The transition became official on Monday, though it has been in the works for the past four months, Hochfelder says. "It was really just a deal that made sense for both of us," he tells GlobeSt.com. "I don't know that anything will necessarily change. I just have a very clear vision on the future of the company. We will continue to buy underperforming assets and continue to add value to our portfolio."

With more than seven million sf of Manhattan office space and over 300 employees, Max Capital has long been known as a major New York player, but Hochfelder says he plans to broaden the firm's geographic reach going forward. "I'm committed to buying properties in central business districts," Hochfelder tells Globest.com. "Obviously we've focused on New York but there are tremendous opportunities in CBDs around the country." He notes that the Northeast, Southeast and Midwest "will be three regions that will be focused on. We plan on being very active buyers of commercial property."

Hochfelder and Kalikow, who previously served as chairman, founded Max Capital in 1996 with a startup portfolio of roughly 2,000 residences. By leveraging relationships with RMB Realty Inc., Credit Suisse First Boston and JP Morgan Chase, and focusing exclusively on key Manhattan office properties, the partners built a portfolio that today includes the landmark 230 Park Ave., 237 Park Ave., 1440 Broadway, 450 W. 33rd St. and 350 Madison Ave.