44: Rebuilding the World Trade Center, with Tal Kerret
Mar 10, 2025
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Tal Kerret, President of Silverstein Properties, shares insights from overseeing the rebuilding of the World Trade Center, a project steeped in logistical challenges and emotional significance. He discusses transitioning from tech to real estate, emphasizing innovation and risk management. Tal explores the vital role of team dynamics and company culture, likening hiring to a balanced basketball team. He also provides a unique Israeli perspective on American society, touching on cultural nuances that drive collaboration and leadership in business.
Tal Kerret highlights the logistical complexities of reconstructing the World Trade Center, underscoring the meticulous planning required for such monumental projects.
The rebuilding process post-9/11 reflects Silverstein Properties' commitment to honoring victims while revitalizing the area and fostering community resilience.
Transitioning from tech to real estate, Tal emphasizes the importance of adaptability and strong culture in driving successful innovation and collective success.
Deep dives
Overview of Silverstein Properties
Silverstein Properties, a family-owned real estate company, has grown significantly since its inception 68 years ago. Originally founded by Larry Silverstein, the company shifted from brokering to owning and managing real estate, starting with a crowdfunding deal. Today, it manages an impressive portfolio of over 45 million square feet of commercial and residential spaces valued at more than $18 billion. Their focus on high-quality, sustainable developments extends across the U.S., including high-profile projects like the World Trade Center.
Challenges of Building in New York
Constructing large-scale buildings in New York presents unique complexities, particularly when it comes to logistics. Building tall structures, such as those at the World Trade Center, exponentially increases the challenges related to materials transportation and project management. The logistical intricacies involved in organizing materials for heights of 100 stories or more highlight the need for meticulous planning and execution. Failure to maintain tight control over construction processes can lead to significant delays and unforeseen complications.
Lessons from 9/11 and Commitment to Rebuild
The events of 9/11 profoundly impacted Silverstein Properties, as the company had just acquired the World Trade Center days before the attacks. This tragedy fueled a commitment to rebuild, driven by a sense of responsibility to the families affected and the city of New York. Rebuilding involved navigating legal and political challenges, with a focus on creating a vibrant space that honors the memory of those lost while revitalizing the area. Today, the World Trade Center stands as a symbol of resilience, attracting millions of visitors and redefining urban life in New York.
Investing in Quality and Community
Silverstein Properties prioritizes quality in its developments, aiming to create long-lasting buildings that serve the community. The company's focus on sustainability includes constructing green buildings equipped with advanced air filtration systems. This commitment to quality extends beyond the physical structures; it includes fostering a sense of community by attracting reputable tenants. By carefully selecting companies that align with their values, Silverstein Properties cultivates a strong, successful environment that benefits everyone involved.
The Entrepreneurial Mindset in Real Estate
Transitioning from the tech industry to real estate, Tal Carrot leverages his experiences to foster innovation within Silverstein Properties. He highlights the importance of adaptability, emphasizing that speed often trumps perfection in a startup environment. Carrot encourages a culture that supports open communication, collaboration, and personal growth among team members. Additionally, he stresses the significance of surrounding oneself with the right people, as a strong culture can drive collective success and position the company favorably in a competitive market.
Tal Kerret is the President of Silverstein Properties, the company behind the historic rebuilding of the World Trade Center in New York City, and on the board of directors of Fundrise.
Tal provides an in-depth look into the challenges and triumphs associated with redeveloping this iconic site, emphasizing its immense logistical complexity, symbolic importance, and economic impact. He shares his journey from the tech industry into real estate, discussing lessons learned about innovation, risk management, and leadership. Tal also highlights the crucial role of supportive board dynamics and culture in business success, reflecting on personal experiences in venture capital and entrepreneurship. This conversation offers valuable insights into building enduring projects and resilient teams.
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For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast.
Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com.
Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada.
About Fundrise
With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.
Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s).
Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.
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