Morris Jerome's grandfather, Morris Bailey, was in the Burger King business when he started buying real estate, starting with the 250k SF Westinghouse Building at 150 Broadway near City Hall in 1983. JEMB, established by Mr. Bailey's son-in-law Joseph Jerome in 1990, today runs the properties as a long-term strategic owner.
Over time, it's acquired 15 major properties, including a million feet Downtown like the 650k SF 75 Broad St and five properties in Montreal. JEMB believes in low leverage and core areas in order to protect its portfolio in all economic times.
Morris Jerome, whom we snapped yesterday with the shark jaw he bought on his St. Barts honeymoon (“Eat or be eaten,” he says), works on new acquisitions for JEMB. As a kid (named after his grandfather), he followed the elder Morris around to learn the craft, even traveling to Canada a lot as the family accumulated holdings there.
The 244k SF Herald Center at 34th and Broadway across from Macy's is one of the company's coolest properties. JEMB bought it in 1988 from the Philippine government, then started repositioning three years ago by buying out multiple tenants. It recently signed a deal with H&M for one of the retailer's biggest stores in the world, which will revitalize 34th Street.
JEMB also is getting active in Philadelphia, including doing residential units on top of retail. One of its strengths is lease-up; 75 Broad was pretty much empty when the company bought it in 1999, and now it's full, including JEMB's own office.
The younger Morris also is busy these days with three sons: a 2-year-old and a pair of newborn twins. And if it's not enough running around the house after them, he jogs 15 miles a week in Central Park or Prospect Park.
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