SANTA MONICA, Calif.--(BUSINESS WIRE)--Watt Companies, one of the largest developers, owners and managers of real estate on the West Coast, is starting a new chapter in the company’s storied 75-year history. As of Q3, 2022, the privately-held company plans to implement structural changes that address the goals of shareholders and enable the Company to create a new legacy for the future.
The firm’s assets will be divided among five groups of Watt Family shareholders. The five groups will launch new real estate firms to manage the allocated assets as well as create new business development opportunities.
“We are so proud of the team at Watt Companies that has built upon the legacy of our founder and my grandfather Ray Watt,” said Watt Companies President and CEO Nadine Watt. “Creativity, collaboration, world-class quality and a consumer-focused approach have been key ingredients to our growth and success for generations, and we are excited to build on those fundamental characteristics as we chart a new path forward.”
Each of the new entities will operate a portion of the Watt Companies portfolio which includes shopping centers, office, industrial and multifamily properties.
The newly formed corporations are: Watt Capital Developers, Watt Capital Partners, SR Watt Company, AJ Watt Enterprises, Inc. and Williams & Watt Incorporated.