Peter E. Ricker

by Chicago Agent

Co-founder of Ricker-Murphy Development and Chairman and CEO of MB Real Estate

In 2006, Peter Ricker co-founded Ricker-Murphy Development, a Chicago-based real estate development company. Ricker-Murphy Development is a partnership between Ricker and John T. Murphy, president of the Midwest Region of MB Real Estate, a Chicago-based firm with extensive real state experience and interests.

In 1998, Ricker spearheaded the creation of MB Real Estate from the merger of two real estate entities and became its chairman and CEO. Operating throughout the Midwest and East Coast, MB Real Estate offers full-service real estate solutions to corporations, institutions, professional organizations, private investors and nonprofit agencies.

Upon the creation of MB Real Estate, Ricker personally secured two of Chicago’s management and leasing portfolios, Citigroup Center and 230 West Monroe, owned by an affiliate of the General Electric Pension Trust, advised by GE Asset Management. He also secured One North Dearborn, One North LaSalle and 360 North Michigan, owned by The Chetrit Group. In addition, Ricker also helped to secure Chicago’s Michigan Plaza management and leasing assignment in 2005.

MB Real Estate currently holds a management portfolio of over 17 million square feet of real estate assets and facilities in the Midwest and on the East Coast. The company leases the fourth largest portfolio in Chicago, and in 2005 had the highest percentage of leased space among its competitors.

Current Projects:
Lincoln Park 2520 – A condominium project by the park with protected views of the lake, Lincoln Park 2520 is a 325-unit, three-tower, luxury condominium designed by renowned architect Lucien Lagrange. The condominium will be the first high-rise built in Lincoln Park in over 30 years, and is pending LEED certification.

Recently Completed Projects:
Citigroup Center- A 1,400,000-square-foot, 40-story Class A, mixed-use tower in downtown Chicago’s West Loop.

230 West Monroe- A 623,524-square-foot, 29-story Class B office tower in the West Loop.

Michigan Plaza- A Class A, two-building office complex located in the East Loop. One building, 205 North Michigan Ave., has 44 stories, while 225 North Michigan Ave. has 25 stories.

Ricker presently serves on the New York University Advisory Council, is active on The Real Estate Board of New York’s Brokers Committee and is a member of the Counselors of Real Estate. Ricker has been a key supporter of Building with Books, an organization that runs out-of-school programs to empower youth through intense community service, and was instrumental in bringing the group to Chicago where he continues to advance its success.

Ricker recently received an award on behalf of Ricker-Murphy Development from the Chicago Architecture Foundation. Ricker-Murphy Development was honored for its commitment to enhancing the City of Chicago and for responsible real estate development. In recognition of his civic involvement, Ricker also has received honors that include the Ellis Island Medal of Honor award, the American Cancer Society of Monmouth County’s Person of the Year award and Inc. magazine’s Entrepreneur of the Year award finalist.

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