Larry Silverstein and Marty Burger

With an eye toward staving off the flight to quality in the office sector, Silverstein Properties spent $110 million in 2022 to amenitize its office buildings and “make them more leasable in the world today,” according to Marty Burger. 

In New York City, investments were put into 529 Fifth Avenue and the 10th floor of 120 Broadway, where the firm saw immediate rewards.    

“We operate 3 World Trade Center and 120 Broadway — one is 115 years old and one is 7 years old — and we had as much activity at 120 Broadway as we had a 3 World Trade Center,” said Burger. “It’s good to see that if you spend the money for your employees and your tenants, then you can do some meaningful leasing.”  

On the opposite coast, more than $60 million helped upgrade the firm’s Western jewel, U.S. Bank Tower in Downtown Los Angeles, which Silverstein Properties purchased in 2020. Investments there added a new lobby, an improved exterior, a cafe and food court, and an entire 55th floor devoted to amenities. 

“It really had a negative reputation in the market prior to our purchase, and now everyone knows it’s a different building,” Burger said. “We’re getting a lot of action on the leasing side there.” 

On the residential side, the firm’s entire four-building residential portfolio is leased to 98 percent, according to Burger, with the impending office-to-residential conversion of 55 Broad Street as the feather in the cap for a firm that is looking to stay ahead of the curve of where local governments are likely to push the market.  

“The rents keep growing, occupancy is strong, the need for more rental housing is constant,” Larry Silverstein explained. “The truth of the matter is there’s a constant need for rentals, people need new rentals. They don’t want to buy, because that’s all they can afford.” 

Then there is 5 World Trade Center, a $1.4 billion mixed-use tower that is scheduled to begin construction in 2023, and 2 World Trade Center, a proposed skyscraper that would produce 3 million square feet of Class A downtown office space, according to Silverstein. 

Not bad for a firm founded in 1957. 

“As you can see, we’re busy,” Silverstein said. “Things are active.”