Office to Residential conversion

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Quantum Pacific Snaps Up BGO’s 101 Greenwich Street for ‘More Than $100M’

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Office to resi; if it works is a wonderful concept. I think 5% of office buildings hit the mark. I’ve done two very small scale office to mixed-use redev. and Office to mixed use conversion. The change of use is where it get you.

The fast to do list I found is:

  1. Floorplate/windows
  2. parking (unless urban zoning)
  3. New code construction.
  4. Zoning/entitlements.
  5. Cost of the office (typically must be around land value)

They do make sense and if zoning overlays work, floor plate isn’t too big and egress makes sense, they are a wonderful way to have new residential at a much lower cost due to buildout and time/money savings. It also feels good not to knock down these buildings and provide a purposeful adaptive reuse.