According to reports, Sam Gorlitz , co-founder of Rockville based Federal Reality Investment Trust passed away recently at the age of 89 . The company named the renovated Park and Shop development in the heart of the Cleveland Park Historic District after Gorlitz, who was credited with starting one of the nation's earliest real estate investment trusts devoted to retail assets.
According to the Washington Business Journal:
Federal Realty began in D.C. in 1962 with three metro-area properties including Congressional Plaza in Rockville. Today, the company has 18.6 million square feet in a portfolio that sketches across the country.
"By founding Federal Realty, one of the industry's first retail REITs 45 years ago, [Sam Gorlitz] earned a deserved reputation as a visionary," says President and CEO Don Wood. "Federal Realty continues to adhere to many of the operating principles that Sam and other members of the Federal Realty management team established over 40 years ago. He has left a strong imprint on the company and the community and today we consider ourselves stewards of his legacy."