NEW YORK, March 7, 2019 /PRNewswire/ — Cantor Fitzgerald, L.P., a leading global financial services firm and real estate investment company, and Silverstein Properties, a full-service real estate
development, investment and management company, today announced that they have entered into a joint venture focused on acquiring and developing real estate projects located in Opportunity
Zones, as defined in the 2017 Tax Cuts and Jobs Act.
The recently introduced federal Opportunity Zone program offers tax deferral and relief for certain investments made in designated, qualifed areas, primarily low-income communities. More than $6
trillion of potential capital gains are eligible for reinvestment in Opportunity Zones, according to the bi-partisan Economic Innovation Group[1]. Additionally, the Treasury Department predicts that this program will result in more than $100 billion in capital investment[2].
“We are thrilled to announce this partnership with Larry Silverstein and the outstanding company he has built. We have a unique, long-standing connection with Silverstein Properties and a shared commitment to investing in communities and improving lives,” said Howard Lutnick, Chairman and CEO of Cantor Fitzgerald, L.P. “Silverstein Properties is one of the country’s leading developers, and
this joint venture enables us to quickly grow our Opportunity Zone investments to the benefit of the local communities.”
Cantor Fitzgerald and Silverstein Properties have significant collective experience across all aspects of commercial real estate including acquisition, development, asset management, underwriting
and leasing as well as financial and market analysis. This experience is critical in developing a successful Opportunity Zone strategy. The joint venture targets investments in Opportunity Zones
with third-party developers, as well as large-scale projects where Silverstein Properties is the developer. Such investments may include retail, office, industrial, hospitality and multifamily developments located in Opportunity Zones in major metropolitan markets.
Marty Burger, CEO of Silverstein Properties, added, “We look forward to working closely with Howard Lutnick and the greater Cantor Fitzgerald organization. The Opportunity Zone Program enables our businesses to partner together to continue directing capital to areas in need on a much larger scale. Cantor Fitzgerald’s national reach will bring a local market knowledge and breadth that complements our expertise in real estate development and management as we build our Opportunity Zone investment portfolio together.”
Cantor Fitzgerald was founded by Bernie Cantor in 1945 and has been led by Howard Lutnick since
1996, while Larry Silverstein began his real estate career in 1957. These long-tenured leaders have
worked closely together over the years as they’ve grown their businesses. Notably, the two
rms
share a historical connection to the tragic events at the World Trade Center and the two leaders played central roles in the recovery that followed. This joint venture is a natural extension of the companies’ shared history, as it underscores both firms’ long-standing commitment to rebuilding.
About Cantor Fitzgerald, L.P.
Cantor Fitzgerald, L.P., with over 12,000 employees, is a leading global financial services group at the forefront of financial and technological innovation and has been a proven and resilient leader for over 75 years. Cantor Fitzgerald & Co. is a preeminent investment bank serving more than 5,000 institutional clients around the world, recognized for its strengths in fixed income and equity capital markets, investment banking, prime brokerage, and commercial real estate and for its global distribution platform. Cantor Fitzgerald & Co. is one of the 24 primary dealers authorized to transact business with the Federal Reserve Bank of New York. For more information, please visit: www.cantor.com.
About Silverstein Properties
Silverstein Properties is a privately held, full-service real estate development, investment and
management firm based in New York founded by Larry Silverstein. Silverstein Properties has developed, owned and managed more than 40 million square feet of commercial, residential, retail and hotel space. Recent projects include 7 World Trade Center, the first LEED-certified of office tower in New York City (2006), 4 World Trade Center (2013), the Four Seasons Downtown (2016), One West End (2017) and 3 World Trade Center (2018).
The company has been recognized as one of the “Best Places to Work in New York City” by Crain’s
New York Business for eight years in a row. For further information on Silverstein Properties, please
visit: www.silversteinproperties.com or http://www.wtc.com.
[1] Economic Innovation Group: https://eig.org/news/opportunity-zones-tapping-6-trillion-market
[2] The Hill: https://thehill.com/hilltv/rising/408980-mnuchin-predicts-100b-in-cap-investment-from-new-opportunity-zones
SOURCE Cantor Fitzgerald, L.P.
Related Links
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