James 'Jake' Geleerd and Michael Ezgur, Terrapin Properties
By Alby Gallun
Crain's Chicago Business
November 2005
Jake (39) and Michael (38), Principals
Why them? Fifteen years ago, Michael Ezgur and Jake Geleerd threw parties together at the Sigma Alpha Mu house on the University of Illinois campus.
Today, they say their 3-year-old Terrapin Properties has sold $800 million worth of condos, making it one of the most active residential real estate developers in the West Loop. The Chicago-based company, which employs 55, is now taking on bigger developments, including a 30-story, 290-unit project planned in the South Loop. A Terrapin-led venture also recently paid about $90 million for the 37-story Grand Plaza west tower in River North, with plans to convert its 283 apartments into condos.
Mr. Geleerd works the spreadsheets, while Mr. Ezgur handles marketing.
"They just complement each other in a perfect way," says Jerry Jaeger, principal of Jaeger Equities Ltd., a Deerfield-based real estate firm investing in the Grand Plaza project. "It's sort of a yin and yang."
Mr. Ezgur likes to say yes to deals, while Mr. Geleerd is the one with the sharp pencil, worrying about what can go wrong. "I'm definitely the good cop," says Mr. Ezgur. "He's the bad cop."
After college, Mr. Ezgur pursued a career in real estate law, rehabbing properties on the side, while Mr. Geleerd worked his way into real estate, including a five-year stint with Sam Zell's Equity Group Investments LLC. By 1999, Mr. Ezgur was a full-time developer, persuading Mr. Geleerd to join him three years later.
And they're making big plans. Terrapin is expanding to Arizona, where it recently bought a 30-acre property near Scottsdale that's zoned for 560 units. They may even target distressed properties, a specialty of Mr. Geleerd's old boss, Mr. Zell.
"If there are developers or real estate that is overleveraged, we'll be able to take advantage of it," Mr. Geleerd says. "We're going to position ourselves to do that."
Copyright © 2005 Crain Communications, Inc.
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