EastBanc Inc. is known today as an international company run by an international family. But the real estate company had a rocky start.
Austrian native Anthony Lanier started EastBanc in the District on Oct. 19, 1987, a day dubbed Black Monday for its catastrophic stock market crash. And while Lanier planned on investing in real estate, he turned to technology while the D.C. market struggled to gain footing, investing in small startups during the early 1990s tech boom.
But by 1997, Lanier saw signs of a rising D.C. real estate market and was ready to act. He saw opportunity outside his doorstep in Georgetown and began buying and repositioning individual retail properties with the support of German capital. By the end of the decade, the company had more than $500 million in ownership and construction at a time other developers were still hesitant, Lanier says.
That decision has proven to be one of the most defining for EastBanc. Today, the company’s nearly 50 Georgetown assets have…Read the full story from the Washington Business Journal.