Downtown Los Angeles CRE Market Update

Larry A. Silverstein is the Chairman of Silverstein Properties, a Manhattan-based real estate development and investment firm that has developed, owned and managed 40 million square feet of office, residential, hotel and retail space. The firm currently has $10 billion worth of development activity underway, and has been recognized as one of the “Best Places to Work in New York City” by Crain’s New York Business for eight years in a row. In July 2001, Mr. Silverstein completed the largest real estate transaction in New York history when he signed a 99-year lease on the 10.6 million square feet World Trade Center for $3.25 billion, only to see it destroyed in terrorist attacks six weeks later on September 11, 2001. He has spent the last 20 years rebuilding the office component of the World Trade Center site, a $30 billion project that will consume the balance of his working life. In May 2006, Silverstein Properties opened 7 World Trade Center, the first office tower to be rebuilt at the site, and the first LEED-certified office building in New York City. The 52-story, 1.7 million square foot office tower is fully leased to an eclectic group of tenants. In November 2013, the company opened 4 World Trade Center, a 72-story 2.3 million square foot building designed by Fumihiko Maki. In June 2018, the company opened 3 World Trade Center, an 80-story, 2.5 million square foot building designed by Richard Rogers. The company is developing one other office tower on the WTC site – 2 World Trade Center, and a residential tower – 5 World Trade Center. Silverstein Properties recently completed and opened a Four Seasons hotel and private residences designed by Robert A. M. Stern in Lower Manhattan which, at 82-stories, is one of the tallest residential towers in New York. The company also completed and opened the largest Four Seasons resort in the world at the Walt Disney World Resort in Orlando, Florida. Mr. Silverstein owns and manages many successful and high-profile commercial and residential properties in New York City, including 120 Broadway, 120 Wall Street, 529 Fifth Avenue and 1177 Avenue of the Americas. Mr. Silverstein completed and opened Silver Towers, two 60-story residential towers at 600 West 42nd Street, the companion to 1River Place, a 40-story, 921-unit tower which opened in 2000. The square block development houses over 2,200 families. Mr. Silverstein is a member of the New York Bar and a Governor of the Real Estate Board of New York, having served as its Chairman. He has served as Chairman of the Realty Foundation of New York. A 1952 graduate of New York University, Mr. Silverstein served as Vice Chairman of the NYU Board of Trustees, where he continues to serve as member of the Board of Trustees of the New York University Langone Medical Center. He is the Founder and Chairman emeritus of the advisory board of the NYU Real Estate Institute. As a Professor of Real Estate, his “Silverstein Workshop” became one of the most attended and informative educational sources for learning real estate development and investment analysis. Mr. Silverstein donates his time and resources to support many philanthropic endeavors. He has served as Chairman of the Board of UJA-Federation. He is a founding trustee of the Museum of Jewish Heritage in New York and has served as treasurer of National Jewish Health in Denver. Mr. Silverstein contributes his time and resources to organizations that are dedicated to higher education and medical research, meeting humanitarian needs and supporting the arts. Mr. Silverstein currently serves as a board member of the New York Philharmonic. He is a classical music enthusiast, a passionate yachtsman and a dedicated New Yorker. Larry and Klara Silverstein have been married for 65 years and have three children and one son-in-law, three of whom are executives at Silverstein Properties, and they also have eight grandchildren.

Sharon is a Real Estate Agent at Berkshire Hathaway HomeServices California Properties in the Beverly Hills Office. She joined the world of residential real estate as a 27 year veteran and a multi Emmy award winning journalist from the Broadcast Journalism industry. It is her background as a news personality that has earned trust from her clients. Sharon has called L.A “Home” for more than 30 years. As an advisor, negotiator, and advocate, Sharon has helped her clients find comfort in what can be a complicated process. Her goal is to put their needs first and make the home buying and selling experience as smooth as possible. Her leadership, hardworking ethic combined with her excellent communication skills and knowledge help to build long lasting relationships with buyers and sellers who rely on her for guidance in every step of the process. Sharon was born in Singapore and immigrated with her family to New York as a child before settling in Connecticut for several years then relocating to the Philippine Islands . She is a graduate of Boston University. Prior to becoming a Realtor, Sharon worked as a News Anchor and Reporter for CBS L.A, KTLA 5 Los Angeles, MSNBC, and The National Geographic Channel. For her, real estate is more than transaction, her goal is to build long lasting relationships.

