Silverstein CFO Hired As CEO Of New Jersey Development Firm
Katie Kurtz is trading in glassy Manhattan skyscrapers for squat New Jersey commercial buildings.
Kurtz, who has been the chief financial officer and co-chief investment officer at Silverstein Properties since 2021, was named CEO at Denholtz Properties, a Red Bank, New Jersey-based firm that develops suburban apartments, offices and industrial buildings.
Steven Denholtz, the developer's longtime CEO who has been with the company since 1983, will take the role of chairman, while his longtime partner, Stephen Cassidy, will shift from president to managing partner.
“It has been my honor to lead Denholtz Properties through our evolution over the past four decades,” Denholtz said in a statement. “As we look to the future, we are confident that Katie's extensive experience and leadership will guide us in building upon our legacy while seizing new opportunities for sustained growth.”
Denholtz Properties, which also has a regional headquarters in Orlando, has a $2B portfolio that ranges from an under-construction apartment building in Charlotte to a 49-acre medical office campus in Chappaqua in Westchester County, New York. Its portfolio includes holdings in New Jersey, New York, Pennsylvania, Georgia, Texas, Florida and Tennessee.
The firm's outgoing CEO was given the NAIOP New Jersey lifetime achievement award this year. The portfolio he built up is starkly different than Kurtz's last employer, where she was in charge of managing the finances of the World Trade Center complex among other billion-dollar projects. Before joining Silverstein, she had stints at AR Global and The Carlyle Group.
But Denholtz and Silverstein do overlap in some regards: They are multigenerational family businesses and have expanded their companies into new states and business lines, including setting up debt funds.
Denholtz launched a $100M rescue capital fund earlier this year, and Silverstein Capital Partners has raised $5B since its 2018 inception while positioning the firm to take over major projects such as the Brooklyn Tower and the $1B Avenue Bellevue near Seattle.
“Over the past several years, Denholtz Properties’ strategic expansion into new markets has driven significant growth in its assets under management,” Kurtz said in an emailed statement. “The current market presents substantial opportunities to further expand the reach, size and diversity of our portfolio while strengthening our capital base.”
