Larry Silverstein and Marty Burger

In 2021, Silverstein Properties completed $2.74 billion in property refinancings and signed 780,000 square feet in office leases, which included renewals and new deals. 

“We’ve been very active on the development, acquisition and lending side,” Marty Burger said. “We expanded on multifamily, office and funding platform.” 

The Manhattan-based real estate titan has been investing in cities all over the United States. That included New York, Philadelphia, Miami, Boston, Los Angeles, Austin, Salt Lake City,  Seattle, Tampa, Fla. and Bellevue, Wash. Notable deals included buying 116 John Street, a 416-unit multifamily property in Lower Manhattan, for $247.5 million. 

“We acquired about a billion dollars of assets in the last two to three years,” Burger said. “And we secured eight new development sites, which will generate over 5,000 residential units.”

In the past year, Silverstein launched repositionings of the U.S. Bank Tower, 1735 Market Street, 529 Fifth Avenue and 619 West 54th Street; engineered the sellout of 30 Park Place Four Seasons Private Residences New York Downtown; broke ground on Apex@Meadows, a multifamily development in Las Vegas; closed on the land for the 44-01 Northern Boulevard project in Astoria, Queens; and commenced construction on 3.0 University Place, a life sciences building in Philadelphia.

Silverstein Capital Partners, the lending arm of Silverstein Properties, also made its first foray into the West Coast with a $700 million construction loan to Fortress Development for the construction of Avenue Bellevue, a 1.1 million-square-foot, mixed-use project in Bellevue, east of Seattle.

Finally, Silverstein introduced the so-called Inspire access passport for its portfolio in 2021. The employee badges in Apple Wallet allow users to easily access Silverstein office buildings, tenant floors, fitness centers and amenity spaces using their iPhone or Apple Watch. It was the manifestation of something Burger noticed during the pandemic: that a hospitality-like approach could help fill office space.