Repositioning yesterday’s buildings: Investors retrofit existing assets to appeal to today’s changing workforce
When completed next fall, One Soho Square, in New York City’s booming Midtown South neighborhood, will provide cool, creative, class A office space in two existing historic buildings (161 Avenue of the Americas and 233 Spring St.) as well as three new penthouse levels. It will feature renovated, highly efficient floorplates; new elevators, building mechanical systems and restrooms; and it was designed to appeal to TAMI (technology, advertising, media and information) tenants.
Major retrofits and the repurposing of older buildings have become leading trends as urbanism and millennials drive upheaval.
As we begin 2015, we find the real estate industry in the throes of transformative change thanks to economic recovery and a fast-evolving workforce that continues to redefine corporate space requirements. For companies with ambitious recruiting and expansion plans — and for real estate owners, developers and investors faced with the pressing need to upgrade older holdin