MHN Interview: Peter Febo of Taconic Investment Partners
By Josh Ayers, Senior Editor
Taconic Investment Partners is experiencing some pretty incredible growth. So incredible, in fact, that the 85-person company recently created a Chief Operating Officer position and appointed five-year company veteran Peter Febo to the post.
MHN was able to catch up with Febo, who is working ceaselessly to transition into his new role, which includes overseeing the implementation of the company’s business plans and being the go-to person for the company’s residential, commercial and retail components, while reporting directly to the company’s co-CEOs Charles Bendit and Paul Pariser.
What were your primary responsibilities at Taconic prior to your promotion to COO?
I joined Taconic in 2008 as Senior Vice President and am grateful for having the opportunity to grow with a company that I am so passionate about. In a nutshell, as senior vice president I managed all of our commercial and residential assets, new construction and development projects, and Taconic Management Company, which is our property management and leasing subsidiary.
What were some of the reasons Taconic decided to create the COO position?
It was a long-planned decision. Paul Pariser and Charles Bendit have grown the organization strategically from day one. As we take on new and exciting projects and expand our team, Taconic continues to evolve thoughtfully and the introduction of the COO position is a reflection of that.
Can you name one or two of your greatest accomplishments while working with Taconic besides being promoted to the newly created COO position?
I am proud of my role in launching the residential division of Taconic Management Company, which, before 2006, only handled commercial assets. For me, it is satisfying to see how much our capabilities have expanded, that and it was exciting to launch a new brand and create a platform that we continue to build upon today.
The process of repositioning and leasing the BankNote Building has been especially rewarding for me. We acquired the property at the pinnacle of the economic downtown and now, after three years of hard work, it’s over 92 percent occupied and we’re completing a $25 million tenant fit-out. The BankNote was envisioned as a bellwether for change for the Hunt’s Point area of the Bronx and we’ve been able to bring new jobs to the area and attract highly impactful tenants like Urban Health Plan Inc.
Can you explain some of the factors involved that has allowed Taconic to experience such stable growth?
Much of our success can be attributed to the close and loyal team here at Taconic, with many of the firm’s first employees still here. Since Paul and Charles launched the company, we have repositioned over 12 million square feet of real estate, have grown to nearly 100 employees, and have begun working on what some consider to be our most significant projects to date. We are looking forward to the next chapter.
What are some of Taconic’s current projects and how does the company plan to continue its growth in the future?
We are currently developing 837 Washington Street, a 55,000-square-foot office and retail building located in the Meatpacking District, as well as The Sterling Mason, a boutique luxury condominium in Tribeca located at 71 Laight Street. Additionally, we are rezoning 525 West 52nd Street for residential development, and, as I previously touched upon, we are also working on a joint venture with L +M Development Partners, BFC Partners and The Prusik Group to develop Essex Crossing, a 1.65 million-square-foot mixed-use project that will transform a major section of the Lower East Side.
Anything else you would like to add?
We recently hired Andrew Schwartz as a senior associate and are very excited to have him on board. He will be responsible for asset management, construction, and development projects in his new role, as well as project management, design development, and portfolio strategy. He is an excellent addition to the team.Tags: 525 West 52nd Street, Development, Essex Crossing, MHN interview, new york, Peter Febo, Taconic Investment Partners, The Bronx, The Sterling Mason