Silverstein Properties’ Marty Burger, who became the development giant’s sole CEO this month when Larry Silverstein stepped down from the co-CEO position two weeks ago, is looking to aggressively expand the firm’s presence outside New York.
Burger joined Silverstein Properties in 2010, after stints at the Related Companies, Blackstone Group and Goldman Sachs. He became co-CEO in December 2011, and has spearheaded the firm’s mixed-use projects in Shenzhen, China. The firm’s staff has almost doubled – from 180 to 330 – since Burger came in, and under his leadership Silverstein Properties is also looking at development opportunities in Beijing and Shanghai and hotel and residential deals in Israel.
“We initially said maybe we will add one market every two years, but we are going to grow in a smart way,” Burger Told The Wall Street Journal. He added that the firm’s projects have typically been financed through equity from a handful of investors, rather than through the private equity-style funds favored by firms such as Tishman Speyer and Hines.
While his peers famously dubbed Silverstein the “Energizer Bunny” for his dynamism, Burger is known as “Energizer 2.0,” Winston Fisher, a principal at Fisher Brothers, which is partnering with Silverstein Properties on the Beekman Hotel Tower development, told the Journal. [WSJ] – Hiten Samtani