Charles Cohen

Are we fully out of the woods in New York City office?

The office marketplace is more active, and newly built-out space continues to attract more leasing transactions than raw spaces. 

The costs of construction continue to rise. However, higher rents are becoming more prevalent. New-building construction appears to seek very high rents, which should cause building owners to question the viability of such very high rents over the long term. At the end of the day, a tenant can only pay so much rent. 

Generally speaking, we are not fully out of the woods in New York City office. 

Who are the tenants that you’re seeing at the Pacific Design Center in West Hollywood? 

The PDC continues to attract the top end of design resource showrooms from around the world, complementing the stellar roster of resources found at the PDC. Creative office users include media, fashion and lifestyle brands that have been attracted to both the center’s Green and Red buildings.

Is the window for opportunistic investment closed, or is there still some time to pick up properties?

There are always investment opportunities. However, with higher interest rates, the economics become more challenging and problematic. I am concerned that there will be an oversupply of certain residential units that must command high prices and rents. Again, how affordable is New York City?

You recently announced big plans for an office project in Dania Beach, Fla. Tell us what you’ve got planned.

A new 400,000-square-foot, state-of-the-art Class A-plus office development located on Griffin Road directly off Interstate 95 and one mile from the Fort Lauderdale International Airport. This multi-building, campus-style project offers tenants high-quality new office options near great transportation. 

What are the asset classes to avoid?

Asset classes to avoid are ones that require special expertise that not all developers and owners have.

Experience and success should be the guiding principle before embarking upon the unknown.

Lightning Round:

Your AI platform of choice? None. 

Who would play you in a movie? Pierce Brosnan.

One prompt you’d never give AI. None. 

Jalen Brunson or Aaron Judge? Both. 

“Oppenheimer” or “Odyssey”? Both. 

Tom Holland, Andrew Garfield or Tobey Maguire? All of them.

Have you ever eaten pizza with a knife and fork? All the time.

The most money you’ve ever spent on a hamburger? I don’t recall.

Bank or non-bank? Bank.

Last book you read? American Scoundrel — Roy Cohn’s Dark Journey From Joe McCarthy to Donald Trump by Kai Bird and Susan Goldmark.

Borrowing costs: Up and down in 2027? Up.

What was your nickname when you grew up/started out? None.

How long do we have before AI kills us all? No idea.

Where’s your secret escape compound? (Think Peter Thiel’s New Zealand Plan B.) I’m not telling.