33] Moghadam frequently appears on major television networks to talk about the real estate industry, including CNBC, [34] Bloomberg TV, and Fox Business Network, as a real estate industry expert. [35]
In the 1990s, he joined the MIT Center for Real Estate's advisory committee, [17] and became a founding member of The Real Estate Roundtable [21] as vice chairman of the National Realty Committee. [17] He served as a trustee of the Urban Land Institute, [21] and joined the executive committee of its board of directors. [36] [37] He was also the chairman of National Association of Real Estate Investment Trusts (NAREIT) [38] in 2004. [39]
Moghadam has served on various philanthropic and community boards in the San Francisco Bay Area. [40] He served on the boards of Town School for Boys, the California Academy of Sciences, and the Bay Area Discovery Museum, [21] and he was chairman of the Young Presidents Organization's Northern California chapter. [21] [41]
Previously a trustee of Stanford University, [42] [21] Moghadam is currently a board member of the Stanford Management Company, [21] [10] and was its former chairman. [10] [21] He and his wife established the Moghadam Family Professorship in the Stanford Graduate School of Business, where he serves on the advisory council, [10] after endowing the Stanford Hamid and Christina Moghadam Program in Iranian Studies in 2006, which focuses on undergraduate courses related to Iran. [43] [44]
Moghadam was named EY's 1998 Real Estate Award Winner for the Northern California Region. [45] In 2005, Moghadam was presented with an Industry Leadership Award from the National Association of Real Estate Investment Trusts (NAREIT). [46] [39] [47] He received a Lifetime of Building Award from the Commercial Real Estate Development Association (NAIOP) in 2007, and also that year he received the Wisconsin Alumni Center's Vision Setter Award. [46] Moghadam received the EY National Entrepreneur of the Year Overall Award in 2013, [48] as well as [49] the Ellis Island Medal of Honor from the National Ethnic Coalition of Organizations Foundations, Inc. (NECO). [49] Harvard Business Review named him one of the 100 Best-Performing CEOs in the World three times, [50] [51] and a number of industry publications have named him their CEO of the Year. [46]
Moghadam and his wife Christina [10] have a son together. [1] [8] In American politics, as of 2016, Moghadam had endorsed both Republicans and Democrats. [52]
Hamid R. Moghadam | |
---|---|
Born | |
Citizenship | American |
Alma mater |
Massachusetts Institute of Technology (
SB;
SM) Stanford University ( MBA) |
Occupation(s) | Chairman and CEO of Prologis |
Years active | 1980s-present |
Board member of |
Stanford Management Company Stanford Graduate School of Business |
Website | Moghadam - Prologis |
Hamid Moghadam (born August 26, 1956) is an Iranian-American business executive and philanthropist. [1] [2] [3] In 2011, Moghadam orchestrated the combination between AMB, [4] a firm he co-founded in 1983, [1] [2] and ProLogis to create Prologis, the largest logistics real estate company in the world. Moghadam currently serves as Prologis Chairman and CEO, with Prologis operating as a global logistics real estate investment trust (REIT) [4] [5] and S&P 100 company. [6]
Born in 1956 [7] in Iran, [8] he grew up in Tehran, [1] where his father was a businessman. [1] [8] In 1969 [8] he attended school in Switzerland. [1] [7] [8] In 1973, he entered the Massachusetts Institute of Technology, [8] [7] where he received Bachelor and Master of Science degrees in engineering. [8] [9] In 1980 Moghadam received an MBA from the Stanford Graduate School of Business in California. [10] [1]
After business school, Moghadam [2] [7] started his career at Homestake Mining Company. He later joined John McMahan Associates. [11] In 1983, he and Douglas Abbey founded Abbey, Moghadam & Company in San Francisco, California. [1] [2] [12] Although they planned to provide investment advisory services, according to Forbes, they soon became known for instead "helping investors revive underperforming assets." [2] They were joined by T. Robert Burke in 1984 and established AMB Institutional Realty Advisors, later named AMB Property Corp., [1] with initial investments in office, industrial and community shopping centers. [13]
In the late 1980s, AMB changed its investment strategy to focus on industrial parks and shopping centers in infill trade areas, [2] with the company beginning to exit the office market in 1987. [13] During the collapse of the office building market in the late 1980s, this shift in assets helped the company avoid significant financial repercussions. [2] AMB launched its first private equity fund in 1989, which focused on industrial and retail properties. [12] AMB consolidated several of its investment funds in 1997 [8] and went public as an REIT. [14] In late 1997, [12] AMB closed its IPO with more than US $2.8 billion in assets. [13]
