Super Bowl XLVII
Stephen Ross, chairman of Related Companies, has come under fire in recent weeks due to his ownership of the National Football League’s Miami Dolphins, a franchise that is embroiled in a bullying scandal that has grabbed headlines far beyond the sports pages.
Mr. Ross’s ownership of the Dolphins is largely overshadowed in New York by his real estate dealings, but it is those deals that allowed him to spend more than $1 billion on the team in the first place. He’s not, however, the only billionaire with ties to the real estate industry who has chosen to spend lavish wealth on an NFL team.
Below, The Commercial Observer takes a look at those NFL owners, including Mr. Ross, who owe at least some of their wealth to wheeling and dealing in real estate.
The commercial real estate firm Jones Lang LaSalle correctly predicted that the Baltimore Ravens would win the Super Bowl last night by using a formula based on the office vacancy rates of the competing teams’ home cities. The hypothesis holds that the city with the higher vacancy rate will produce the winning team.
Heading into last night’s game in New Orleans, JLL called it for the Baltimore Ravens over the San Francisco 49ers. Maryland’s Charm City has a current office vacancy rate of 15.5 percent compared to the City by the Bay’s 11.8 percent figure, according to the firm’s research.
“We’ve gone back to 2000 and looked at several different factors, including absorption rates, and the only one with a high correlation with the winning team was high vacancy rates on the office side,” said John Sikaitis, senior vice president and director of office research at JLL.
“I know commercial real estate and football,”Roger Staubach, executive chairman of the Americas at JLL and former Dallas Cowboys quarterback named the most valuable player of Super Bowl VI, said in a prepared statement last week. “While I can tell you that our hypothesis is right more than it’s wrong, I really like the chances of the Forty-Niners.”