Marty Burger is Chief Executive Officer of Silverstein Properties. He leads the company’s day to day activities, and focuses on its acquisition, development, financing and fund management efforts in the United States and abroad. Prior to joining Silverstein, Mr. Burger was President and Chief Executive Officer of Artisan Real Estate Ventures, a company he founded in 2006. Prior to Artisan, Mr. Burger spent 15 years at Related, including serving as President of Related Las Vegas and Executive Vice President of The Related Companies, L.P. From 1994 to 1997, Mr. Burger was a Vice President at The Blackstone Group working on acquisitions for its first three real estate opportunity funds. From 1993 to 1994, he worked for Goldman Sachs’ Whitehall Real Estate funds, also on the acquisition side. Prior to that, Mr. Burger spent five years at The Related Companies where he was a Vice President of Development and Acquisitions. Mr. Burger received a Bachelor of Science degree in Economics from the Wharton School of the University of Pennsylvania. He is a Trustee and a Governor of the Urban Land Institute, and formerly a member of the Global Board, the America’s Executive Committee, Chairman of the New York District Council, and Chairman of his Urban Development Mixed-Use Council. Mr. Burger is on the Executive Committee of the Zell/Lurie Real Estate Center at the Wharton School of the University of Pennsylvania, an Advisory Board Member of the Center for Real Estate and Finance at Cornell University, the Advisory Board of the New York University Schack Institute of Real Estate, and the Policy Advisory Board of the Fisher Center for Real Estate at the Haas School of Business at UC Berkeley. He is an active member of the Real Estate Roundtable in Washington, DC, and is on the Directors’ Advisory Council and the New York City Mortgage Committee of M&T Bank. Mr. Burger was a member of NYC Mayor Eric Adams’ Transition Team, is a Trustee of the Citizens Budget Commission, a Board Member of the Partnership for New York City, and is on the Real Estate Life Science Advisory Board for New York. Mr. Burger is a Board Member of SparkYouth, a charitable organization providing funds to multiple programs benefitting underprivileged inner-city children in the New York City metro area. He is a Trustee of National Jewish Health, is on the Lincoln Center Real Estate and Construction Council, and is Co-Chair of the Real Estate Division of the Friends of the Israeli Defense Forces where he has chaired multiple missions to Israel. He is a former member of the Board of Trustees of the Battery Conservancy, and a former board member of the Lincoln Square Business Improvement District. In addition, Mr. Burger has been active in different divisions of the UJA Federation.

Ricardo Pagan is the founder of Claridge Properties, a 100% minority owned real estate investment and development firm. Mr. Pagan brings over 16 years of experience in real estate acquisition and development. Mr. Pagan is an established real estate developer, investor and operator with projects in Los Angeles, the New York City metro area, Detroit, Atlanta and Phoenix. Over the span of his career, Mr. Pagan has completed well over $1 billion in acquisitions and development of assets in his specified markets, encompassing more than 3,500 residential units and 500,000 square feet of office space.

Tonja Boykin joined the Weingart Center in 2016 to serve as its Chief Operating Officer. Tonja has 28 years working as a high-performing nonprofit management executive with national and regional expertise in building/optimizing organizational processes, measurement systems, and infrastructure to maximize business results in philanthropy, resident programs and permanent and affordable housing development industries. She is a skilled strategist who transforms strategic plans into workable solutions and benchmarks performance against key operational targets/goals. Tonja is recognized as a national leader in community organizing, program development and strategic initiatives focused on the hardest to serve populations including families, youth, seniors, and individuals experiencing homelessness or at risk of losing their housing. Prior to joining the Weingart Center, Tonja served as the Chief Operating Officer for Skid Row Housing Trust and the Regional Director of Philanthropy for Mercy Housing California. Tonja’s career with Mercy Housing began in 2001 and she served in various regional and national capacities throughout her fourteen year career there. Her early working life began as a program liaison in Mayor Richard Riordan’s office for L.A.’s Best After-School Enrichment program. She was also a Program Director at the Weingart Urban Center YMCA and a Senior Development Associate at Netzel Associates prior to joining Mercy Housing. Tonja studied at Pepperdine University in Malibu, California, Pacific Oaks in Pasadena California, and the Fashion Institute Design and Merchandising in Los Angeles, California.

Ryan Park is currently Head of Real Estate Lending for Mizrahi Tefahot Bank LTD (UMTB USA) specializing in the financing of commercial real estate properties in California. Prior to joining UMTB USA in November 2021, Ryan held various real estate lending positions at Union Bank and Bank Leumi, where he cultivated relationships and tailored financing solutions for some of the well-known, privately held real estate companies in the country. This depth of experience has allowed him to provide insightful real estate solutions to his clients and be invited as a guest speaker at various conferences. Mr. Park earned a Bachelor of Science in Mathematics / Economics from University of California Los Angeles in 2009.

