New York developer Silverstein Properties is seeking to raise $1.5 billion for converting older offices to residential buildings.
The landlord, known for developing towers at the World Trade Center, is in talks with investors to kick-start what could be a “$10 billion-plus” opportunity, Chief Executive Officer Marty Burger said in an interview. The firm is exploring acquisitions of Manhattan office buildings that are facing growing vacancies or debt burdens. The effort could potentially expand to other areas of the US, such as Washington, D.C., Boston and the West Coast.
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