This entry treats adaptive reuse from the institutional capital-deployment angle: significant capital deployed to acquire and convert obsolete commercial buildings, principally office, into residential or mixed-use at scale, often through funds or large development platforms, to earn returns...
Log in to followSomeone in a webinar said developers routinely spend six figures studying an office building before they've bought anything, and that most of those studies end with a no. I don't…
I manage stabilized apartments, and an owner group has asked me to take on a converted office building post-completion. Reading their construction-period documents to understand w…
Working through an offering memo where the sponsor isn't buying the building at all. They're buying the mortgage at roughly 55 cents on the dollar and describing the conversion as…
I've been reading through a few conversion funds and one of the decks has a project described as adaptive reuse where, as far as I can tell from the floor plan, the building stays…
I've been reading through announced office-to-residential projects and the ones that actually reached a closing almost all have some conversion-specific tax program, an abatement,…
Underwriting a 300,000 gsf 1970s tower being marketed for conversion. Sponsor's numbers, roughly: acquisition $60/gsf so $18M, hard costs $230/gsf so $69M, soft at 18 percent of h…
I'm walking a 1984 tower, 14 floors, 22,000 sf plates, and the distance from curtain wall to core is about 40 feet on the long elevation. Slab to slab is 12'8". Single central cor…