Jonathan Iger

You said in May that the office should be seen as a luxury rather than a commodity. Do you see that shifting back after this summer’s strong leasing performance? 

No, I don’t see it shifting back. If anything, this summer’s leasing activity proves the point. Companies are increasingly spending more per employee on office space than ever before, because they recognize that when you’re competing for the best talent, the office becomes part of your pitch. 

Fifteen years ago, the conversation was about how many people you could fit onto a floor. Today, it’s about creating a place people actually want to be. That’s a luxury decision, not simply a cost-per-square-foot decision. 

The buildings that continue to win will be those that embrace a hospitality mindset, combining great properties with exceptional service and experiences. Traditional landlords who fail to recognize that shift will be left behind. 

What pockets of the office market are you avoiding? 

We’re deliberately steering clear of commodity office space because we believe that segment faces a long-term decline in demand. There will always be a place in the market for different levels of product and service, much like retail, where H&M exists alongside luxury brands like Loro Piana and Chanel. 

The difference is that we’re seeing a fundamental shift in what companies value in their workplaces, and we expect demand for undifferentiated office space to continue to shrink. 

Companies are becoming far more discerning about where they invest in their workplaces. They’re looking beyond square footage and rent to consider the overall experience they’re providing their people. Buildings that offer little more than four walls and a lease will have an increasingly difficult time competing with those that deliver something genuinely differentiated. 

What has been your biggest deal in the past year? 

For us, success isn’t defined by any single deal. As long-term owners, our vision has always been to enrich the lives of people at work. 

We’re incredibly proud of the new companies that have chosen to make the Sage Collection their home, including a number of Fortune 500 companies. What I’m most proud of, however, is our market-leading tenant renewal rates.

Whether it’s a 3,000-square-foot tenant or a 100,000-square-foot tenant choosing to renew with us, that’s a testament to the value and experience we’re delivering across the Sage Collection. Attracting great companies is important, but creating an environment where they want to stay is what really matters to me. 

In what ways are you incorporating hospitality into offices that other companies aren’t? 

At Sage, hospitality goes well beyond what happens in a property’s lobby. It’s about how we operate at every level. 

We continue to strengthen our standard operating procedures across the entire platform, from on-site operations to lease administration and property accounting. These may not be the most glamorous parts of the business, but they’re the foundation for delivering an exceptional and consistent experience. 

From there, it’s about the human element. Getting to know our tenants and members, anticipating their needs, and finding thoughtful ways to surprise and delight them in their everyday experience. 

To me, true hospitality isn’t about one grand gesture. It’s about a level of care and attention to detail that people experience consistently, often in ways they don’t even realize. 

Are you planning any further acquisitions after selling 767 Third Avenue in 2024? 

We’re very optimistic about the future of commercial office space and remain deeply committed to the sector. We’re continually evaluating acquisition opportunities, but our primary focus for growth is expanding the Sage platform through partnerships with owners across the country. 

We see an enormous opportunity to flag buildings as Sage properties, bringing our hospitality-driven operating philosophy and service standards to assets beyond those we own. 

It’s about creating value on both sides: helping our ownership partners enhance the performance and long-term value of their investments, while delivering a better workplace experience for their tenants and the tenants’ individual employees (Sage members). 

Lightning Round:

Your AI platform of choice? Claude.

Who would play you in a movie? Liev Schreiber.  

One prompt you’d never give AI. “Should I buy this building?”

Jalen Brunson or Aaron Judge? Jalen Brunson.

“Oppenheimer” or “Odyssey”? “Odyssey.” I’m a history buff. 

Tom Holland, Andrew Garfield or Tobey Maguire? Andrew Garfield.

Have you ever eaten pizza with a knife and fork? Only in Italy. 

The most money you’ve ever spent on a hamburger? About $52 at 4 Charles Prime Rib, with bacon and an egg. 

Bank or non-bank? Whichever one reads the documents.

Last book you read? Broken by Don Winslow. 

Borrowing costs — up or down in 2027? Up.

What was your nickname when you grew up/started out? Curls.

How long do we have before AI kills us all? Never going to happen. 

Where’s your secret escape compound? (Think Peter Thiel’s New Zealand Plan B.) If I told you, it wouldn’t be a secret.