Shenehon Center for Real Estate
2012 Inductee: Boyd B. Stofer
Boyd B. Stofer (1949-2011)
Through his strategic oversight of United Properties, NorthMarq Real Estate Services, NorthMarq Capital and RJM Construction as CEO of Marquette Real Estate Group, Boyd Stofer’s influence on the commercial real estate industry can be seen throughout the region.
Equipped with a degree in engineering from Cornell University in Ithaca, New York, and an M.B.A. from Harvard, Boyd joined of the Twin Cities commercial real estate community in 1978 when he accepted a position to spearhead United Properties’ development initiatives. He was named president and CEO in 1994 and, under his direction, the company became a diverse, market-leading commercial real estate firm. In 2004, United Properties was named NAIOP National Developer of the Year, the industry’s highest recognition, with the completion of the Centennial Lakes mixed-use development project in Edina.
During his career with the Marquette Real Estate Group, Stofer evolved from entrepreneurial developer to enterprise leader. In 2008, Stofer completed a broad reorganization that led to the formation of Marquette Real Estate Group, a holding company for the separate operating companies of United Properties, NorthMarq Real Estate Services, NorthMarq Capital and RJM Construction. The combined entities employ more than 1,000 people.
Stofer gave back to the community he served through his participation in numerous real estate industry associations and in his work to advance education in real estate. He was a past local president and national board member of the National Association of Industrial and Office Properties (NAIOP). He was a member of the Urban Land Institute, the Cornell Graduate Program in Real Estate Advisory Board, the University of St. Thomas Real Estate Advisory Board and the Editorial Advisory Board of the Minnesota Real Estate Journal, and was a governor of the National NAIOP Foundation. He also served as a board member of several organizations, including NorthMarq; United Properties; St. Paul Capital City Partnership; the Boys & Girls Clubs of the Twin Cities; and the Trust for Public Land. In 1999, he received the President’s Award of Excellence from NAIOP, the organization’s highest individual award.
"In the 33 years he was here, he built these businesses to what they are today. I don't think there's any other business in our town that's comparable to what Boyd was able to build." Frank Dutke, president of United Properties. (Star Tribune)
"He was leading United Properties and in a period when people were building very rapidly. Boyd had a more measured approach that let United Properties survive. He had the same approach during the last economic troubles. He was an extremely smart strategic investor who didn't take wild risks." R.T. Rybak, Mayor of Minneapolis (Star Tribune)
“Boyd always challenged me to think about things in new ways. He would ask a lot of questions, and he'd frequently end the conversation by saying, 'Carry on,' it was kind of his way of gently moving the issue forward." Larry Pobuda, of Stewart Lawrence Group and former employee of United Properties (Star Tribune)
“Boyd had a brilliant real estate mind. He understood the real estate issues completely, but he understood them in a broader context. There isn’t one part of that company that doesn’t have Boyd’s name etched all over it.” Larry Pobuda, of Stewart Lawrence Group and former employee of United Properties (Finance and Commerce)