|Education||University of Wisconsin Milwaukee, |
University of Wisconsin Madison School of Urban Land Economics and Real Estate
|Occupation||Hammes Company, |
Milwaukee Bucks owner
Early life and education
Hammes was born and raised in south Racine, Wisconsin. He was the third of seven children. His grandfather, who moved to Racine around 1900, built the Hammes Tavern in 1928. Hammes' father, Don, operated the tavern and served as the booster club president at Washington Park High School, from which Hammes and all of his siblings graduated.
Hammes earned his Master of Science degree in real estate and urban land economics from the University of Wisconsin–Madison in 1974. He studied under James Graaskamp, who helped establish real estate as an academic discipline. Hammes also earned a Bachelor of Business Administration degree from the University of Wisconsin–Milwaukee.
Hammes is an owner of the Lakeshore Chinooks.
In September 2000, Heartland arranged a two-year bond-sale transaction with the state pension agency. Two weeks later Heartland took huge write-downs on distressed or defaulted bonds in its funds.
Heartland's transaction with the Wisconsin Investment Board attracted criticism as a sweetheart deal to help a local firm that was sorely in need of cash to meet redemption requests from Heartland fund shareholders. The investment board paid $8.3 million for the troubled bonds, whose value decreased to $2.3 million as of June 2001.
In 2000, Heartland Advisors marked down the value of their funds, the Heartland High-Yield Municipal Bond Fund and the Short Duration High-Yield Municipal Fund. The SEC estimated that shareholders lost about $80 million.
Hammes was an independent director of the Heartland funds.
The SEC issued a consent order requiring four of Heartland's independent directors, including John Hammes, to cease and desist violating securities laws through "their negligent failure to adequately monitor the liquidity of the funds and to take adequate steps to address funds' pricing deficiencies." They agreed to the order without admitting or denying any wrongdoing.
Wisconsin investment board
In 1996, Hammes was appointed by Governor Tommy Thompson to be chairman of the State of Wisconsin Investment Board, a state agency responsible for investing the assets of the Wisconsin Retirement System (WRS) and six other trust funds established by the state. Heartland Advisors sold a portfolio of distressed bonds for $8.3 million to the pension fund of the State of Wisconsin in late September 2000.
Heartland officials were referred to the state board's staff by Hammes, and although he recused himself from the state board's consideration of the Heartland investment, the actions relationship was described as, "at best, unseemly, and at worst, dangerous to the pension funds of thousands of state employees," by a co-chairman of the state legislature's Joint Audit Committee.
Jon Hammes was the managing partner of the Brookfield-based Tomahawk Timberlands and Tomahawk Highlands logging and development companies, which purchased over 78,000 acres of Wisconsin timberland from the Packaging Corp. of America in 1999. In 2002, the federal government and the state of Wisconsin paid Tomahawk $7.25 million for conservation easements to permanently restrict development on 35,337 acres in Iron Oneida, Marathon, and Lincoln Counties. Most of this land was sold in 2007 to the Potlatch REIT for $64.5 million, which later sold to various TIMOs, public agencies, NGO's, and smaller private buyers. In 2015, the Hammes Family still owned over a thousand acres of forestland through the Badger II Limited Partnership and HC 100 LLC.
Hammes Co. sports and entertainment arm
The division, headed by Robert P. Dunn, worked on the Lambeau Field renovation project, as well as Ford Field in Detroit. The division also worked with the University of Wisconsin Madison in connection with the construction of the Kohl Center and was named the owner's representative for the new $975 million Minnesota Vikings football stadium in Minneapolis.
Milwaukee Bucks arena
In 2014, The Metropolitan Milwaukee Association of Commerce hired the sports and entertainment arm of the Hammes Co. to provide advice on whether a new, multipurpose sports arena should be built, or whether the BMO Harris Bradley Center should be renovated. Hammes also provided advice on the process of planning for a new arena or retrofitting the 25-year-old BMO Harris Bradley Center.
Hammes Co Health Care
Hammes Co Health care has developed more than 500 health care facilities and manages 4 million square feet of health care real estate.
