The Boom Years

  • In 1951, Ben, along with partners Alfred R. Glancy Jr. and Roger L. Stevens, purchased New York City’s Empire State Building from the John J. Raskob Estate, the building’s developer. The history-making transaction was the greatest recorded single real estate transaction, with financing for the $51 MM purchase price provided by Prudential Insurance.
  • Other purchases Ben made included:
    • Cleveland Terminal Building, Cleveland, OH
    • Warwick Hotel, New York, NY
    • Federal Department Stores (total of 4), New York, NY
  • Unico Properties – In 1953, along with his partners, Ben Tobin founded University Properties, today known as Unico Properties. Leasing the Metropolitan Tract from the University of Washington, they added numerous iconic buildings to the Seattle skyline. Today, Unico still manages the 10-acre Metropolitan Tract in Downtown Seattle from the University of Washington. In addition, owning and managing over 17 million square feet of Class A office buildings in 6 states. The Tobin Family represents the largest shareholder of Unico and Ben’s son, Herbert Tobin, is the current Chairman and CEO. In 1950, Ben founded the Bank of Hollywood (Florida), which is now Bank of America.