Dynasty: Power 100 2024 Edition
The major firms on the annual list who are getting all their succession ducks in a row
By Nicholas Rizzi May 14, 2024 6:30 am
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It looks like Commercial Observer had a bit of Nostradamus in us last year when we riffed on the show “Succession” for the theme of Power 100 since commercial real estate saw plenty of real estate dynasties starting to cede power to the younger generation in 2024 (though, hopefully, with less bad blood than the fictional Roy family).
That includes Rudin, a family synonymous with New York City real estate since the 1920s. Bill Rudin, who has steered the firm since 1992, officially ceded the reins to the fourth generation as Michael Rudin and Samantha Rudin Earls, his son and daughter, became co-CEOs.
And, for the first time, a non-Rudin was elevated to the role of president with Chief Investment Officer Neil Gupta taking the spot. But Bill Rudin isn’t completely departing the company as he’ll remain as an executive chairman with his cousin Eric Rudin.
“They’re not off on a beach somewhere sipping mai tais. They’re very much here and active,” Michael Rudin told CO. “They didn’t retire. They are still going to have a hands-on approach and involvement in the business.”
While the succession of the fourth generation of Rudins was a family affair (and didn’t appear to have enough drama to fuel an HBO series), the same can’t quite be said for Silverstein Properties.
The family firm, founded in the 1950s, saw a big change at the top when longtime CEO Marty Burger was replaced with a member of the family, Larry Silverstein’s daughter Lisa Silverstein. She joined her husband, Tal Kerret, the firm’s president, in a top executive role.
A source previously told CO that replacing Burger largely stemmed from a change in direction at the family firm. Silverstein will pull back on expanding its footprint and portfolio, which Burger was in charge of, and instead focus on maintaining its holdings in New York City and elsewhere.
Publicly, there doesn’t seem to be that much acrimony between Silverstein and Burger, with Kerret telling CO, “We cheer [Burger] and we like him very much, and we feel good for him, and we may end up finding things in the future we can do together.”
And, while the elder Silverstein and Burger have largely been the faces of the company in recent years, Lisa Silverstein has been quietly working behind the scenes, with Kerret saying she played a large role in the World Trade Center development. “She’s the best person in this day and age to drive the business forward,” he said.
Some past succession stories are still playing out on our annual list, with Laura Hines-Pierce appearing again for Hines after she was named co-CEO in 2022. Then, of course, there’s Sterling Equities, the firm founded by Fred Wilpon and Saul Katz that over the years has handed leadership over to Gregory Katz, Todd Katz and Scott Wilpon; and TF Cornerstone, where chairman Thomas Elghanayan’s son Jake Elghanayan has become a vital part of the company.
Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.
