Behind every billionaire there is a story!

Ask A Billionaire: David Azrieli

 David Azrieli, a Polish-born developer, fled Europe during WWII for then Palestine, where he studied architecture at the Technion-Israel Institute of Technology.He moved to Montreal in 1954 and, after earning a bachelor of arts from the University of Montreal, launched his career in design by borrowing money to build four duplexes in a Montreal suburb. He put his small profits toward another round of apartments and continued to build residences until he moved into the area that he is now known for: commercial development.

How have you responded to the downturn (either slowing down investments, buying new properties or ignoring them as short term)?

We are buying selectively. In the U.S., two new acquisitions were made in synergy to our current properties in the area. Briargate Office and Research Center located in Colorado Springs, Colo., comprising 250,000 square feet and adjacent to our 530,000-square-foot Palmer Center office building. Also, 3 Riverway Office Building located in Houston, Texas., which comprises 450,000 square feet and is adjacent to our One Riverway office building.

Which markets do you think will rebound the most quickly?

We are looking both in the U.S. and Canada for new investment in commercial revenue-producing properties. Our criteria are trophy buildings, “A” quality in central locations. All our acquisitions are made for a long term, and therefore temporarily fluctuations in markets are not a major concern for us.

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