Anthony Westreich is a longtime real estate executive who guides Monday Properties as CEO and chairman. The firm has extensive commercial property holdings spanning New York and Washington, D.C. Speaking recently with Real Estate Finance and Investment, Anthony Westreich emphasized that the firm has been undertaking New York sales such as the $1.2 billion office tower 230 Park Avenue as part of an overall strategy of value creation.
Mr. Westreich is still fairly skeptical about New York values, which have resulted in the firm being positioned as a net seller in that market for three years running. At the same time as New York office divestments have continued, Monday Properties maintains an extensive portfolio of greater Washington, D.C., properties.
The firm is closely watching the Washington, D.C., market for recovery signs that will signal a new acquisition trend. Mr. Westreich is convinced that the next several quarters will reflect the effects of the area’s net population growth and absorption, and see significant leasing market improvements. At the same time, a large amount of debt tied to commercial mortgage-backed securities will mature in 2016 and 2017, which will create vital investment partnership opportunities.