Peter E. Ricker

Peter E. Ricker

Chairman & CEO

  • BACKGROUND

    Peter Ricker has led a distinguished career in real estate with achievements in development, repositioning, asset management and leasing. He is well-known throughout the industry as one of the country’s most respected real estate executives. He first came to MB Real Estate in 1998, upon orchestrating New York-based Douglas Elliman Commercial’s acquisition of Chicago-based Miglin-Beitler, which he then transformed to the present day MB Real Estate. In 2004, Peter was named the company’s Chairman and Chief Executive Officer.

    In his leadership role with MB Real Estate, Peter is responsible for the overall strategy, operation and management of the company. He has fostered an entrepreneurial environment which has led to expanded service offerings and innovations. During Peter’s tenure, the company has become one of the top leasing agencies in Chicago, increased its management portfolio to more than 18 million square feet and developed more than eight million square feet of commercial properties throughout the country. Additionally, the firm has established a successful corporate services and tenant representation division, which has completed more than 8,000 transactions throughout the nation for clients including US Bancorp, Astellas US Holdings, Red Bull, the University of Chicago and PPM America. Peter also paved the way for the development of MBRE Healthcare Group which has facilitated over $150 million in medical office property acquisitions and developments, effectively solidifying its national presence as a commercial real estate service provider within the healthcare industry.

    Early in his career with MB Real Estate, Peter personally secured a portfolio of noteworthy management and leasing assignments for the firm including the 1.5 million square foot Citigroup Center at 500 W. Madison, the 952,500 square foot Class A office property at 181 W. Madison, the 620,000 square foot office property at 230 West Monroe in Chicago, and the 535,900 square foot office tower at 200 West Monroe, all owned by an affiliate of the General Electric Pension Trust and advised by GE Asset Management. Over the course of 10 years, Peter then led MB Real Estate’s successful redevelopment, repositioning and leasing of the properties which enabled General Electric to sell the assets at a significant return. Peter also procured the leasing and management assignments for One North Dearborn, One North LaSalle and 360 North Michigan, owned by The Chetrit Group; and helped to secure the management and leasing for the 1.9 million square foot Michigan Plaza office complex, for which MB Real Estate led another successful redevelopment which has significantly increased the prominence and value of the asset.

    Most recently, Peter led the high-profile development of Lincoln Park 2550, a luxury residential high-rise building on a 3.25 acre parcel located in the heart of one of Chicago’s most established and affluent communities on behalf of General Electric Pension Trust. The project consists of 233 condominiums and single family homes surrounded by 1.25 acres of multi-level private gardens. This LEED-certified condominium, designed by renowned architect Lucien Lagrange, was the first high-rise constructed in the Lincoln Park neighborhood in more than 30 years. The Chicago Architecture Foundation honored Peter for his team’s commitment to enhancing the City of Chicago and for responsible real estate development.

    Peter first began his real estate career with the Helmsley Organization in the 1970s. He quickly rose to prominence by successfully leasing the virtually desolate, 2.5 million square foot One Penn Plaza during one of the most difficult periods in New York commercial real estate. Following this success, he formed the Helmsley Organization’s brokerage group and led its expansion throughout the east coast, overseeing an institutional portfolio of more than 20 million square feet.

    In 1989, while at the helm of real estate firm The Galbreath Company, Peter partnered with The Trump Organization and General Electric Investments to arrange the redevelopment of the Gulf and Western Building into the renowned Trump International Hotel and Tower. He also directed the development of the award-winning 1.1 million square foot Oakland (CA) Federal Office Building as well as the redevelopment of 14 Wall Street (NY). One of his most successful projects was the $40 million redevelopment of the USX Tower in Pittsburgh, where he leased an average of 200,000 square feet annually during a five-year period. The project culminated with a 500,000 square foot lease to PNC, which paved the way for General Electric Credit Corporation’s sale of the property in 1998.

    Peter presently serves on the New York University Advisory Council. He is active on The Real Estate Board of New York’s Brokers Committee and is a member of the Counselors of Real Estate. He was the recipient of New York Real Estate’s Man of the Year award and was recognized as one of Inc. Magazine’s Entrepreneur of the Year finalists.

    Leading by example, Peter has encouraged MB Real Estate employees to support the greater community; and in the past 10 years, the firm and its employees have helped raise more than $200 million for charity. Peter was instrumental in bringing buildOn, formerly Building with Books, to Chicago. buildOn is a non-profit organization that empowers primarily urban U.S. high school students through in-class and intensive after-school programs, and brings literacy to children and adults in developing countries around the world. As a member of buildOn’s Global Leadership Council, Peter spearheads fundraising for the group’s yearly breakfast in Chicago which raises nearly $500,000 annually. In recognition of his civic involvement, Peter has received honors that include the Ellis Island Medal of Honor award and the American Cancer Society of Monmouth County’s Person of the Year award.

  • ACHIEVEMENTS

    • New York Real Estate Man of the Year Award
    • The Ellis Island Medal of Honor Award
    • Monmouth County American Cancer Society Man of the Year Award
    • Finalist for Inc. magazine's Entrepreneur of the Year
    • Honored by the Chicago Architecture Foundation
    • Building with Books Global Impact Award
    • Launched the buildOn (formerly Building with Books) Chicago chapter
  • ACTIVE INVOLVEMENT

    • New York University Advisory Council
    • The Real Estate Board of New York's Brokers Committee
    • buildOn Global Leadership Council
  • MB REAL ESTATE CLIENT SAMPLING

    • The Chetrit Group
    • General Electric Investment/Credit Corporation
    • Goldman Sachs
    • Loeb Partners Realty, LLC
    • Metropolitan Life
    • Principal Financial
    • The Trump Organization
  • MB REAL ESTATE PROPERTY SAMPLING

    • 230 West Monroe (Chicago)
    • 360 North Michigan (Chicago)
    • Citigroup Chicago (Chicago)
    • Michigan Plaza (Chicago)
    • One North Dearborn (Chicago)
    • One North LaSalle (Chicago)
TEAM MEMBERS