Joseph Sitt is chairman and CEO of Thor Equities Group, a global leader in urban real estate development, leasing, and management. Founded in 1986, the company has built a portfolio spread across three continents with a focus on subniche asset classes and a development pipeline in excess of $20 billion, spanning more than 50 million square feet. Presently, Thor operates in nearly all major US and European cities and employs more than 400 people across its offices in New York City, Mexico City, London, Paris, Houston, Miami, and Chicago.
As a pioneer in the urbanization of emerging markets over the past three decades, Joe discovered a gap in the apparel market for urban consumers, specifically urban career women, which led him to launch his own women’s clothing company, Ashley Stewart, in 1991. After a decade of success and growing the company to over 400 stores across the US, Joe decided to turn his attention back to Thor Equities. Capitalizing on his experience as a retailer, Joe is early in identifying opportunities and was one of the first to secure space in trendy neighborhoods around the world including Brooklyn’s Downtown, Manhattan’s Meatpacking District, Miami’s Wynwood, and Chicago’s Fulton Market District.
Outside of the US, the company continues to expand into Europe, and is bullish in Latin America. The firm holds status as the largest developer in Mexico, with Thor Urbana boasting a development pipeline in excess of 18 million square feet. Notable developments include Thor-owned and developed hotels and residences: The Montage Los Cabos; Ritz Carlton Mexico City; Thompson Playa del Carmen; and Four Seasons Caye Chapel, a 260-acre island off the coast of Belize. Mixed-use developments across Latin America include the award-winning Landmark Guadalajara, The Harbor Merida, and Town Square Metepec, which together offer over five million square feet of retail, tech office, and luxury residences.
Apart from developing, Thor has made a name for itself in the logistics and life sciences sectors. In 2019, the company formally announced two new divisions, ThorLogis and Thor Sciences. While Thor was an early advocate of the life sciences sector, having picked up five properties over the past two years in cities like Berkeley and Boston, it made its official debut with the acquisition of a nearly 800,000 square foot life sciences campus outside of New York City, The Center of Excellence. An instrumental acquisition in the building of Thor’s global platform, the company plans to add over one million square feet of laboratory and research and development space to the complex. On the heels of the launch of Thor Sciences, Thor captured the attention of many with the launch of ThorLogis and subsequent acquisition of an industrial property in The Netherlands. The announcement of the 400,000 square foot warehouse outside of Amsterdam was then followed up with the decision to pursue industrial use at a property in Red Hook, Brooklyn. Situated on nearly one million square feet, the company plans to break ground on the development of a Class A warehouse in early 2020 at the Brooklyn site.
Further to his role as a real estate entrepreneur, Joe is also well known for his philanthropic efforts. He is a board member of many community organizations throughout the city, including the Bedford Stuyvesant Restoration Corporation, and chair and founder of the Global Gateway Alliance (GGA), a not-for-profit organization that aims to address the challenges facing the New York and New Jersey regions aging airport system and related infrastructure. Lastly, he is the curator of the Coney Art Walls, an outdoor museum of street art featuring the work of artists from around the world.
THOR EQUITIES GROUP
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