Theodore N. “Ted” Lerner (born October 15, 1925) is an American property , principal owner of the Washington Nationals baseball team, as well as creator of the realty company Lerner Enterprises, the biggest private landowner in the Washington metropolitan area, which possesses business, retail, property and also residential properties, as well as Chelsea Piers in New York City. In 2015, Forbes magazine named him the richest person in the State of Maryland.
Early life and education
Lerner was raised in an Orthodox Jewish family in Northwest Washington D.C., the oldest of 3 children birthed to Mayer, a 1921 emigrant from Palestine, and Ethel, that emigrated from Lithuania. He has one bro Lawrence as well as one sister, Esther. He went to Raymond Primary school, McFarland Junior High, and graduated from Roosevelt Secondary school in 1944. He after that served with the U.S. Military as a typist during the last component of World War II. He then went on to participate in George Washington University via the G.I. where he got first of Arts and then in 1949, he finished with a L.L.B. from The George Washington College Law School. While in legislation institution, he sold homes on the weekends which piqued his interest in property.
Occupation
In 1952, he borrowed $250 from his better half and also started the property firm Lerner Enterprises in Rockville, Maryland. It runs mainly throughout the Washington, D.C. metropolis. Lerner Enterprises is the biggest personal landowner in the Washington, D.C. area.
Amongst the Lerner Enterprises is a partnership in Chelsea Piers, a 30-acre (120,000 m2) sports and also entertainment complex on the Hudson River in New York City; the Tysons II commercial development; shopping mall consisting of White Flint as well as Dulles Town Center; and also thousands of residences as well as houses, in addition to many office buildings. Lerner likewise played a role in developing various other shopping mall in the Washington location, consisting of Tysons Corner Facility and also Wheaton Plaza.
Lerner Corporation, a closely held company however not a “close corporation” within the of Maryland company legislation, was arranged in 1965. It was authorized to release 95 shares of no-par ordinary shares. Theodore obtained seventy shares, and also Lawrence acquired 25 shares. Theodore was president and among three supervisors. Before September 1983, Lawrence was assistant and a director.
The siblings’ partnership wore away, as well as in September 1983, Theodore caused Lawrence to be gotten rid of as an officer and supervisor. Lawrence took legal action against Theodore, Theodore embarked on to “freeze-out” Lawrence as an investor, and also Lawrence brought an action to advise the freeze-out. The Court of Appeals verified the high court’s entry of an initial injunction. See Lerner v. Lerner, 306 Md. 771, 511 A. 2d 501 (1986). Prior to of that situation, nevertheless, the siblings participated in a settlement agreement dated October 16, 1987 (Settlement Agreement or the Agreement). The Negotiation Agreement offered that (1) Theodore would remain the chief running of Lerner Firm, (2) Lawrence would certainly no longer be included actively in Lerner Company but would continue to get investor circulations, and also (3) Theodore would have permission to use the sources of Lerner Company to benefit his other monetary jobs.
The head office of Lerner Enterprises in Rockville, MD was the initial Management in Energy as well as Environmental Design (LEED) platinum certified multi-tenant commercial structure in the D.C. area and also has actually been the recipient of numerous design as well as environmental awards.
Source:
- Wikipedia
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