Brian Feil

What is the key to competing as an office owner with older buildings in today’s environment where there is heavy demand for newer Class A properties?

In our portfolio, the key to competing with Class A buildings has been strategically repositioning older assets to meet modern tenant expectations. Today’s tenants care deeply about the quality of their daily experience — from upgraded spaces and modernized lobbies to vibrant retail that enhances productivity and culture. By reinvesting in our properties and aligning them with these priorities, we’ve been able to compete effectively while delivering lasting value. 

A great example is 551 Fifth Avenue, where the National Women’s Soccer League recently established its national headquarters. Their decision to locate in a historic, revitalized building underscores the success of our approach. Thoughtful reinvestment and adaptive reuse not only preserve the character of our assets but also allow us to compete with Class A buildings and welcome nationally established organizations. 

With office prices declining, are you exploring buying opportunities?   

With pricing adjustments across the market, we’re actively exploring acquisition and conversion opportunities where we can create long-term value. We continually evaluate assets and emerging submarkets to identify opportunities for expanding and strengthening our portfolio.

Our conversion of 140 West 57th into luxury residential condominiums exemplifies our approach to this next market phase, where we identify assets for repositioning or repurposing to meet New York’s evolving office and housing needs. 

What is the biggest zoning issue facing New York City that you’d like to see addressed?

Easing conversion pathways and incentivizing energy-efficient upgrades would not only modernize these assets but also help address the city’s broader housing shortage.

What do you think the area around Penn Station will look like in 2030? 

We’re already seeing the beginnings of a transformation, but, by 2030, the Penn Station area will be a fully revitalized mixed-use district. Within our portfolio, 7 Penn Plaza has experienced increased leasing activity from both retail and commercial tenants. Seven Penn and the Penn Station area continue to be strong locations for businesses to thrive. As demand strengthens for both Class A and repositioned Class B buildings that sit on top of a major transportation hub, surrounding assets will follow through strategic reinvestment and adaptive reuse.

Are you expecting an influx of market activity in the first half of 2026 if rates continue to go down?

Definitely. As capital markets start to move more freely, transaction activity and building sales will pick up, creating a healthier flow of capital and momentum across the sector. Many buildings today are over-leveraged, and current owners who aren’t reinvesting in their assets are struggling to lease space. As these properties trade at reset values, new owners will have access to capital to fund leasing costs, tenant improvements, and repositioning efforts. 

This cycle of recapitalization and reinvestment will help reignite the leasing market, particularly as tenants continue to pursue high-quality, flexible spaces that deliver long-term value.

Lighting Round:

Your pick for Fed chair `26?
Anyone who prioritizes long-term economic growth.

Borrowing costs up or down by late 2026?
Down!

Last vacation and where?
Nosara, Costa Rica.

Like in ‘Freaky Friday’ you swap bodies with Jerome Powell. What would you do?
Give myself a long, quiet lunch.

What’s your Kryptonite?
Anything my kids ask me.

How are the tariffs going to affect your Thanksgiving shopping?
As long as they don’t impact my favorite food, I’ll manage. 

You appear on the kisscam at a concert. Who’s performing?
Bruce Springsteen. 

If Stephen Starr asked you which restaurant he should next reopen, what would it be?
Anything, as long as it’s near my office.