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☆ Vacant office space isn't going to be solved by conversion to residential, says Marty Burger
  + stars: | 2024-02-28 | by ( ) www.cnbc.com   time to read: 1 min
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
☆ Joe Biden wants more people to start living in empty offices
  + stars: | 2023-10-28 | by ( Polly Thompson | ) www.businessinsider.com   time to read: +3 min
Office vacancies are at a 30-year high as WFH continues after the pandemic. But the White House initiative will make more than $35 billion available from existing federal programs in the form of grants and low-interest loans to encourage developers to convert offices into residential. Office vacancies stand at a 30-year high of 18.2%, according to research by CBRE. AdvertisementAdvertisementThe White House hopes the initiative will alleviate both these problems, creating more housing and revitalizing the commercial real estate sector. Conversions are faster than new construction, 20% cheaper, and produce fewer greenhouse gas emissions, the White House added.
Persons: —, Joe Biden's, Biden, Silverstein, Lael Brainard Organizations: Biden Administration, Service, Resources, Department, Transportation, CBRE, National Association of Realtors, It's, National Economic Council, ABC News Locations: Manhattan, New York, San Francisco, It's
☆ 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
☆ Landlords are doing whatever it takes to fill their office buildings. See 10 ways to score an amazing deal on an office right now.
  + stars: | 2023-10-19 | by ( Alex Nicoll | ) www.businessinsider.com   time to read: +7 min
If you're not shopping for a new office right now, you might be missing out. With vacancies rising, many office landlords are doing whatever it takes to get leases signed, including dropping rents. Risa Letowsky, the co-chair of Adler & Stachenfeld LLP leasing practice group, told Insider that flexibility is the difference between successful and struggling landlords right now. See below for a list of the 10 top perks that office landlords are offering. Flexible lease lengthsThe traditional office lease is eight to ten years.
Persons: Risa Letowsky, aren't, Letowsky, Mike Watts, Andrew Lustgarten, Michael T, Cohen, Franklin Wallach, Carlos Avila Gonzalez, they're, Lustgarten, Watts, Matt Petit, Michael Lirtzman, Lirtzman Organizations: Adler, Stachenfeld, it's, Colliers, San Francisco, Getty, Silverstein Locations: Los Angeles, New York City, San Francisco , California, LA, Chicago
☆ Golf simulators, doggy daycare, flexible leases, and free rent: Why now may be the best time to shop for a new office
  + stars: | 2023-10-17 | by ( Alex Nicoll | ) www.businessinsider.com   time to read: +14 min
Now may be the time to shop for an office lease. As office vacancies soar to record highs in some markets, office landlords often have no choice but to find new and creative ways to attract new clients. "When you have 55-year-old managing partners of a law firm looking for office space, and they see the golf simulator, they get pretty excited," he said. Long-term leases, which usually feature landlord-financed renovations to the office space, are now being offered with lease-termination options. Office landlords without access to this capital level are often left with only one lever: renting below market price.
Persons: Michael Cohen, Michael Lirtzman, Anthony Tahlier, Andrew Lustgarten, Lirtzman, Sterling, Lustgarten, it's, Matt Petit, Goldman Sachs, Risa Letowsky, Letowsky, Watts, Tishman Speyer, aren't, That's, Cohen, they've, he's, hasn't Organizations: Colliers, Kastle Systems, West Chicago, Sterling Bay's, Century, El, New, Palm, Chase, Wall, JPMorgan, Deutsche Bank, Adler, Stachenfeld, Silverstein, Lawyer Locations: Chicago, Bian, Sterling, Los Angeles, New York, Miami, Liberty, Chase Manhattan, Alamo, CBRE, Los Angeles and New York, LA, United States
☆ There will be a lot of office spaces converted into residential living: Silverstein CEO Marty Burger
  + stars: | 2023-08-08 | by ( ) www.cnbc.com   time to read: 1 min
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
☆ One of New York's largest commercial landlords is spending $1.5 billion to convert office buildings into apartments as office vacancy rates remain elevated
  + stars: | 2022-12-10 | by ( Robert Davis | ) www.businessinsider.com   time to read: +5 min
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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