Anthony Malkin

Are you going to buy more in 2026? If so, which asset class?

As omnivorous opportunivores with the canvas of New York City on which to paint, and an appetite that includes office, residential and retail, we can respond to what provides the best chances for growth, or recycle our balance sheet toward greater growth. In 2026, through on- and off-market transactions, that same philosophy will apply.

Are you going to buy more in Brooklyn, specifically?

We never “bought in Brooklyn” — we bought where we thought we could find a great chance for growth through the recycling of our balance sheet. We were opportunistic and achieved good scale with more than $250 million in acquisitions on North Sixth Street. If we find compelling opportunity in residential or retail in Brooklyn, we will buy it.

Where does sustainability in CRE go from here? How big a part of the industry will it be?

Sustainability — and, specifically, energy efficiency, reduction in water consumption and wastewater, and waste diversion from landfills — has always been a differentiator for us. It is essential to the industry to provide the pathways to reduced costs for our tenants, and we are the leaders in the space. The best companies expect their landlords to help them attract and retain the best talent and achieve their own goals. Through the Empire Building Playbook that we developed in partnership with the New York State Energy Research and Development Authority, our approach is accessible to the broader industry where sustainability shapes demand, investment decisions and property values.

Where do you see the New York office market going in 2026?

Best-in-class buildings will continue to be strong in 2026 and generate continued increases in net effective rents. Tenants value top-tier space in top-tier properties, as defined by modernization, amenities, energy efficiency and sustainable capital structures, in the best locations. That has not changed and will not change.

What one or two policies would you like to see at the local, state or federal level in the next year?

It is a mistake to eliminate natural gas in buildings where it already exists, or district steam where it operates effectively. We confront an electricity shortage and the creation of more load at this time is shortsighted and will create higher costs and problems.

Why are REITs a good investment post-pandemic? 

New York City remains the best market in the U.S. — and arguably the world. It is the global center for business, culture and talent, which ensures long-term demand for high-quality space. Even after the pandemic, New York City has proven its resilience, with strong leasing activity in top-tier assets and a clear flight to quality from tenants. REITs offer an opportunity to access the city for the common shareholder.

Lighting Round:

Borrowing costs up or down by late 2026?
Down.

More excited about — an interest rate cut or Taylor Swift’s engagement?
Interest rate cut.

What’s your kryptonite?
Licorice … the good stuff with only four ingredients, none of which is sugar.

How are the tariffs going to affect your Thanksgiving shopping?
Tariffs haven’t hit the turkeys yet.

You appear on the kisscam at a concert. Who’s performing?
A Grateful Dead concert. I proposed to my wife at the Worcester Centrum in April 1987, second set, “Crazy Fingers.”