Lisa Silverstein is leading Silverstein Properties through a key moment in its history. On July 7, she attended the new of the 2 World Trade Center, a 2 million-square-foot tower that will serve as the new global headquarters for American Express. The project marks the final office tower at the rebuilt World Trade Center complex, a legacy her father, Larry Silverstein, began 25 years ago after the September 11, 2001, attacks.
Silverstein, who took over as CEO in 2023, has spent decades working through the challenges of large-scale development. She described the new as “an important moment,” but she’s not one for prolonged ceremonies. “I ran out of that tent as fast as I could,” she told reporters.
Diversifying Beyond New York’s Skyline
The completion of 2 World Trade Center is a milestone, but Silverstein’s focus has shifted beyond Manhattan. The company is expanding through Cantor Silverstein Opportunity Zone Trust, which has raised $1.1 billion since 2022, and Silverstein Capital Partners (SCP), a lending arm. These efforts reflect a broader strategy to diversify beyond New York, though the city remains the foundation of the business.
Silverstein’s path to leadership wasn’t straightforward. She initially resisted joining the family business, preferring journalism or law. Her father, however, convinced her to attend meetings, exposing her to the complexities of real estate development. “I thought this work was boring,” she said. “But he urged me to come sit in on meetings. He was actually very smart.”
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Her involvement in the company deepened on September 11, 2001, when she was present during the attacks. The experience shaped her perspective on resilience. “It was years of grinding away at a lot of politics, financial issues, legal issues — terrible issues — but he really believed in it. No matter how difficult it got, he didn’t let anything sway him,” she recalled.
Silverstein’s leadership style differs from her father’s in one key way: she’s expanding the company’s reach beyond New York. While Larry Silverstein focused primarily on the World Trade Center, Lisa has pushed for diversification. “He’s very New York-centric, and I have broader, more expansive views,” she explained. This shift includes developing projects in markets like Los Angeles, where the U.S. Bank Tower has attracted tenants like McKinsey and KPMG despite a challenging market.
Cautious Growth in a High-Cost Market
Silverstein’s approach to development is cautious. With a fiduciary responsibility to investors who trust us with our execution and underwriting, she is not someone who’s comfortable running after 100 rabbits, and she felt like that’s where they were, all over the place. It’s not that they contracted at all, but rather a focus on risk-adjusted returns and quality deals.
One of the biggest hurdles she faces is rising construction costs. She cited 5 World Trade Center, a residential tower that was paused earlier this year due to escalating expenses. “Construction costs went up over 50 percent,” she noted. “That’s probably the No. 1 inhibitor of why things aren’t happening.”
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The transition from her father’s leadership was smoother than expected. “It was actually a very smooth transition,” she said, because she had already taken on significant responsibilities. She described the handoff as “continuity and evolution,” emphasizing that while strategies may change, the company’s core values remain the same. “He’s going to stay in his shoes forever,” she added. “I don’t think of it as stepping into his shoes.”
Family, Legacy, and Unexpected Passions
Silverstein’s personal life reflects her professional balance. She lives in the same building as her father, who remains chairman and her most trusted adviser. “We live in the same building,” she said. “When I lived in Westchester, I wanted him to buy a farm on the water. So he calls the building here his vertical farm.”
Beyond real estate, Silverstein has pursued creative passions. She is a published children’s book author and co-founder of Talisa, a successful jewelry brand with her husband, and Silverstein’s president — Tal Kerret. She has also written a 50-book series inspired by her travels with her children. “I traveled a lot with my kids when they were younger,” she explained. “One of my kids said, ‘Why don’t you do something with those?’ So I decided to write the series because my youngest son never walked, he just ran.”
