By Silverstein Properties | Silverstein Properties
New York City developer Larry A. Silverstein today announced the appointment of Martin S. Burger as Chief Executive Officer of Silverstein Properties, Inc.
In his role, Mr. Burger will be in charge of the day to day operations of the company. He also will continue to lead the company's efforts to develop new projects in the United States, China, Eastern Europe and Israel.
In making the announcement, Mr. Silverstein, who serves as Chairman, said: "I am delighted that Marty will lead Silverstein Properties as we continue to grow and explore exciting new possibilities throughout New York City, the nation and the world. Over the past four years, he has done an incredible job helping us expand our business globally. Thanks to his efforts, we have financed and built iconic development projects, acquired new properties and formed new joint ventures with top-tier partners across the U.S. and around the world."
Mr. Burger said: "Over the past four years, I have had the pleasure of working with Larry Silverstein and the entire Silverstein organization. It has been an incredible experience and I look forward to working for the company and the Silverstein family for many years to come."
Mr. Burger joined Silverstein Properties in February 2010, after serving as President and Chief Executive Officer of Artisan Real Estate Ventures, a company he founded in 2006. Prior to that, Mr. Burger was the President of Related Las Vegas and Executive Vice President of The Related Companies, L.P. Mr. Burger has also worked as a Vice President at The Blackstone Group and also for Goldman Sachs' Whitehall Real Estate funds.
Recent Company Milestones
The appointment follows a series of high profile milestones for Silverstein Properties, including the November 2013 opening of 4 World Trade Center and a December 2013 groundbreaking for its latest development project, the Four Seasons Hotel and Private Residences Downtown New York. At 926 feet, the Tribeca property will be the tallest residential tower in Lower Manhattan, and one of the tallest buildings in New York City. Mr. Burger led the effort to secure the equity and debt financing for the $1 billion project, set to open in 2016.
In December, Silverstein Properties, along with its partner Elad Group, purchased a site at 59th Street and West End Avenue. Silverstein and Elad will develop a project that will include condos, affordable residences, retail and parking. Designed by Pritzker Architecture Prize-winning architect Cesar Pelli, the project will be the centerpiece of Riverside Center.
Last year, the company purchased the Beekman Tower Hotel with Fisher Brothers and Capstone Equities and renovated the interiors into furnished, luxury corporate apartments that require a minimum stay of 30 days. The project has been renamed Silver Suites Residences at Beekman Tower and a soft opening took place in December with 21 units available. Completion of the first six floors is anticipated for the end of this month, followed by full completion of 174 units by April 2014.
In July 2014, Silverstein Properties will complete construction and open the world's largest Four Seasons Resort at the Walt Disney World Resort in Orlando, Florida. Mr. Burger secured equity and debt financing for the $360 million 444-room luxury resort from Dune Real Estate Partners and Mexico City-based Grupo Financiero Inbursa.
World Trade Center
Larry Silverstein will continue to oversee the historic redevelopment of the World Trade Center along with World Trade Center Properties President Janno Lieber. Mr. Lieber has and continues to manage all aspects of the Silverstein organization's efforts to rebuild at the World Trade Center site.
In addition to the November 2013 opening of 4 World Trade Center - the first building to be completed on the 16-acre WTC site - Silverstein Properties announced in December that GroupM, the world's leading media investment management group, has signed a 20-year lease at 3 World Trade Center. GroupM is the first tenant to lease space in the building and will occupy more than a half-million square feet on nine floors at the base of the 80-story tower. With this lease, Silverstein will now move forward to complete the financing and construction of the tower.
Janno Lieber said: "Over the past several years, Marty has done great work expanding and diversifying the Silverstein development portfolio, allowing Larry and me to maintain our focus on the World Trade Center. With the orderly succession that is underway, SPI can continue that expansion, even while our number one priority continues to be completing the rebuilding of the World Trade Center."
As one of his first moves as CEO, Mr. Burger has brought on Robert Vecsler as Executive Vice President. Mr. Vecsler will work closely with Mr. Burger leading the company's residential developments as well as its acquisition efforts. As CEO of Miami's Hyperion Group, Mr. Vecsler developed and completed several successful high rise condominium projects. He has structured acquisitions and closely managed marketing and sales, while overseeing development of those projects. Earlier in his career Mr. Vecsler held positions in New York as Vice President, Investment Banking at JPMorgan, and as an associate at Kelley Drye & Warren.
Mr. Burger said: "I am very happy that Rob Vecsler has joined our team of highly competent and talented development professionals to tackle the extremely complex projects Silverstein takes on. It is thanks to our deep bench that we are able to execute so many complex projects around the world with the highest level of competency."
The company today also announced:
Tal Kerret has been named Chief Investment Officer. Mr. Kerret will be responsible for managing and monitoring the company's portfolio of assets, devise strategies for growth and act as a liaison with investors.
Prior to joining Silverstein Properties, Mr. Kerret was Chairman and Co-Founder of Oberon Media, Inc. and was CEO and co-founder of RichFX. Mr. Kerret served as an officer in the Israeli Defense Forces for six years.
Bill Dacunto has been named Executive Vice President, responsible for managing all the properties in the company's portfolio. Mr. Dacunto joined Silverstein Properties in 1987. He serves as a member of the Real Estate Board of New York (REBNY) Management Board of Directors, and was a recipient of REBNY's Corporate Management Executive of the Year Award in 2005.
He also serves on the board of directors for Donate Eight (a project of, and associated with, The New York Organ Donor Network), an organization formed to raise awareness of the immediate need to increase organ donation registration. Mr. Dacunto is also involved in many other charitable activities, including the establishment of blood drive (New York Blood Center) and food collection (City Harvest) programs throughout the Silverstein Properties portfolio.
Dara McQuillan has been named Chief Marketing & Communications Officer. Mr. McQuillan manages the global public relations, media, advertising, documentary, branding and communications aspects of the company as well as its efforts to rebuild at the World Trade Center site.
Last month, Silverstein Properties was named one of Crain's Best Places to Work in New York City for the sixth year in a row.