Iranian-Canadian real estate developers collectively known as Ghermezian Brothers have a net worth of $2 billion.
The family-run enterprise is renowned for constructing malls that surpassed the size of previous ones.
The family’s real estate portfolio included the Mall of America in Bloomington, Minnesota (which was redeveloped in 1989) and the West Edmonton Mall in Edmonton, Alberta.
The Ghermezian Brothers, consisting of brothers Eskandar, Nader, Raphael and Bahman, expanded the family business into a real estate and construction empire.
In 2011, the family’s Triple Five Group acquired the Xanadu Meadowlands project in New Jersey, renaming it the American Dream Meadowlands and a major expansion that was announced to open in the fall of 2016. In 1920, Jacob Ghermezian, the family patriarch, established his business in Iran and erected his first multi-use facility in Tehran.
In 1940, Jacob and his family migrated to the United States, and in 1959, he relocated to Edmonton, Alberta, Canada, where the Triple Five Group was established.
With a workforce of more than 2,000 individuals, the company operates across the globe and specializes in developing, managing, and acquiring world-class ventures in various fields, including shopping centers, tourism projects, office structures, municipal planning and revitalization programs, urban entertainment venues, amusement parks, hospitality projects, casinos, residential developments, commercial and industrial real estate, auto and industrial manufacturing, natural resource development (oil, gas, and minerals), technology, research, venture capital, banking and finance, and more.
The Ghermezians have been honored with the Great Canadian Award, The Family of the Century Award and the Alberta Centennial – Canada.
The American Dream Meadowlands renovation was postponed until 2018.