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Simon Property Group

Real estate firm operating shopping malls and outlet centers.

Headquarters:
225 West Washington Street
Indianapolis, IN 46204
Employees: 5,500
CEO: David Simon
Stock Symbol: SPG

Website: http://www.simon.com

Career Site

Simon Property Group is the largest public U.S. real estate company. Simon operates from five retail real estate platforms: regional malls, Premium Outlet Centers, The Mills, community/lifestyle centers and international properties. It currently owns or has an interest in 325 retail properties comprising 242 million square feet of gross leasable area in North America, Europe and Asia.

Simon malls include the Stanford (CA) Shopping Center, South Shore Plaza in Massachusetts, Franklin Mills in Philadelphia and The Forum Shops at Caesars in Las Vegas. More than 2.8 billion shopping visits occur at Simon properties in the U.S. annually.

The Company is headquartered in Indianapolis, IN and employs more than 5,500 people worldwide.

Additionally, Simon has a 29% interest in Kl├ępierre, a publicly-traded Paris-based real estate company, which owns shopping centers in 13 European countries.

In 2012, Simon Property reported revenues of $4.8 billion and net income of $1.43 billion. The company reported 95.3% occupancy at its properties at the end of 2012.

In October 2013, the company opened a newly redeveloped The Shops at Nanuet outdoor mall in Rockland County, NY.

In December, the company announced a plan to spin off all of its strip center business and smaller enclosed malls into an independent, publicly traded REIT ("SpinCo"). SpinCo's mission will be to own stable, quality strip centers and malls that effectively serve the communities in which they are located. SpinCo is expected to initially own or have an interest in 54 strip centers and 44 malls.

History

1960 -- Melvin Simon & Associates (MSA) formed by Melvin, Herbert and Fred Simon    
1960 -- MSA opens first fully-owned shopping center - Southgate Plaza in Bloomington, IN   
1964 -- MSA opens first enclosed mall - University Mall in Fort Collins, CO
1964 -- Mounds Mall in Anderson, IN opens as the first MSA mall in the Hoosier state, followed soon by College Mall in Bloomington, IN     
1975 -- Towne East Square opens in Wichita, KS as the Company's first enclosed mall of more than one million square feet    
May, 1992 -- MSA opens The Forum Shops at Caesars in Las Vegas, NV which continues to be one of the nation's most visible and successful retail and entertainment projects
August, 1992 -- MSA opens Mall of America in Bloomington, MN as the nation's largest enclosed shopping and entertainment complex 
    
