Herbert Simon, born in 1934, is an American businessman, entrepreneur, philanthropist, and sports team owner who co-founded Simon Property Group (SPG) along with his older brother, Melvin Simon. Simon Property Group is one of the largest real estate investment trusts (REITs) and shopping mall operators in the United States.
Early Life: Herbert Simon was born in Brooklyn, New York, and later moved to Indianapolis, Indiana, where he attended Indiana University. He began his career working in real estate and property management before teaming up with his brother, Melvin, to establish their own company.
Simon Property Group: In 1960, Herbert Simon and Melvin Simon co-founded Melvin Simon & Associates, which later became Simon Property Group. The company initially focused on developing strip malls and shopping centers in the Midwest. Over time, the company expanded its operations and started developing and acquiring regional shopping malls throughout the United States.
Under the leadership of Herbert and Melvin Simon, Simon Property Group grew into one of the largest and most successful mall operators in the country. The company went public in 1993 and converted into a real estate investment trust (REIT) in 1998. SPG owns and operates numerous shopping malls, premium outlets, and retail properties in the United States and internationally.
Herbert Simon has served in various leadership roles within the company, including as its CEO and Chairman. He has been instrumental in shaping the company's growth and strategic direction throughout its history.
Sports Team Ownership: In addition to his work in the real estate industry, Herbert Simon is also known for his involvement in professional sports. He is the owner of the Indiana Pacers, a professional basketball team in the NBA, and the Indiana Fever, a professional women's basketball team in the WNBA. Simon purchased the Pacers in 1983 and the Fever in 2000, and his ownership has brought stability and success to both franchises.
Philanthropy and Legacy: Herbert Simon is an active philanthropist, supporting various charitable organizations and causes, including education, healthcare, and the arts. He has made significant contributions to Indiana University, the Indianapolis Museum of Art, and other cultural institutions.
In summary, Herbert Simon is a successful entrepreneur who has played a critical role in the growth and development of Simon Property Group, shaping the landscape of retail and commercial properties in the United States. His ownership of professional sports teams and his philanthropic efforts have also had a significant impact on the communities and organizations he supports.
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