Bernard Winograd, a retired Prudential Financial Inc. executive who earlier helped devise the initial public offering for luxury-mall developer Taubman Centers Inc. in 1992, a milestone in the growth of real estate investment trusts, has died. He was 63.
He died on Saturday at California Pacific Medical Center in San Francisco, said his brother, Morley Winograd. The cause was pancreatic cancer. In the early 1990s, a moribund period for commercial real estate, Winograd helped Taubman Centers, based in Bloomfield Hills, Mich., become the first umbrella partnership REIT, or UPREIT, to go public. Others followed.
"In many ways the UPREIT set the stage for everything that is the REIT industry today," Winograd recalled, according to a story in the November-December issue of REIT magazine, a publication of the National Association of Real Estate Investment Trusts.
Bankers at Morgan Stanley came up with the idea for the company to sell shares to the public -- a step that normally would trigger large capital-gains tax bills for property owners and limited partners -- through what became the UPREIT: a new umbrella partnership, called Taubman Realty Group LP, that took over Taubman's ownership stake in shopping centers, including the Mall at Short Hills in New Jersey and Beverly Center in Los Angeles.
Other companies that followed the Taubman lead and went public soon after included Simon Property Group Inc., Tanger Factory Outlet Centers Inc. and Vornado Realty Trust.
Winograd was born on Dec. 31, 1950, in Detroit. He met his wife, the former Carol Snodgrass, when she worked for his brother as spokesman for Michigan's Democratic Party. She survives him, as do their two children, Simon and Christina.