Winston Fisher

Fisher Brothers is a legacy owner of Midtown office buildings, an asset class that has had its challenges since the pandemic. Why didn’t the firm sell any of the properties? What’s the key to making these properties viable now?

Trophy assets in prime Midtown locations remain highly sought after. Today, our portfolio is more than 90 percent leased, underscored by the largest office lease in the country in 2023 with Paul, Weiss at 1345 Avenue of the Americas. At that same property earlier this year, we welcomed Blackstone as a partner and secured an $850 million refinancing — a clear testament to the building’s long-term value to premier institutional investors. We also completed a $500 million refinancing at 299 Park Avenue.

Importantly, even before the pandemic, we committed to reinvesting in our commercial portfolio with new lobbies, upgraded building systems and signature amenity spaces — @Ease 1345 and @Ease 605 — which left us well positioned to navigate and emerge stronger from that challenging period.

How is Area15 faring, given that tourism in Las Vegas was down for the first six months of 2025 compared with the same time last year? 

It’s true that tourism numbers in Las Vegas have softened, and that’s a challenge for everyone in the market. But Area15 continues to thrive. We’ve welcomed more than 15 million visitors since opening, just celebrated our fifth anniversary, and continue to add new, high-profile attractions and experiences. This year alone, we debuted Universal Horror Unleashed, the world’s first year-round horror experience, alongside the John Wick Experience and the launch of Zone 2: The Terminals. 

These are global entertainment brands choosing Area15 because they recognize the unique ecosystem we’ve built. And we’re not slowing down. We have over 40 additional acres in Las Vegas ready for development, which will allow us to keep expanding and create new districts for years to come. In other words, while visitor numbers fluctuate, the demand for what Area15 offers — an immersive, art-driven, emotionally resonant experience — remains incredibly strong.

You just completed a multifamily building in Miami. Are you planning other South Florida projects?

We’re very proud of Joule House, our latest addition to the House brand — Fisher Brothers’ collection of highly amenitized, design-forward residential properties built to reflect the character of their surrounding neighborhoods. Joule House embodies our art-focused philosophy, with thoughtfully curated amenities and community-driven spaces that foster connection. This addition is a natural extension of our commitment to emotionally connected real estate, and we’re excited about what it adds to Miami’s dynamic market. 

While we don’t have additional projects currently planned in South Florida, we are always actively and thoughtfully evaluating opportunities. When the right project aligns with our values and expertise, we’ll pursue it with the same level of focus and creativity that defines everything under the House brand.

In 2017, Fisher Brothers launched a debt arm. Today, are there more opportunities in debt or equities? 

We continue to see greater opportunities in real estate credit. For some time now, we have thought that debt has provided a better risk-adjusted return than equity, especially given today’s interest rate environment. Through Lionheart Strategic Management, our credit strategies are designed with capital preservation in mind, with the aim of offering predictable cash flow and liquidity. That’s a value proposition that’s hard to replicate in the current equity markets, where investor capital is constrained and the cost of debt remains elevated. 

This year, Lionheart has closed on loan transactions across the country, including a $180 million senior loan for a Marriott-branded hospitality development in Nashville and a $53 million acquisition and pre-development financing for the redevelopment of 1990 K Street NW in Washington, D.C. 

In the equity space, apart from the data center theme, we see strong equity opportunities in single-family rental/build to rent, select Class A offices in Tier 1 markets, and net-lease industrial assets. These sectors offer growth, attractive entry points, and stability.

Lighting Round:

More excited about — rate cut or Taylor Swift’s engagement?
Can’t it be both?

Last vacation and where?
Spain.

How are the tariffs going to affect your Thanksgiving shopping?
Costs are going up, and it will impact holiday shopping.