David O’Reilly

Have you refinanced anything in 2022? How difficult/easy was it?

Throughout 2021 and 2022 we refinanced several projects, and were able to lock in at attractive rates before much of the step-up in interest rates we are seeing today. Today, we see it is most challenging to get financing on office and retail. Luckily, we have termed out a significant portion of our debt profile.

There’s a lot of Class B and C office in NYC. If you could lay your hands on them at a really great price, what would you do with them?

While we are always evaluating unique opportunities, our main focus in New York City is on the continuing revitalization of the Seaport, where we have plenty of exciting projects in the works and great opportunities ahead. We just held the grand opening of the Tin Building, and so much of our team in New York is focused on making sure this one-of-kind marketplace is operating at peak performance while delivering a culinary experience unlike anything New York has seen before. We have also received approvals for a 540,000-square-foot, mixed-use development at 250 Water Street, which is an exciting project to spearhead over the next few years.

What market outside of NYC do you like and why?

The Sunbelt, including our Houston, Phoenix and Las Vegas regions, continues to attract the many people and companies seeking a better quality of life and greater opportunities for long-term growth — both professional and personal. We are building to meet the demand of the massive influx of talent, companies and residents we are seeing in our communities of Summerlin in Las Vegas, The Woodlands and Bridgeland in the Greater Houston Area, and our newest community in the Phoenix West Valley.

There’s a midterm election this year. How closely are you following, and do you think the national political climate will have an effect in New York?

While this is something we do keep an eye on, our business is focused on the long term. There will always be ups and downs through various market cycles, whether that be related to politics or various macro factors. New York City continues to demonstrate an impressive recovery emerging from the pandemic, which has translated to consistently strong results at the Seaport.

How many days per week are you in the office?

Three days in the office, with flexibility the remaining two to work remote.

NYC apartment rents have reached never seen levels. How much further can it go? How does the housing squeeze play out?

While I wish there was a crystal ball on this one. I do not have a definitive answer on how much further rents can go. What I can say is the rise in rents shows the demand of folks who want to be in New York City, and the same is true for the robust pace of office leasing in the city. Even if this moderates, it should continue to remain elevated compared to pre-pandemic results seen in 2018 and 2019 — which is true for New York and the other regions we operate in.

ESG: fad or fixture?

Our mission rests on the commitment to our founding environmental, social and governance principles — principles which remain one of our biggest priorities. We will continue to advance conservation, innovation and inclusion throughout our large-scale, mixed-use communities and amplify our efforts to discern how we can best help drive the resiliency of our communities and support our planet.