The High family is presenting a second major gift to their family foundation.
- The family’s ownership of Lancaster County-based High Real Estate Group is being transferred to High Foundation, the foundation announced on Dec. 20.
- The year-end gift follows the donation last year of High Industries, which was valued at nearly $115.2 million.
- The value of the real estate company was not disclosed but it will now direct profits to the foundation, a family-founded nonprofit that has been ramping up its grantmaking.
- “This new structure multiplies the already generous impact High Foundation has had and emboldens the foundation for even greater impact,” Robin Stauffer, the foundation’s executive director, said in a statement.
Why is this happening: The gifts reflect the vision of S. Dale High, chair of the foundation and a long-serving leader of the High companies.
- High, whose father founded the company in 1931, has been seeking to position the business so that it directly benefits the community.
- In the wake of the two gifts, High Foundation expects to award more than $10 million in grants per year, up from an average of about $2.5 million.
- “I have seen first-hand the life-changing impact of our investments, and I am excited to see that continue to grow,” Suzanne High, the foundation’s vice chair, said in a statement.
What’s the company: High Real Estate Group develops, owns and operates industrial, office, residential, retail and hotel properties in the eastern U.S., including Greenfield, a mixed-use development in East Lampeter Township, Lancaster County, where the High companies are based.
- The real estate group employs 565 people and includes a real estate brokerage, High Associates, among other entities.
- It is led by CEO Mike Shirk and president/COO Mark Fitzgerald.
- The foundation will own 100% of High Hotels, High Associates, High Investors and other managing interests in High Real Estate Group, according to High companies spokesperson Krista Merkel.
- High family members are maintaining an ownership stake in limited partnerships linked to the real estate business, the largest being High Properties, which owns Greenfield and Rossmoyne Business Park in Cumberland County, according to Merkel.
