Michael T. Cohen

How is your office portfolio faring compared with new products in the market? 

Our portfolio competes with comparable portfolios of well-located and well-maintained Class B assets. In this product category, we are outperforming our competition. There are variations of quality within our B peer group and our portfolio competes effectively at the top tier — we like to call it “A’s of the B’s.” We are seeing tremendous leasing activity with both existing tenants expanding within the portfolio and new tenants moving into it, including household names like Target and Lacoste. 

What is the biggest change you have seen with leasing trends in terms of tenant types in your portfolio in recent years?

In the first few years after the pandemic, the tech sector was noticeably absent from leasing demand. We are now seeing a strong reawakening. Technology tenants in our portfolio are not only returning to work but actively expanding, with many doubling their footprints just in the past few years.

What has been Williams Equites’ biggest win so far in 2025?

Looking at this year, two wins that stand out are the acquisition of 470 Park Avenue South and our exchange of a fee interest under 888 Broadway for an equity partnership in the two-building complex redeveloped above it, which now serves as the Netflix headquarters in New York.

What type of local, state or federal policy would you like to see implemented that would benefit development?

Anything that encourages more housing, both market-rate and inclusionary.

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

Absolutely. We will see more refinancing, particularly among properties that can better afford to carry their debt, and will continue to see an increase in investment activity as the spread between cost of capital and cap rates briefly increases. We may even see a jump in leasing activity if increased liquidity leads to local job creation. 

Lighting Round:

Your pick for Fed chair `26?
Anyone qualified and independent.

Borrowing costs up or down by late 2026?
Down!!! 

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

Last vacation and where?
Paris in the spring. 

Like in ‘Freaky Friday’ you swap bodies with Jerome Powell. What would you do?
Stay the course with gradual easing, with an eye on inflation concerns and the impacts of tariffs.

What’s your kryptonite?
High interest rates. 

How are the tariffs going to affect your Thanksgiving shopping?
Planning not to buy imported turkeys.

You appear on the kisscam at a concert. Who’s performing?
Lorde at Barclays. 

If Stephen Starr asked you which restaurant he should next reopen, what would it be?
I’d prefer restaurateur Michael Stillman to open a steakhouse as close to my office on 42nd Street as possible.