- Billionaire real estate tycoon Jorge Pérez put his two millennial sons through a nearly 20-year-long succession plan before handing over the reins as Related Group’s CEO in March. Jon Paul and Nick—now leading the empire managing a $40 billion development portfolio—had to get an MBA, work for a competitor for five years, and work their way up the ranks. By making his kids cut their teeth on the industry, they skirted nepotism criticism and family drama.
Miami has a diverse real estate landscape, from the gleaming high-rises in Paraíso Bay, to mixed-income communities in Marti Park. But many of these buildings have one thing in common: They were built by real estate mogul Jorge M. Pérez, who just handed down his empire to his sons.
The Argentine-American entrepreneur first launched Related Group in 1979, erecting everything from affordable housing to luxury skyscrapers in cities including Miami, Fort Lauderdale, Las Vegas, and Puerto Vallarta, Mexico. The real estate empire with a $40 billion development portfolio has built more than 120,000 residences during the past four decades, with over $50 billion in property sold so far. Pérez has been instrumental in changing the Florida landscape—dubbed the “Condo King of Miami”—by building housing projects integrated with art and culture.
After 46 years at the helm, Pérez was ready to pass the torch to his sons, Jon Paul and Nick—but he didn’t make it easy for them. To make sure his company was in good hands and to sidestep nepotism claims, the 75-year-old billionaire sent his kids on a quest: get an MBA, work for a competitor for five years, and spend over a decade rising the ranks. The succession process stretched around 18 years…