In 1975 the United States was still suffering from the setbacks of the 1973-1974 Recession. Unemployment had risen to a high of 9% in May and inflation was running over 9%. The cost of a new home was $42,600, a stamp was $.10, a gallon of regular gas had risen to $.57. President Gerald Ford was desperately trying to stimulate the economy by passing a one year tax cut of $16 billion. Times were difficult and very unsettled. Nevertheless, Gillis Thomas decided the time was right for him to open up his own industrial real estate firm, The Gillis Thomas Company, which opened for business on August 1, 1975.
As we celebrate our 40th year in business I continue to be amazed at the legacy that our founder, Gillis Thomas, and his wife, Billie, left for their heirs, employees and tenants. The Company has survived and prospered through lean times and good times on a simple but effective philosophy that our word is our bond and to treat our tenants as if they were partners. Thank you to all of our tenants in Dallas, Denver and Baltimore. Thank you as well to all of our bankers, suppliers, contractors and the real estate brokerage community. Most of all I want to thank all of our former and current employees for their diligence, loyalty and dedication. Without all of your efforts the success of the last 40 years would not have been possible.