Philip Reichmann rebuilt his family's real estate name after Olympia and York's 1992 bankruptcy, reclaiming First Canadian Place and running IG Realty Investments today.
The Builders | Olam.business
Philip Reichmann, nephew of Olympia and York founder Paul Reichmann, co-founded O&Y Properties Inc. in 1993 with Frank Hauer, a year after his family's real estate empire collapsed into 20 billion dollars of debt. He went on to reacquire First Canadian Place, the Toronto skyscraper his family had lost to creditors, and today chairs IG Realty Investments and co-founded ReichmannHauer Capital Partners.
Who Is Philip Reichmann?
Philip Reichmann is a Canadian real estate executive who rebuilt his family's Reichmann real estate name after the 1992 bankruptcy of Olympia and York, once the largest commercial property developer in the world.
At a Glance
| Family background | Son of Albert Reichmann (1929 to 2022), nephew of Paul Reichmann (1930 to 2013), co-founders of Olympia and York Developments |
| Career start | Began as a commercial leasing representative at Olympia and York Developments in 1978, working on the World Financial Center in New York and Canary Wharf in London |
| O&Y Properties | Co-founded O&Y Properties Inc. in 1993 with Frank Hauer, a year after Olympia and York's bankruptcy, to manage and lease a portfolio of office properties |
| First Canadian Place | Reacquired 100 percent interest in First Canadian Place in 1999, the Toronto office tower his family had built and then lost to creditors during the O&Y bankruptcy |
| O&Y REIT | Created O&Y Real Estate Investment Trust in 2001, growing the portfolio before selling both O&Y Properties and the REIT in the mid-2000s |
| Current roles | Chairman of IG Realty Investments; co-founding partner of ReichmannHauer Capital Partners; board member of Terra Firma Capital and the Baycrest Centre Foundation |
How Did Philip Reichmann Rebuild the Family Name After Olympia and York's Collapse?
Philip Reichmann's father Albert and uncle Paul built Olympia and York into the largest commercial real estate developer in the world through the 1970s and 1980s, constructing First Canadian Place in Toronto and the World Financial Center in New York before overreaching on the Canary Wharf project in London. The company filed for bankruptcy in 1992 owing more than 20 billion dollars, and its holdings were dismembered among creditors the following year.
In 1993, Philip Reichmann and his cousin's husband Frank Hauer formed O&Y Properties Inc. to manage and lease a portfolio of ten office properties totaling 9 million square feet. Over the following years the pair rebuilt the business through acquisitions, including a controlling interest in Camdev Corporation in 1997 and the Enterprise Property Group in 1998. In September 1999, Reichmann completed the reacquisition of 100 percent of First Canadian Place, the tower his family had built and lost, a milestone widely seen as symbolic of the family's recovery.
What Happened to O&Y Properties and the REIT?
In 2001 Reichmann created O&Y Real Estate Investment Trust to hold a growing portfolio of Canadian commercial office buildings. By the mid-2000s, with commercial real estate prices near a peak, Reichmann and Hauer moved to sell both O&Y Properties Corp. and its affiliated REIT, arguing that disciplined sellers should act while buyers are plentiful. Reichmann has continued to invest in Canadian real estate since, chairing IG Realty Investments and co-founding ReichmannHauer Capital Partners.
Frequently Asked Questions
Who is Philip Reichmann?
Philip Reichmann is a Canadian real estate executive from the Reichmann family who rebuilt the family's property business after the 1992 bankruptcy of Olympia and York, once the world's largest commercial developer.
What happened to Olympia and York?
Olympia and York, founded by Philip Reichmann's father Albert and uncle Paul, filed for bankruptcy in 1992 with more than 20 billion dollars in debt after overextending on the Canary Wharf development in London.
Did the Reichmann family get First Canadian Place back?
Yes. Philip Reichmann's O&Y Properties Inc. reacquired 100 percent of First Canadian Place, the family's flagship Toronto tower, in September 1999, seven years after it was lost to creditors.
What does Philip Reichmann do today?
Philip Reichmann chairs IG Realty Investments and is a co-founding partner of ReichmannHauer Capital Partners, continuing his family's real estate business in Canada.
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מי הוא פיליפ רייכמן?
פיליפ רייכמן, בן משפחת רייכמן הקנדית, שיקם מחדש את עסקי הנדל"ן של משפחתו לאחר פשיטת רגל Olympia and York ב-1992. ב-1999 רכש מחדש את מגדל First Canadian Place בטורונטו, שאבדה בפשיטת הרגל. הוא משמש כיו"ר IG Realty Investments.
The Olam Editorial Team | The Builders / הבונים
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