Alain M. R'bibo is a partner in our Century City office where his practice focuses on commercial real estate transactions. Alain’s practice covers a wide variety of real estate matters, with an emphasis on advising clients in the acquisition, disposition, leasing and day-to-day management and operation of commercial real estate across the country, including office, retail, industrial and multifamily properties. Alain has represented a diverse group of clients, ranging from private individuals and closely-held entities, to REITs, pension funds and institutional owners and investors.

Mr. Keller is the Vice Chairman of MREG and a member of MREG’s Investment Committee. He also serves as the Chairman of MRED, MREG’s development subsidiary, and Senior Adviser to the MRECS Investment Committee with respect to construction and other heavy transitional loans. Mr. Keller has over 40 years of experience in real estate investment, development, and construction, formerly leading Mack Urban, LLC, Urban Partners, LLC, Keller Equity Group, Inc., Keller CMS, Inc., and Keller Construction Company, LTD. Mr. Keller currently holds many board and community leadership roles, including Vice Chair of the Land Use Leadership Committee and Member of the Advisory Board of ULI (Urban Land Institute) Los Angeles, Board Member of the Central City Association of Los Angeles (CCA), Board Member of the UCLA Health System, and member of The Los Angeles Coalition for the Economy and Jobs (The L.A. Coalition). Mr. Keller previously held leadership roles as Chairman of Eimago (formerly Union Rescue Mission Foundation), Chairman of the Board of Directors at Seven Arrows Elementary School in Pacific Palisades, California, Board Member of the L.A. Streetcar Initiative (LASI), member of the stakeholders group board of the DTLA South Park Business Improvement District (BID), Board Member of Friends of Waterfront, Seattle, and Board Member of Friends of the LA River (FoLAR). Mr. Keller attended the California State Polytechnic University, Pomona.

Mr. McQueen is President of Tribune Real Estate Holdings, LLC, (“TREH”), the real estate subsidiary of Tribune Media (NYSE: TRCO). TREH is the ownership entity for Tribune Media’s 7.3 million square feet of owned real estate and is charged with maximizing the long term value of these assets. This portfolio includes large urban-infill redevelopment sites in locations such as Los Angeles, Chicago, Costa Mesa, and Florida where TREH is in the process of implementing various levels of entitlement, adaptive reuse, joint-venture structuring, and overall value creation. The Company also oversees Tribune Media’s diverse corporate real estate obligations as well as real estate aspects of the company’s M+A activity.

Acclaimed Hospitality Leader Stephane Lacroix has been appointed General Manager at upcoming Downtown LA Proper. Located in the heart of the Fashion District, DTLA Proper will boost 148 rooms & suites. The creative vision of Kelly Wearstler seamlessly blends past and present with compelling design, vintage influence and local art. Essentials include two destination restaurants led by James Beard Award-winning L.A. chef Suzanne Goin and Caroline Styne (Lucques, a.o.c., Tavern); an intimate library-lounge, a city-view rooftop pool and lounge-bar-restaurant. Especially Proper are two singular, one-of-a-kind suites fashioned from the basketball court and indoor pool of the building’s sporting club past. Stephane Lacroix joins Downtown LA Proper from the Forbes Travel Guide Five-star rated Waldorf Astoria Beverly Hills where he was most recently Executive Assistant Manager overseeing all Food & Beverage Operations as part of the Opening Team, launching the first West Coast property for the Waldorf Astoria brand. Lacroix was previously Executive Assistant Manager at Baccarat Hotel in New York City short after its launch in 2015, Director of Food & Beverage at The Beverly Hills Hotel & Hotel Bel-Air, both Dorchester Collection iconic properties in Los Angeles. After graduating from Tain L’Hermitage Hospitality School, Lacroix worked at the Hotel de Paris in Monte- Carlo, the Ritz Hotel in Paris and then came to the US in 1994 to work with Chef Jean-Louis Palladin at the Watergate Hotel in Washington, D.C.; He then opened the Bellagio Hotel in Las Vegas with Chef Michael Mina, spent 10 years at The Ritz-Carlton, San Francisco and came to New York City to run Gilt at The New York Palace, a Two-Michelin star and Wine Spectator Grand Award venue. Lacroix has contributed to multiple Food & Wine Events with Gourmet Magazine and appeared on the Independent Lodging Congress panel at its fourth annual gathering of the industry’s leading hospitality professionals in NYC. Stephane lives in Highland Park with Estelle, his wife. During his free time, he enjoys CrossFit, Yoga and long hikes on the beach with Jack their Australian Shepherd.

