‘Mall King’ David Simon Passes Away at Age 64

The board at Simon Property Group Inc. (Indianapolis) announced the passing of David Simon, the company’s Chairman, CEO and President. Creator of what is now the largest owner of malls in the country, Simon was 64 and died of cancer. He will be succeeded at the REIT by his son, Eli.

In its news release on Simon’s death, the company said David joined its predecessor, Melvin Simon & Associates, as CFO in 1990, “bringing with him the rigorous analytical training of a Wall Street investment banker first honed at First Boston Corporation and then at Wasserstein Perella & Co. In 1993, at just 31 years old, he orchestrated the Company’s initial public offering on the New York Stock Exchange — raising nearly $1 billion in what was then the largest real estate public stock offering in history. It was the first signal of the boldness and ambition that would define his entire career.”

In its coverage of Simon’s death, The Wall Street Journal noted that “during his more than three decades as Simon Property Group’s chief executive, the inveterate dealmaker gobbled up competitors and defied critics who said malls are obsolete. Over a decadeslong acquisition spree, he cobbled together an empire that spanned 250 properties and 206 million square feet of space …”

The buys made under Simon’s leadership include DeBartolo Realty Corp., Corporate Property Investors, Chelsea Property Group, the Mills Corp. and Taubman Centers.

“David’s genius lay not only in assembling assets, but in elevating them,” the company’s statement said. “He understood, earlier and more clearly than anyone in his industry, that retail destinations had to evolve from transactional spaces into experiential ones. Under his direction, the company has invested billions in redeveloping and reimagining its properties — creating premier shopping, dining and entertainment destinations that became true community gathering places. This vision has ensured the enduring relevance and vitality of Simon’s portfolio even as the retail real estate landscape has been hit with seismic change.”

Details regarding memorial services will be shared by the Simon family later. In lieu of flowers, the family requests that contributions be made to the: Anti-Defamation League, American Jewish Committee, UJA Federation of New York and Foundation to Combat Antisemitism.