Throughout 1999, Moghadam "made a series of moves that pared the company of most of its retail holdings, following the notion that e-commerce would become the high-margin road of the future." [1] Selling its retail business around 1999 to focus solely on the industrial sector, [12] starting that year AMB sold nearly $1 billion in retail assets to institutional investors and reallocated funds into warehouses in and around major consumption areas. [15] [16] By the end of 1999, AMB was the second-largest industrially focused REIT in the United States, with a total market capitalization of $3.5 billion. [1] President and CEO of AMB Property Corporation, [17] he became AMB chairman in 2000. [3] AMB made its first overseas investment in 2002, developing a facility for Procter & Gamble in Mexico City. [12] In 2002, AMB initiated an international expansion program [13] focused on buying and developing distribution facilities near global trade hubs, [2] particularly in growth markets such as Latin America, Asia, [2] and Europe. [18] [19] [20] [21] [22] AMB added an internal development division in 2004. [12] [3]
In 2011 [12] Moghadam arranged the combination between AMB and ProLogis to create Prologis, the largest logistics real estate company in the world. [4] [5] With a market cap of approximately $24 billion [4] and corporate headquarters remaining in California, [5] the new Prologis had around $46 billion in assets under management (AUM) [5] and clients such as DHL, Home Depot Inc., Unilever, [5] and FedEx. [12] ProLogis CEO Walter Rakowich and Moghadam were appointed as the new company's co-CEOs, with Moghadam becoming the sole CEO [5] at the start of 2013. [7] [3] He oversaw IPOs in Japan in 2013 [23] and Mexico in 2014. [24]
Prologis continues to operate as a publicly traded real estate investment trust (REIT) [25] on the S&P 100, [26] [27] operating logistics and distribution facilities for customers in various industries [4] [5] [28] in the Americas, Europe, and Asia. [28] In 2018 he oversaw its acquisition of DCT Industrial Trust for $8.4 billion, [29] and in 2020, acquisitions of Liberty Property Trust for $13 billion and Industrial Property Trust for $4 billion, [30] then Duke Realty in 2022 for $23 billion. [31] The company's platform totals 1.2 billion square feet that is owned, managed or under development in 19 countries, [32] with about $196 billion in assets under management. [33] Moghadam frequently appears on major television networks to talk about the real estate industry, including CNBC, [34] Bloomberg TV, and Fox Business Network, as a real estate industry expert. [35]
In the 1990s, he joined the MIT Center for Real Estate's advisory committee, [17] and became a founding member of The Real Estate Roundtable [21] as vice chairman of the National Realty Committee. [17] He served as a trustee of the Urban Land Institute, [21] and joined the executive committee of its board of directors. [36] [37] He was also the chairman of National Association of Real Estate Investment Trusts (NAREIT) [38] in 2004. [39]
Moghadam has served on various philanthropic and community boards in the San Francisco Bay Area. [40] He served on the boards of Town School for Boys, the California Academy of Sciences, and the Bay Area Discovery Museum, [21] and he was chairman of the Young Presidents Organization's Northern California chapter. [21] [41]
Previously a trustee of Stanford University, [42] [21] Moghadam is currently a board member of the Stanford Management Company, [21] [10] and was its former chairman. [10] [21] He and his wife established the Moghadam Family Professorship in the Stanford Graduate School of Business, where he serves on the advisory council, [10] after endowing the Stanford Hamid and Christina Moghadam Program in Iranian Studies in 2006, which focuses on undergraduate courses related to Iran. [43] [44]
Moghadam was named EY's 1998 Real Estate Award Winner for the Northern California Region. [45] In 2005, Moghadam was presented with an Industry Leadership Award from the National Association of Real Estate Investment Trusts (NAREIT). [46] [39] [47] He received a Lifetime of Building Award from the Commercial Real Estate Development Association (NAIOP) in 2007, and also that year he received the Wisconsin Alumni Center's Vision Setter Award. [46] Moghadam received the EY National Entrepreneur of the Year Overall Award in 2013, [48] as well as [49] the Ellis Island Medal of Honor from the National Ethnic Coalition of Organizations Foundations, Inc. (NECO). [49] Harvard Business Review named him one of the 100 Best-Performing CEOs in the World three times, [50] [51] and a number of industry publications have named him their CEO of the Year. [46]
Moghadam and his wife Christina [10] have a son together. [1] [8] In American politics, as of 2016, Moghadam had endorsed both Republicans and Democrats. [52]