Marty Burger’s post-Silverstein plans have faltered — after barely getting off the ground.
The former Silverstein Properties CEO in late February announced the launch of his new firm, Infinity Global Real Estate Partners, in partnership with Andrew Farkas’ merchant bank, Island Capital Group.
But that partnership is now off the table, according to several sources.
“While discussions were held, a final deal was never formalized, but Marty and Andrew have tremendous respect for each other,” a spokesperson for Infinity Global said.
Andrew Farkas did not respond to requests for comment.
Though Farkas is gone, Burger is trucking ahead with Infinity Global, according to the firm’s spokesperson.
“Infinity’s focus remains on building its three platforms: debt strategies, equity acquisitions and development,” the firm said in a statement.
The venture will also focus on office-to-residential conversions, according to its February announcement.
Infinity Global is Burger’s next step after Larry Silverstein replaced the longtime chief executive with his daughter Lisa Silverstein in October. At the time, a spokesperson for the firm said it was “parting ways” with Burger, as Silverstein Properties was “sharpening its focus on its core businesses as the company transitions to the next generation.”
Word in real estate circles was that Burger wanted to pursue some deals that other company leaders did not, a notion given credence by the firm’s statement about focusing on core businesses.
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Before the split, Burger had headed the office-to-residential conversion of FiDi’s 55 Broad, done in partnership with Nathan Berman.
The day of Infinity Global’s launch, Burger appeared on CNBC’s Squawk Box to discuss how residential reuse might address New York’s unused office space.
His take: “Vacant office space isn’t going to be solved by conversion to residential.”
This article has been updated to clarify that Marty Burger will continue to head Infinity Global absent the partnership with Andrew Farkas’ Island Capital Group.