William Mack, former chairman of real estate investment firm AREA Property Partners, and his sons Richard Mack, AREA's former North America CEO, and Stephen Mack have formed Mack Real Estate Group, an opportunistic real estate investment management firm, confirmed spokesman Eric Waters.
AREA Property Partners, formerly known as Apollo Real Estate Advisors, was acquired by alternative investment firm Ares Management in May. John Bartling, senior partner and an Ares investment executive since 2010, heads the commercial real estate group at Ares Management, including AREA.
Mack Real Estate Group will initially invest family money but also plans to invest high-net-worth and institutional capital. The firm's headquarters is in New York, with satellite offices in Los Angeles, Seattle and London scheduled to be opened within six months.
Richard Mack will continue to act as a consultant for AREA until Dec. 31. William Mack will continue to serve as chairman of the board of Mack-Cali Realty Corp., a publicly traded real estate investment trust. Richard Mack will continue as CEO of Claros Fund Management, a manager of long/short hedged investments in real estate securities. Claros operates as a separate business.