Robert Hale: The Billionaire Who Rose From Bankruptcy to Real Estate

Robert Hale, the owner of Granite Telecommunications and co-founder of FoxRock Properties, has achieved a net worth of $5.4 billion, securing his position as the 553rd richest person in the world. This marks an improvement from his 568th ranking the previous year. Hale ranks as the sixth richest individual in Massachusetts and the 203rd wealthiest in the United States.

Forbes reported that Hale has been among America’s 400 wealthiest people for three consecutive years. His net worth increased by $400 million since last year and by a remarkable $2.2 billion since 2022. Prior to that, Hale did not feature on Forbes’ list of global billionaires.

A North Andover native with residences in Hingham and Boston, Hale founded Granite Telecommunications in 2002 after his previous venture, Network Plus, declared bankruptcy, resulting in hundreds of layoffs. In May 2023, Granite Telecommunications announced via a press release that it had surpassed its annual revenue target of $1.85 billion, thanks to a $50 million increase in revenue compared to the prior year.

Despite this growth, the company laid off 68 employees in January, 40 of whom worked at the Quincy office on Newport Avenue Extension. A company representative explained that the job cuts were attributed to increased automation and a shift from traditional telephone services to advanced technology offerings.

In addition to his telecommunications business, Hale co-owns FoxRock Properties, a real estate development firm responsible for several significant projects in Quincy. These include Ashlar Park, Center and Stone, and an upcoming medical center in the downtown area. FoxRock owns over 5 million square feet of commercial property spanning from Burlington to Norwell, according to the company’s website.

Hale’s philanthropy has also gained attention. According to Forbes, he has donated $270 million to charitable causes, amounting to about 5% of his total wealth. This earned him a philanthropy rating of 3 out of 10. One of Granite’s notable initiatives is the “Saving by Shaving” annual fundraising event, which raises millions for Dana-Farber Cancer Institute through employee participation.

Hale’s journey from bankruptcy to becoming a billionaire reflects his resilience and strategic vision, underpinned by his contributions to the business, real estate, and philanthropic sectors.

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