December, 1993 -- Simon Property Group is formed from an Initial Public Offering (NYSE:SPG), becoming the largest REIT IPO in U.S. history to date.
August, 1996 -- Simon merges with DeBartolo Realty Corporation (NYSE:EJD), creating the nation's largest REIT.
May, 1997 -- Simon announces strategic alliance with Chelsea Property Group (NYSE:CPG) to develop and acquire upscale manufacturers' outlet centers with 500,000 or more square feet in the United States
August, 1997 -- The Company acquires a 50 percent interest in Dadeland Mall in Miami, FL     
August, 1997 -- Simon Brand Ventures is launched as a Company strategic business unit, the world's largest and most sophisticated mall marketing initiative   
September, 1997 -- Simon acquires 10 enclosed malls and one community shopping center from Retail Property Trust
February, 1998 -- Simon announces $5.8 billion acquisition of Corporate Property Investors (CPI), making the Company more than two times the size of its nearest competitor. Transaction adds 23 malls and 4 office buildings to the Simon portfolio.
March, 1998 -- Simon acquires 12 regional malls from the IBM Retirement Plans Master Trust in a 50/50 joint venture with The Macerich Company.
June, 1998 -- Simon and two institutional partners commit to acquire an initial 34 percent joint ownership position in European Retail Enterprises B.V. (ERE) to pursue retail development opportunities on the European continent. ERE operates through a wholly-owned subsidiary, Groupe BEG, S.A. (BEG). ERE and BEG are fully integrated retail real estate developers, lassors and managers, headquartered in Paris, France. This transaction marks Simon's initial foray into Europe. 
August, 1998 -- Simon and the Simon family establish the Simon Youth Foundation, a not-for-profit organization dedicated to providing educational and career development opportunities for young people nationwide   
March, 1999 -- Simon Property Group launches nationwide branding campaign at 145 enclosed malls, including radio and television advertising, exterior and interior on-mall banners and signage, and introduction of enhanced customer service features     
August, 1999 -- Simon acquires 14 regional malls through a joint venture with JP Morgan Investment Management's Strategic Property Fund, New York State Teachers Retirement System and Teachers Insurance and Annuity Association. Simon gains a preeminent position in the Boston and New England markets.    
September, 2000 -- Simon Business Network established as separate business to business division with the growth of its Total Facility Support program, the largest on-the-ground service network alliance in the country which focuses on shopping centers and retail chain stores. 
October, 2001 -- Simon purchases 50% interest in Fashion Valley Mall in San Diego.   
May, 2002 -- In a unique and unprecedented partnership, Simon, The Rouse Company and Westfield America Trust jointly acquire the real estate assets of Rodamco North America, N.V. The assets acquired by Simon include interests in nine malls new to the Simon portfolio as well as increased ownership in four existing joint ventures. High profile assets include Copley Place in Boston, The Galleria in Houston and SouthPark Mall in Charlotte, North Carolina.    
June , 2002 -- Simon Property Group is added to the S&P 500 Index. Simon is the fourth real estate investment trust in the index.
August, 2003 -- Simon Property Group purchases a 100% ownership stake in Stanford Shopping Center, one of the most successful regional malls in the U.S., located in Palo Alto, California, from Stanford University.
November, 2003 -- Simon Property Group increases it ownership in Kravco Investments, a Philadelphia-based owner of seven regional malls to 80 % and Kravco Company, its affiliated property management company to 50%. The entities are renamed Kravco Simon Investments and Kravco Simon Company.
December, 2003 -- Simon Property Group enters into a joint venture with Rinascente Group. Gallerie Commerciali Italia S.p.A is created for the ownership, management and development of shopping malls in Italy. The portfolio consists of 38 shopping centers comprising approximately six million square feet and several projects under construction and in predevelopment.
January, 2004 -- Simon Brand Ventures announces that in its first full year, the Visa Simon Giftcard became the world's largest prepaid debit card program with total annual sales of approximately $340 million.
May, 2004 -- Simon Property Group expands into the Caribbean area by purchasing Plaza Carolina in San Juan, Puerto Rico. Plaza Carolina is the premier shopping destination in the northeast sector of Puerto Rico and receives over 30,000 visitors per day.
October, 2004 -- Simon Property Group acquires Chelsea Property Group. Chelsea is the leading owner, developer and manager of Premium Outlet centers in the U.S. and Asia. Its portfolio includes 36 Premium Outlet centers (32 in the U.S. and 4 in Japan) with properties located in major metropolitan markets such as New York City, Los Angeles and Boston and tourist destinations such as Orlando, Las Vegas and Palm Springs.
December, 2004 -- Through its wholly-owned subsidiary, Chelsea Property Group, Simon Property Group opens the first Premium Outlet center in Mexico, Premium Outlets Punta Norte.
May, 2005 -- Simon Property Group announces that it will open a regional office in Hong Kong. Operating as Simon/Chelsea International Ltd., a newly formed subsidiary, the office will be responsible for Simon's retail real estate activities in east and southeast Asia.
July, 2005 -- Simon Property Group signs a Co-operation Framework Agreement with the Morgan Stanley Real Estate Funds and SZITIC Commercial Property Co. Ltd. to develop retail shopping center projects in China.
Fall, 2006 -- Simon starts construction on four malls in China.
April, 2007 -- Simon Property Group and Farallon Capitol Management acquire The Mills Corporation whose assets total 37 properties and over 45 million square feet of gross leasable area
2010 - Simon added 21 outlet center properties to its portfolio with the acquisition of Prime Outlets for $2.3 billion.

Benefits

- Medical
- Dental
- Vision Care
- Life Insurance
- Vacation
- Holidays
- Sick Pay
- Short-Term Disability
- Long-Term Disability
- Supplemental Voluntary Programs
- 401(K)/Matching Savings Plan
- Flexible Spending
- Education Assistance

Updated December 21, 2013