LOS ANGELES-Nadel Architects president and founder Herb Nadel has sold an interest in his firm to six employees. It's the first step in his plans to gradually whittle down his share of the firm.

Current Nadel executives Joan Frei, Greg Lyon, Mark Mikelson, Greg Palaski, Tina Tayag, and Patrick Winters will comprise the new ownership group. They officially began the new arrangement on May 17. All are long-time employees of Nadel Architects.

Herb Nadel, who will be age 74 in September, says the six purchased about 31% of the firm, which he formerly owned 100%. “It's my plan to own less than 50% in another four years and then over the next two years, sell down to a point where I will just have a founder's agreement,” he tells GlobeSt.com. “I never intend to retire. I expect to continue working until I am no longer effective.”

Terms of the buyout were not reveled by Nadel, but he called it “very, very favorable” and said the shares would be paid for over a five-year period.

Nadel founded Nadel Architects in 1973, fulfilling a dream he held since he was nine years old. He worked for several architects as an employee before beginning his own practice.

But his first day offered a new reality. “I would characterize it as sheer terror, because I didn't have any money,” Nadel recalls. “I had $1800 in the bank. My wife thought I was suicidal. She said, 'You're not a businessman and I'm not sure how talented you are, and we'll lose everything.' I said, 'I just have to do this.' ”

Nadel embarked on a career that included countless hours of work, tons of international travel, numerous architectural and design awards, and projects that have impacted lives around the world.

“We've done a great many retail developments that are wildly successful architecturally and economically,” Nadel says. “Little ones like Brentwood Gardens and large ones like the Carson Mall. There are literally hundreds and hundreds of shopping centers, neighborhood and community.”

His overseas projects include a million-square-foot, seven-story mall in Amman Jordan and five very large stadiums in Dalian, China, including a 65,000-seat soccer stadium and an 18,000-seat arena that will be used for the China National Games this year.

Closer to home, Nadel cites his pride in the Westwood Center office building and the Californian condominium on Wilshire Blvd. in West Los Angeles, a building ranked annually among the top hi-rise complexes in the country.

The official tally for the company includes more than 80,000 residential units, 30 million square feet of retail space, 600 office buildings, numerous hotels and resorts, and a variety of public and educational institutions. Nadel Architects claims it has received more than 75 awards for design excellence.

Although his career was marked by great accomplishments, Nadel candidly admits he's seen the other side as well. “In terms of the business climate and practice of architecture, there's been an enormous shift in the level of competition and a diminishing amount of work that exists for architects,” he says. “The cities don't have any money, the states don't have any money, and the government doesn't have any money to put into architecture. I see that there are very, very few office buildings under construction, at least in Southern California, where that used to be an active part of our practice.”

Nadel says his staff is 50% smaller than it used to be, thanks to that 2008 recession.

“I've been through six recessions,” he says. “And in the spring of 2008, it seemed like the world was coming to an end. A lot of our clients collapsed. It wasn't a recession – it was a depression. And we survived it by the skin of our teeth. We had to reduce salaries, give up office space, and slash benefits in order to continue to survive. And because of our diversity, we were able to make it through and are now a very healthy firm. But it's not like it used to be.”

As he heads into the final stages of his career, Nadel counts himself as lucky. “I continue to enjoy the practice of architecture and love what I do. There's no amount of money that could compensate me for the rewards when I see a project that turns out well. I've had an extraordinary life and lived and seen so much. I've lived two lifetimes in my 73 years.”

As reported earlier by GlobeSt.com, Nadel Architects worked on the redesign of neighborhood mall Granada Village in Granada Hills.