M
iami's real estate landscape is a diverse tapestry, with gleaming high-rises in Paraíso Bay and mixed-income communities in Marti Park. Yet, many of these buildings share a common thread: they were built by Jorge M. Pérez, the Argentine-American entrepreneur who has just handed down his empire to his sons.
Pérez founded Related Group in 1979, transforming cities like Miami, Fort Lauderdale, Las Vegas, and Puerto Vallarta with over $40 billion in development projects. His company has built more than 120,000 residences and sold over $50 billion in property. Dubbed the "Condo King of Miami," Pérez has revolutionized Florida's landscape by integrating housing projects with art and culture.
After 46 years at the helm, Pérez passed the torch to his sons, Jon Paul and Nick, but not without a rigorous succession plan. To avoid nepotism claims, he required them to earn an MBA, work for a competitor for five years, and spend over a decade rising through the ranks. The process took 18 years.
Jon Paul became CEO in March, while Nick is president of Related Group's condominium division. Jorge now serves as founding executive chairman, providing guidance but allowing his sons to lead. "I wanted my sons to prove themselves, not just because they were my kids," Pérez says. "They had to earn the respect of our team and show that they could lead Related Group."
Jon Paul's journey began in 2007 as an analyst at Related Companies in New York. He worked on luxury rentals and condos before joining Related Group in 2012, where he spent 13 years rising through the ranks. He earned an MBA from Northwestern University's Kellogg School of Management in 2015.
Pérez says his succession plan was designed to make the transition smooth and drama-free. "I wanted people to know that my sons were ready for these jobs," he says. "The company wouldn't suffer, but it would become better." By involving his sons in every step of the process, Pérez ensured a seamless handover.
Jorge notes that succession planning can be messy, especially when family members are involved. He's seen other businesses torn apart by family drama, but he made sure to maintain a healthy family dynamic. "It takes part of them saying, 'Wow, he's got 45 years experience.' And for me to say, 'Hey, this has got to be a cooperative effort,'" Pérez says.
Through his rigorous succession plan, Jon Paul earned the respect of the team and proved himself as a capable leader. "I was put into an environment that was very high strung," he says. "The time there was really good for me, as far as understanding the economic side of the business."
