Max Herzog and Marko Kazanjian

Max Herzog and Mark Angelo “Marko” Kazanjian have led a rapid rise of Institutional Property Advisors’ capital markets platform since the duo joined from JLL in 2023.

Herzog and Kazanjian, who were recruited to extend IPA’s footprint in the New York City market, reached new heights in 2025, facilitating loans for large Manhattan office-to-residential conversions while expanding to other areas of the East Coast.

“We left JLL two and half years ago to come here to IPA and build the platform in the Northeast on the capital market side, and so we’ve been able to do that because they’ve given us the runway to do that,” Herzog said. “We have good support, but also we’ve gone from a team of three to a team of 13.”

In a nine-month period from May 15, 2025, to Feb. 15, 2026, the Herzog-Kazanjian team arranged $2.6 billion of lending volume across 48 transactions.

IPA’s signature transaction over the last year involved a $720 million construction loan in May 2025 from Madison Realty Capital for the conversion of the former Pfizer headquarters at 219 and 235 East 42nd Street into 1,600  apartment units. The deal negotiated on behalf of Metro Loft and David Werner Real Estate Investments marked the largest office-to-resi conversion in U.S. history.

The Herzog-Kazanjian team also facilitated a $146.5 million construction loan in January 2026 for an office-to-condominium conversion of 419 Park Avenue South by Deutsche Bank on behalf of Elad Group.

The year ahead is poised to be another strong one with around $1 billion in transaction volume closed in the first quarter and a large pipeline ahead. In addition to remaining active with a number of Manhattan office property deals, IPA is also targeting financings in the Southeast, a strategy that was further bolstered by Kazanjian’s move to South Florida last year. 

“If you have boots on the ground and you’re physically located here, there’s a lot more opportunity,” Kazanjian said. “Max and I have been partners for a decade, and we had the confidence that Max and the majority of the team in New York could continue to operate while I came down here to build our presence and our business.”