Los Altos Hills resident George Marcus has built a $1.9 billion fortune brokering commercial real estate deals.
In 2014 the brokerage he founded, Marcus Millichap, Inc. (NYSE: MMI), closed nearly 7,700 real estate transactions, worth a total of $33 billion, Bloomberg Business reported in a recent profile.
The Calabasas-based company closed the most deals in the U.S. in 2014 and has more listings than any of its rivals.
Marcus’ firm specializes in private client transactions that are usually less than $10 million. The main driver of his wealth is his 55 percent stake in Marcus Millichap. Shares have nearly quadrupled since 2013.
A spokeswoman for Marcus Millichap declined to comment to Bloomberg Business about Marcus’ net worth.
Marcus’ real estate empire includes the $15 billion Essex Property Trust Inc. He controls a 2.4 percent stake in the REIT, which is the West Coast’s biggest apartment landlord.
It also encompasses the ecosystem of developers and investment firms under the Marcus Millichap Co. umbrella. That group includes Pacific Urban Residential and SummerHill Homes.
The billionaire was born in Greece in 1941 and his family immigrated to San Francisco when he was 4. He worked as a broker at Grubb Ellis in San Jose and started his own business in 1971,
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