RICHARD L. KRAMER is an experienced investor and financial advisor who has been closely involved with the acquisition, financing and ownership of many private companies. Mr. Kramer is Chairman of the Board of the Republic Family of Companies, whose primary focus is the ownership, control and development and management of investment grade real estate. Mr. Kramer has been a managing general partner, co-managing partner or general partner of over 100 real estate partnerships. He has more than 40 years of experience in the acquisition, development and management of over $5 billion dollars in real estate projects throughout the country, as well as the strategic management and ownership of various investment companies.
Over the past four decades Mr. Kramer and his co-principals have developed approximately 26,000,000 square feet of real estate, representing an investment at cost of over $5 billion dollars. These projects include the completed 500,000 square foot, $300MM Phase I of the Portals, principally occupied by the Federal Aeronautics Administration (FAA), and the Department of Housing & Urban Development (HUD), in addition to the 600,000 square foot, $300MM headquarters for the Federal Communications Commission (FCC), as part of the 3MM square foot $1 billion dollar Portals project, which includes the World Class Five Star Mandarin Oriental Hotel. Affiliated partnerships under Mr. Kramer’s control are one of the largest owners of prime land in the District of Columbia, which includes over 1.5MM square feet of premier property to be developed into commercial and residential projects. Republic has recently completed development and leasing on approximately 1.5MM square feet (representing an investment of over $800MM) of Class A office buildings at Republic Square I (sold in April 2015 at a record breaking price of over $300MM and approximately $800 per square foot), Republic Square II and Phase III (of the Portals). Additionally, Mr. Kramer is developing over $500MM of other developments in the Washington, D.C., and the San Jose/San Francisco/Silicon Valley markets, which are also recognized as the No. 1 or 2 residential markets in the Country. He has specialized in private/public sector projects and partnerships over the last 40 years, as part of his various real estate activities.
In addition to the Portals and Republic Square, Mr. Kramer has been involved in the development or re-development of a wide range of commercial properties in Greater Washington, D.C. with an aggregate market value in excess of $2 billion, including Georgetown Park, an historic Victorian shopping mall with 128 residential units; Washington Harbour, a 441,000 square foot mixed-use development including office space, retail shops and restaurants, and 36 luxury condominiums located on the Potomac River in Georgetown (sold for $370MM in July, 2013); the United States Postal Service General Mail Facility, a 660,000 square feet in a joint venture with CSX (the No. 1 Fortune 500 transportation and natural resources company); Market Square, a 686,000 square foot office and retail space mixed-use development that includes 220 of the most sought after condominium residences in Washington, D.C. In 2009 Market Square sold for over $600MM or $900 a square foot, breaking all records for Washington, D.C. and one of the largest sales in the United States that year.
Mr. Kramer was Founder, co-owner and Vice Chairman of Western Development Corporation, or WDC, a real estate development company. WDC was the developer of several specialty shopping center projects with an aggregate market value in excess of $1 billion, including Potomac Mills in Northern Virginia; Franklin Mills in Philadelphia, Pennsylvania; Sawgrass Mills in Fort Lauderdale, Florida; and Gurnee Mills in Chicago, Illinois. Mr. Kramer was the Managing Co-General Partner with respect to these projects, which aggregated among many others over 7 million square feet of development.
In August 2002, Mr. Kramer formed an exclusive multi-hundred million dollar fund effort called RKB Washington Property Fund I L.P. (KB I) with Kleinwort Benson/Dresdner Bank to invest in U.S. real estate. The first Fund purchased 21 office buildings in the Washington area aggregating over 2MM square feet at a cost in excess of $500MM with returns to the investors of over 12% payable quarterly. In December 2005 these properties were part of a “roll up” into a public REIT, which was sold in October 2007 for over $900MM. Republic Land LLC, of which Mr. Kramer is Chairman, has experience in large-scale residential and mixed-use projects, including existing and current proposed developments of over 5,000 prime residential units and condominiums in the Washington, D.C. SMSA and Virginia.
Mr. Kramer’s Republic Urban Properties company specializes in major urban mixed-use projects in the San Francisco Bay area. Current projects include a 5.25 acre transit oriented sustainable development that was awarded by the Valley Transportation Authority in San Jose (The Ohlone), and Meridian, a 218 unit apartment project in San Jose, California, also Japan Town and Millbrae, totaling close to 2,000 units of transit orientated, mixed use development, among other projects representing over $1billion of development.
Mr. Kramer has served on the New York Administrative Committee for Fleet Bank (Bank of America), as a Director in Young Audiences of America, Council Member of the Woodrow Wilson International Center for Scholars, Member of the Kennedy Center and was formerly on the Board of The Institute of Classical Architecture, the Wildlife Conservation Society and many other charitable, civic, cultural and social organizations. Mr. Kramer supports various food program organizations around the country. Mr. Kramer and his family were proud sponsors of the American Ballet Theatre at The John F. Kennedy Center for the Performing Arts in Washington, D.C. as part of the 2004-2005 performance season as well as the 2006 and 2007 Spring Gala at Lincoln Center in New York.