SEATTLE — Jack Benaroya, a philanthropist and developer for whom Seattle’s symphony hall was named, died Friday. He was 90.
He died in his sleep, according to a statement from his family.
Benaroya was known as a businessman with impeccable timing and a quiet generosity, and along with his wife, Becky, were major benefactors in the region. In 1993, they provided $15 million in seed money to help launch the Seattle Symphony’s home, Benaroya Hall.
They also have supported the Benaroya Research Institute at Virginia Mason Medical Center in Seattle and the Juvenile Diabetes Research Foundation, as well as other Seattle hospitals and area arts organizations.
Benaroya was born in Montgomery, Ala., after his family immigrated from Lebanon. He grew up in Vallejo, Calif., and Seattle. After a stint in the Navy and working for his family’s company, he became a developer, The Seattle Times reported.
He first built and leased post offices. When postwar Seattle was ringed by sleepy suburbs, Benaroya bought land and turned it into office and industrial office parks.
When he sold his properties in 1984 to two California pension funds and Dallas-based Trammell Crow, the deal became a legend of market timing — a textbook example of buying low and selling high.
The local real-estate market crashed not long after, forcing other developers into bankruptcy while the Benaroyas sat safely on the sidelines. The family then turned much of its attention to philanthropy.
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