The Alter Group has been named Developer of the Year for 2010 by NAIOP, the commercial real estate development association. The honor is the industry’s most prestigious developer award.

“The Alter Group’s diverse business practices and position as an industry leader are evidenced by its ability to outperform, no matter what the real estate cycle,” said NAIOP President Thomas Bisacquino in prepared remarks. “NAIOP is proud to recognize The Alter Group for its development of outstanding projects and its ability to extend the company’s practices to capitalize on opportunities and meet the demands of today’s markets.”

The Developer of the Year award is presented to one member-developer that best exemplifies leadership and innovation in the commercial real estate industry. The winner is determined by a selection of industry peers, who use six criteria to evaluate entries: industry and business leadership; involvement in NAIOP; quality of products and services; financial consistency and stability; ability to adapt to market conditions; and social consciousness.

Based in Skokie, Ill., The Alter Group is a national corporate real estate development firm of office, industrial and health care facilities. Additionally, the firm provides comprehensive services in brokerage, construction, investment services, and property and asset management.

The company has developed more than 100 million sq. ft. of prime build-to-suit and speculative space nationally throughout its 55-year history. Currently, the company has 4 million sq. ft. of sustainable, high-image office and industrial buildings under development for major corporations, in addition to health care facilities and student housing.

“Despite the slow-to-recover commercial real estate market, The Alter Group has 230,000 square feet in projects and new leases underway in the second half of 2010,” said Michael Alter, president of The Alter Group. “This is possible because The Alter Group has held to its traditional way of doing business — solid underwriting, assessing credit, and maintaining a conservative approach to investing.”

Founded by William Alter in 1955, The Alter Group has developed nearly 100 million sq. ft. of speculative projects for its own portfolio and build-to-suit facilities for corporate users. This year the company has 4 million sq. ft. of space, worth $600 million, under development in national markets.

The firm ranks No. 3 in National Real Estate Investor’s survey of top U.S. office developers based on the volume of space under construction or completed globally for the 2009 calendar year.