The RMR Group
BOSTON—The Boston Real Estate Times, one of New England’s largest digital, video and print real estate publications, has named Adam D. Portnoy as their Person of the Year of 2021.
Mr. Portnoy has led The RMR Group (Nasdaq: RMR) through a transformation into one of the nation’s leading alternative asset management companies with more than $32 billion in assets under management and a focus on commercial real estate and related businesses.
“We at the Boston Real Estate Times are excited to honor Mr. Portnoy for engineering a metamorphosis of The RMR Group into a national giant since joining the company in 2003,” said Upendra Mishra, publisher of Boston Real Estate Times. “In addition to his role at the helm of RMR, Mr. Portnoy is a leader of the Boston business community, involved with both the Pioneer Institute and the Greater Boston Chamber of Commerce.”
“I am proud to be President & CEO of The RMR Group, a leading alternative asset manager with $32.4 billion in assets under management, a vertically integrated platform and a nationwide reach,” said Mr. Portnoy, President and Chief Executive Officer of The RMR Group. “I appreciate this recognition by the Boston Real Estate Times and share this honor with the talented, entrepreneurial team at RMR that works tirelessly with me to generate significant results for RMR and our clients.”
Muse addresses a growing need for research and lab space in San Diego, one of the nation’s top life science clusters. The campus helps meet area tenants’ demands, with plenty of exterior space and walking paths, a locally sourced food concept, meeting and event space with optional indoor and outdoor seating, onsite fitness facility and plentiful bike/surfboard storage. The Muse campus also features dramatic landscaping and exterior gathering areas as well as four art installations with sculptures and murals by three California artists. The redeveloped property offers a commanding street presence and glass walls that provide natural light and views of San Diego County. Muse is located minutes from the Interstates 5 and 8, providing access to neighboring communities.
In a year marked by significant uncertainty in the market, the RMR team under Mr. Portnoy’s leadership has achieved significant accomplishments for RMR and its clients including:
- Executing a successful capital recycling strategy, including $287 million in asset sales and $585 million in acquisitions, for Office Properties Income Trust (Nasdaq: OPI)
- Completing a $680 million joint venture for Industrial Logistics Properties Trust (Nasdaq: ILPT)
- Transitioning over 200 hotels from other hotel operators to Sonesta Hotels for Service Properties Trust (Nasdaq: SVC)
- Restructuring agreements with senior care facility operators for Diversified Healthcare Trust (Nasdaq: DHC)
- Successfully executing a total of over $2 billion in debt offerings for clients
- Executing 7.7 million SF of leasing in the first nine months of fiscal 2021, on top of 8.8 million SF in leasing in 2020
- Completing the $100 million redevelopment of Muse at Torrey Pines in San Diego and starting major redevelopments at 20 Massachusetts Ave in Washington, DC, and the East Bank of Nashville
- Garnering national recognition from the U.S. EPA’s ENERGY STAR program and the Building Owners and Managers Association International for its management of a nationwide portfolio of 91 million square feet of office, industrial, medical office, life science and retail space.
In addition to serving as CEO and President of RMR, Mr. Portnoy was named Chair of the Pioneer Institute in 2020, and in 2021 joined the Board of Directors of the Greater Boston Chamber of Commerce.
He currently serves as honorary consul general of the Republic of Bulgaria to the Commonwealth of Massachusetts. Mr. Portnoy earned a bachelor’s degree in Public Policy from Occidental College in 1993. A long-time Massachusetts resident, he and his wife Elika live in Boston with their two children.
Mr. Portnoy was honored at the Boston Real Estate Times Excellence Awards on October 29, 2021 in a virtual ceremony via Zoom. To see a recording of the ceremony, click here to watch.
