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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVacant office space isn't going to be solved by conversion to residential, says Marty BurgerMarty Burger, Infinity Global Real Estate Partners CEO and former Silverstein Properties CEO, joins 'Squawk Box' to discuss the commercial real estate market, where he sees opportunities in the sector, the impact of Fed's rate cuts, and more.
Persons: Marty Burger Marty Burger Organizations: Estate Partners, Silverstein Properties
Silverstein Properties Parts Ways With CEO Marty Burger
  + stars: | 2023-10-26 | by ( Peter Grant | ) www.wsj.com   time to read: 1 min
Marty Burger had been chief executive of Silverstein Properties since 2014. Photo: etienne laurent/ShutterstockSilverstein Properties, best known as the developer of New York City’s World Trade Center, has replaced its longtime chief executive with Lisa Silverstein, the daughter of chairman and founder Larry Silverstein . Employees were told of CEO Marty Burger ’s departure on Wednesday, according to people familiar with the matter.
Persons: Marty Burger, etienne laurent, Shutterstock Silverstein, Lisa Silverstein, Larry Silverstein, Marty Burger ’ Organizations: Silverstein Properties, Trade, Employees Locations: York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere will be a lot of office spaces converted into residential living: Silverstein CEO Marty BurgerMarty Burger, Silverstein Properties CEO, joins 'Closing Bell Overtime, to talk the state of commercial real estate, converting office spaces to residential spaces and more.
Persons: Silverstein, Marty Burger Marty Burger Organizations: Silverstein Properties
Prior to the pandemic, office buildings were the lifeblood of central business districts across the country. For example, data from commercial real estate giant CBRE shows that about 25% of all New York's offices remain available for lease while other markets, like San Francisco and Boston, face similarly high vacancy rates. Silverstein's move also comes at a time when commercial real estate property values are declining. According to a November study from RentCafe, developers created more than 28,000 apartments through conversion projects in 2021, an increase of 25% when compared to 2020. Sage acquired Econo Lodge and a Travel Lodge in Tacoma, Washington for $14.2 million and plans to convert both buildings into apartments.
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