Early Life
Bill Cummings was born in Medford, Massachusetts, and graduated from Tufts University in 1958 with a degree in economics. His upbringing during the Great Depression and World War II instilled in him a strong work ethic and a sense of community.
Rise to Success
Cummings' entrepreneurial journey began when he purchased a small fruit punch business for $4,000. He successfully expanded the business, but later sold it to focus on his true passion: real estate. In 1970, he founded Cummings Properties in Woburn, Massachusetts. Through strategic acquisitions and developments, Cummings Properties grew rapidly, amassing a substantial portfolio of commercial properties in the greater Boston area. Cummings' success in commercial real estate is attributed to his ability to identify and develop underutilized properties.
Key Business Strategies
Cummings Properties has focused on building and fostering business communities. Cummings has never engaged in selling or “flipping” properties, preferring to build and foster robust business communities as a long-term property manager. The company's strategy includes providing well-located properties at reasonable rates and offering a one-stop shop for leasing, design, and construction. The company's portfolio has grown to 11 million square feet of commercial space across 11 communities north of Boston. The Cummings have gradually donated these buildings to the Cummings Foundation, with all net income from the firm's real estate going directly to the Foundation.
Philanthropy
In 1986, Bill and his wife, Joyce, established the Cummings Foundation. Through the Foundation, Cummings has been a major benefactor to numerous non-profits. The Cummings Foundation's assets are approximately $2 billion. The foundation awards grants to non-profits in Massachusetts, particularly in areas where Cummings Properties operates. In 2011, Bill and Joyce joined The Giving Pledge. The Cummings Foundation’s "$100K for 100" program awards $100,000 grants annually to 100 non-profits in the Greater Boston area. In 2017, his foundation gave $35 million to charity. Cummings' philanthropic work extends to education and healthcare, including major donations to Tufts University. The Cummings Foundation donated $12.5 million to the Benjamin Franklin Institute of Technology to advance its work in creating technical career pathways.