Hammes Partners II
Hammes is founder of a $450 million private equity fund to buy real estate called Hammes Partners II.
Among the contributions to the fund are:
- Kirchen, Rich (October 30, 2014). "Low-key development giant Jon Hammes discusses Bucks, stadiums, downtown". Milwaukee Business Journal. Retrieved July 10, 2015.
- Bauer, Fran (February 25, 1986). "His Address is Park Place". The Milwaukee Journal.
- Bauter, Alison (July 8, 2015). "Jon Hammes, Cubs' Todd Ricketts to co-chair Walker presidential fundraising campaign: Report". Milwaukee Business Journal. Retrieved July 10, 2015.
- Leary, Patrick (March 12, 2017). "Racine native Hammes excited to give back through arena project". Racine Journal Times. Racine, Wisconsin. Retrieved 7 May 2021.
- O'Connor, Sara; Myers, Sherrill (1993). Working Space: The Milwaukee Repertory Theater Builds a Home. Theatre Communications Group. p. 20. ISBN 978-1559360333.
- Burke, Michael (January 18, 2004). "A bitter brew: Tough drunken-driving laws, change in Racine's work force have left some tavern owners crying in their beer". The Journal Times. Retrieved May 11, 2021.
- "Donald Wilbur Hammes". The Journal Times. Racine, Wisconsin. May 19, 1996. Retrieved May 11, 2021.
- Millard, Pete (September 28, 2008). "Hammes made health care a specialty in real estate". Milwaukee Business Journal. American City Business Journals. Retrieved 12 May 2021.
- "Cornerstone and Sustaining Members". Wisconsin Real Estate Alumni Association, Inc. Retrieved 5 May 2021.
- "Graaskamp Center Board Member Donates Millions to the Wisconsin School of Business". Madison, WI: Wisconsin School of Business (University of Wisconsin–Madison). October 2007. Retrieved 5 May 2021.
- Heise, Kenan (April 27, 1988). "James Graaskamp, Professor at Wisconsin". Chicago Tribune. Retrieved May 13, 2021.
- DeLisle, James R. (2000). "Graaskamp: A Holistic Perspective". Research Issues in Real Estate. Boston, MA: Springer. 6. Retrieved May 13, 2021 – via University of Washington.
- "Biography: Jon D. Hammes". Madison, WI: Wisconsin School of Business (University of Wisconsin–Madison). Retrieved 5 May 2021.
- Walker, Don (July 8, 2015). "Milwaukee Bucks dramatically expanding ownership group". Journal Sentinel Inc. Retrieved July 10, 2015.
- Damato, Karen (August 30, 2002). "It's Wisconsin's Turn to Collect From Heartland and Nasgovitz". The Wall Street Journal. Retrieved July 11, 2015.
- Peterson, Jonathan; Kristof, Kathy (December 12, 2003). "Funds Heartland Fund Fraud Alleged". Los Angeles Times. Retrieved July 11, 2015.
- Senate, Wisconsin Legislature (1 January 1995). "Senate Journal". Legislative Reference Bureau – via Google Books.
- "Investment Company Faces Suits Over 2 Funds' Collapse". The New York Times. November 8, 2000.
- "Archived copy". Archived from the original on 2016-05-20. Retrieved 2015-08-27.CS1 maint: archived copy as title (link)
- Seely, Ron. "Northern Forest Land is For Sale/ The North Woods is Increasingly Being Subdivided and Developed".
- Spivak, Cary; Bice, Dan (August 25, 2002). "Timber tycoons turn out to be Tommy's pals". Milwaukee Journal Sentinel – via Political Capital.
- "Forest purchase keeps land intact but long-term fears remain". The Lakeland Times.
- Walker, Don (January 21, 2014). "Hammes hired to help determine whether arena should be replaced or renovated". Journal Sentinel Inc. Retrieved July 10, 2014.
- Kirchen, Rich (April 15, 2014). "Hammes gears up $450M health care real estate investment fund". Milwaukee Business Journal. Retrieved July 10, 2015.
- Kass, Mark (July 8, 2015). "Hammes pays $1.99 million to acquire The Bog golf course". Milwaukee Business Journal.