Olympia and York

Olympia and York was a major property firm. It was founded by Paul Reichmann and his brothers Albert and Ralph in Toronto in the early 1950s as an outgrowth of their flooring and tile company. It first built and operated warehouses and other commercial buildings in the rapidly growing suburbs of North York. It earned a reputation for building structures faster and more cheaply than any other builder. Its first major project was the development of the vast Flemingdon Park project in Don Mills.

The company then took major gamble winning the fierce bidding war for the final undeveloped property at the corner of King and Bay. The Reichmans won the contract to build Canada's tallest building, First Canadian Place in 1971. The project almost collapsed, however, when reformist mayor David Crombie out a halt to major development projects. After three years of lobbying the project finally went ahead to great success.

In the 1980s Olympia and York grew to be the largest property development firm in the world. In the early 1980s the New York housing market was severely depressed and the Reichmans bought a group of nine skyscrapers for the low price of 300 million dollars. In only a few years the group rose in value to 3.5 billion. The company became centred on New York opening an office on Park Avenue. The company won the rights to the largest development project in the city when they were awarded the contract to develop the Battery Park infill next door to the World Trade Center. This project became the World Financial Center and was another great success for the firm.

Both Reichmann brothers were strongly religious Ultra-Orthodox Jews and were considered eccentrics for shutting down their construction sites for the Jewish Sabbath and for all Jewish holidays. Even while the success of O&Y made them one of the world's richest families they continued to live relatively austere lives.

In the mid-1980s the company diversified. It bough Abitibi Price a major pulp and paper firm. In 1985 it bought the Gulf Canada oil company, a deal that attracted much controversy because it earned the company 500 million dollars in tax breaks.

In the late 1980s the company took another huge gamble agreeing to develop the Canary Wharf site in the east of London. The 83 acre (336,000 m²) site would become the largest development project in the world, which would incorporate 1 Canada Square, Britain's tallest skyscraper. The project ran into problems however. Britain entered a recession, British firms were unwilling to relocate from the traditional financial centre within the City, and despite a personal promise by Margaret Thatcher the London Underground was not extended to the site (although it eventually did by 2000 upon the opening of the Jubilee Line Extension). The office space at Canary Wharf remained largely empty and Olympia and York began to run out of money.

In March 1992 Paul Reichmann was forced to resign as president. In May the company filled for bankruptcy and it owed over 20 billion dollars. The company was finally dismembered in February 1993 and the Reichmanns were left with only a small rump known as Olympia and York Properties Corporation. Over the succeeding decade this company has grown to a multi-billion dollar firm, including owning a large stake of the now prosperous Canary Wharf project, as well as First Canadian Place in Toronto, Ontario.