Silverstein Properties, the developer key to rebuilding lower Manhattan’s World Trade Center complex in the wake of the Sept. 11 attacks, said it’s parting ways with longtime CEO Marty Burger. Chairman and founder Larry Silverstein’s daughter Lisa Silverstein will take the helm as company chief.
Burger, who has been a “key member of the company’s leadership team for over a decade,” is leaving as the New York company “is sharpening its focus on its core businesses” as it “transitions to the next generation,” a Silverstein Properties spokesperson told CoStar News in an email, adding the firm “will support” Burger “as he takes the next steps in his career.”
Lisa Silverstein, 57, is also vice chairman, according to the company’s website. From acquisitions to new development, she has worked beside her father, 92, for over 25 years.
Burger, who joined Silverstein Properties in 2009, became co-CEO with Larry Silverstein in 2011 before becoming the sole CEO since 2014, the company spokesperson said.
The Wall Street Journal earlier reported Lisa Silverstein, the youngest of three children, will take over as CEO.
A Silverstein spokesperson said Lisa Silverstein's brother, Roger Silverstein, works for the company in commercial leasing. The third sibling, Sharon, isn't involved in the family business.
Burger didn’t immediately respond to a CoStar News request on LinkedIn for comment.
Besides developing 3 World Trade Center, 4 World Trade Center and 7 World Trade Center, the real estate firm is also planning to build a mixed-use residential tower with about 1,200 apartments at 5 World Trade Center, the only building at the World Trade Center complex intended for housing units. It also has plans to build a 2.8-million-square-foot office tower at 2 World Trade Center.
Founded in 1957 by Larry Silverstein, the firm has developed, owned and managed more than 40 million square feet of office, residential, hotel, retail and mixed-use properties.
It owns and operates properties valued at over $10 billion, with nearly 16 million square feet of commercial, residential and retail space across 10 office towers in Manhattan, Philadelphia and Los Angeles, a 443-unit luxury hotel in Orlando, Florida, and two luxury rental buildings in midtown Manhattan, according to its website. The company has 9 million square feet of development underway.