December 28th 2024.
G. Joseph Cosenza was a name synonymous with success in the world of commercial real estate. In the 1960s, Cosenza joined forces with two of his college fraternity brothers and a fellow schoolteacher to form Inland Real Estate Group, based in Oak Brook. What started as a small venture with a single three-flat building on the West Side of Chicago, soon grew into one of the largest firms in the nation and one of the top privately held companies in the Chicago area.
Cosenza, who had been with Inland for an impressive 56 years, held various key roles within the company, including serving as vice chairman and leading the acquisitions department. His colleagues remember him as a larger-than-life individual, full of boundless energy and endless enthusiasm. In fact, Inland's CEO and president, Tony Chereso, described Cosenza as "nothing short of inspirational."
On December 25, at the age of 81, Cosenza passed away at his home in Downers Grove after battling prostate cancer. Born in Chicago and raised in Bellwood, he attended Proviso West High School in Hillside before earning his bachelor's degree from Northeastern Illinois University and his master's degree from Northern Illinois University. Before his successful career in real estate, Cosenza worked as a schoolteacher and administrator in the La Grange and Wheeling school districts.
Cosenza's journey to becoming a real estate mogul began during his college years, when he and his two fraternity brothers, Daniel Goodwin and Robert D. Parks, took on various business ventures to help pay for their education. These included running a student book exchange and organizing events for student groups. Goodwin, who also started his career as a teacher, dabbled in real estate and saw early success, inspiring Cosenza and others to join him.
Together, Cosenza, Goodwin, and another teacher, Robert H. Baum, decided to structure their business as a limited partnership. This allowed them to maintain control while limiting their partners' liability. Their early success led to the formal establishment of Inland in 1968, with Cosenza joining full time in 1972. The firm began by constructing single-family homes and apartment buildings, and gradually expanded into other areas, such as property management, real estate brokerage, and even hardware supply.
Cosenza played a key role in Inland's growth over the years. In 1985, he was promoted to president and later served as vice chairman. He also led the firm's real estate acquisitions department, playing a pivotal role in expanding Inland's reach beyond the Chicago area to cities like Phoenix and Tampa. Today, Inland manages hundreds of millions of square feet of commercial property, as well as over 96,000 apartment units across 49 states. It has also branched out into other areas, including self-storage facilities, student housing, hotels, and medical facilities, with over 1,400 employees.
According to Baum, who is now Inland's chairman and general counsel, Cosenza's enduring loyalty, energy, and passion will be greatly missed by all who knew him. Colleagues remember him as a warm and kind-hearted person, who always had a smile and a good sense of humor. He was also known for his impeccable style, often sporting bow ties, dress shirts with cufflinks and his initials, and a love for French restaurants. Outside of work, he was a devoted patron of the Chicago Symphony Orchestra and a die-hard Chicago Bears fan. He also had a love for cars, owning a 1934 Ford hot rod, as well as various Chevy sports cars and the latest electric vehicles.
Cosenza is survived by his wife, Judy, two children, five grandchildren, and a sister. A visitation will be held on January 2, with a funeral service following on January 3 at St. Mary of Gostyn Catholic Church. Cosenza's legacy will continue to live on through Inland Real Estate Group, which he helped build into one of America's greatest success stories.
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