Marty Burger Out As Silverstein Properties CEO

Silverstein Properties, the New York-centric developer and owner best known for its redevelopment of Manhattan’s World Trade Center, is shaking up its leadership.

After nearly a decade as CEO, Marty Burger has been relieved of his duties and replaced in the top job by Lisa Silverstein, daughter of the company’s chairman and founder, Larry Silverstein.

The Wall Street Journal first reported the change in management, which came as a surprise to many at the firm. Burger had been at the company since 2009 and was co-CEO with Larry Silverstein in 2011. He became sole CEO in 2014.

“Silverstein Properties is sharpening its focus on its core businesses as the company transitions to the next generation,” Silverstein Properties spokesperson Dara McQuillan told Bisnow in an emailed statement. “As part of that transition, the company is parting ways with Marty Burger. Lisa Silverstein will be stepping in as the company’s new CEO.

“Marty has been a key member of the company’s leadership team for over a decade, and the company thanks him for his dedication and friendship. Silverstein Properties is poised to move forward with a strong and talented team with tremendous resources. We wish Marty great success in his future endeavors, and will support him as he takes the next steps in his career.”

Burger told Bisnow in a statement through a spokesperson that he and the company agreed on the terms of his exit.

“The opportunity to develop and grow the Silverstein platform and to build this great team over the last 14 years has been an honor. I’m proud of what we have accomplished,” Burger said in the statement. “I am eager to pursue some exciting new opportunities and look forward to having more to say in the near future. I wish Larry, the family, and all the staff the best, and thank them for their support.”

Lisa Silverstein has been at the company for 28 years, per the WSJ, and most recently held the position of vice chairman. She is the youngest of Larry Silverstein’s three children.

Her father famously signed a ground lease to take control of the World Trade Center site in Lower Manhattan months before the 9/11 terrorist attacks, and the firm has led the redevelopment of the area, delivering glassy office towers 7, 4 and 3 World Trade Center.

Silverstein owns 10M SF of office space in New York City, as well as residential properties and hotels elsewhere in the country. Within the last few years, it launched its first projects in Philadelphia, Seattle and Florida.

But Silverstein's recent focus in NYC has featured more housing and entertainment than office.

The firm got the signoff from Gov. Kathy Hochul to develop 5 World Trade Center, the long-stalled residential component in Lower Manhattan, and has plans to convert Financial District office property 55 Broad St. into residential apartments with joint venture partner Nathan Berman's Metro Loft Management.

Last year, Silverstein Properties also threw its hat into the ring for one of the few casino licenses that the state is expected to issue to New York City developers.

UPDATE, OCT. 26, 5:50 P.M. ET: This story has been updated to include a statement from Burger.