NEW YORK CITY-Larry Silverstein, chairman and CEO of Silverstein Properties Inc., plans to relinquish the CEO chair later this year, the Wall Street Journal reported Monday. However, Silverstein, who turns 82 next month, intends to remain as chairman.
SPI’s current co-chief executive, Marty Burger, will take on the role of CEO when Silverstein gives it up, the WSJ reported. Burger joined SPI in 2010 as an EVP, and is now overseeing an expansion into overseas projects. The firm currently has a $10-billion development pipeline locally and abroad, not including the towers it’s building at the World Trade Center.
“More and more I walk into rooms filled with real-estate people, and I recognize less and less of them as the years go by,” Silverstein told the WSJ. “I’m not going to be as active in the daily functioning of the company as I once was.”
However, the 60-year CRE veteran made it clear that a reduced role doesn’t mean bowing out. “My attitude is, never stop,” Silverstein told the WSJ. A spokesman for SPI confirms the accuracy of the WSJ story.