Dawn has nearly 25 years of experience in electrical engineering along with project and market development. As a key member of the management team, Dawn will spearhead PAE’s expansion in Los Angeles and throughout Southern California. She aims to strengthen PAE’s leadership in sustainable design alongside the mechanical, electrical, and plumbing engineering teams as well as the technology and lighting design teams. Dawn looks forward to being part of a collaborative team with the shared vision to creatively deliver energy efficient, cost effective, reliable, and flexible systems for buildings. As a prominent engineer in downtown L.A., Dawn has mentored teams and managed notable technical projects such as NFL Media, Time Warner Cable Regional Sports Center, and NBC Universal City Broadcast Center.

Justin is a Downtown Los Angeles (DTLA) market expert, with 11 years of experience in commercial real estate leasing and sales. As former Associate Director of Economic Development for the Downtown Center Business Improvement District and Central City Association and currently as Vice President of brokerage at Kennedy Wilson, Justin’s passion for a better DTLA is exemplified in his deep knowledge of the area’s history, strong relationships with local stakeholders, and track record of transactional success.CAREER HISTORYDuring his five-year tenure at the DCBID, Justin successfully recruited hundreds of retailers, developers, hotels, office tenants and residents to DTLA, while playing an active role in laying the political groundwork for DTLA’s renaissance. Notable recruits whose presence led to the explosion of growth seen in DTLA today include: City Target, Bottega Louie, Urth Caffé, and The Ace Hotel.Justin joined Kennedy Wilson in 2014 to spearhead its commercial brokerage platform in Downtown Los Angeles and is currently recognized as one of the area’s leading brokers. In that time, he and his partner, Lee Shapiro, have successfully completed over 590,000 square feet of retail, mixed-use, adaptive reuse, and creative office space transactions in DTLA. Given his boots-on-the-ground market expertise, Justin has also been engaged to represent numerous notable office tenants.In 2019 and 2020, the Los Angeles Business Journal named Justin one of L.A.’s 500 Most Influential People.

As the Downtown Los Angeles Alliance's Executive Director, Nicholas ‘Nick’ Griffin spearheads the organization’s efforts to attract new businesses, retailers, investors and residents to what has grown to become one of the nation’s most dynamic urban centers. Hailed the “next great American City,” by GQ Magazine, Downtown LA has experienced unprecedented growth over the past 16-years, in large part due to the efforts of the DTLA Alliance's economic development team. Prior to the DTLA Alliance, Nick spent more than 25 years in business development in the real estate, media/entertainment and technology industries. For the previous 10 years, Nick was a leading commercial leasing and sales broker in New York City, where he was responsible for more than $100M in transactions. Prior to his rise in real estate, Nick spent a decade as a marketing and sales executive in the creative media and technology industries. Nick is a graduate of UCLA and holds an MBA from Ohio State University.

James is an Executive Vice President located in Jones Lang LaSalle’s Los Angeles corporate office, where he focuses on tenant and landlord representation services in the Los Angeles area. James advises clients on a full range of real estate services including portfolio and leasing strategy, space acquisition, disposition and occupancy analysis, and cost savings strategies. James has a dynamic professional background that includes 25 years of experience in real estate brokerage leadership, agency leasing, tenant representation, corporate services, real estate development, and law. This breadth of experience allows James to provide clients with strategies that offer cost savings and value for a broad range of transactions such as leases, building and land acquisitions, and property dispositions. James returned to JLL after leading seven brokerage offices in the Los Angeles region for a global real estate services firm overseeing 90 real estate professionals James was responsible for business planning and client pursuit with individual brokers and brokerage teams, recruiting and training brokers, enhancing the office culture, and implementing company initiatives. Previously, he was the Vice President of Leasing for Brookfield Properties’ Downtown LA office portfolio, which consisted of 8.5 million square feet of Class A office buildings. At Brookfield, James developed and successfully implemented leasing strategies and marketing campaigns for Trophy assets including community, tenant and broker engagement events, building tours and presentations, and negotiating leases from initial proposal through execution. He began his real estate career with Catellus Development Corporation and was responsible for the marketing and leasing of Union Station in Los Angeles and the Mission Bay project in San Francisco. James is also a lawyer having practiced commercial litigation with Haight, Brown & Bonesteel.