Browsing: Building Repositioning
With a robust network of over 4,700 construction professionals, the STO Building Group is rich with experts spanning all facets of the construction industry. That means local project teams can readily access that companywide expertise and experience for the benefit of their clients and projects. Here, we highlight just a few of these experts and their areas of specialization.
Focused on improvements to the street front, roof, office floors, and building systems, “Midlife Metamorphosis” is a series of ideas to reposition aging properties to make them a smarter investment.
The owners of 64 New York City office buildings are interested in converting their properties into housing, according to new data from the Department of City Planning.
Massachusetts Gov. Maura Healey recently launched a program to help cities across the state identify underused office buildings that are best suited for residential conversions.
Restoring a historic building can present a unique set of challenges. Design requirements, existing conditions, and entitlements can all complicate the process. An experienced team is key to the success of the project. Pavarini McGovern and our sister companies in the STO Building Group have been fortunate to work on several historic NYC buildings, including Lever House, MetLife Building, 100 Vandam, the Barbizon Hotel, and the Irish Arts Center, to name only a few.
Built in 1914, the Lord & Taylor Building in Manhattan served as the retail giant’s flagship store for over a century and helped shape the city’s identity, including introducing Fifth Avenue as a premier shopping destination. In March 2020, Amazon purchased this landmark, transforming the department store (along with the neighboring Dreicer Building), into a modern, dynamic workplace for more than 2,000 employees. This new tech hub is known as “Hank.”
When times are tough, everyone needs a little help. And times have indeed been tough on owners of commercial real estate for the past few years. With COVID changing how and where people work, the demand for office space has declined, leaving most cities with an oversupply of commercial office buildings.
With more than 25% of the country’s office stock projected to become obsolete by 2030, how is an international commercial hub like New York City adapting? Join STOBG’s SVP of Building Repositioning, Brooks McDaniel as he discusses the city’s trend towards residential conversion with commercial design leader and managing partner at MdeAS, Dan Shannon.
The office market has slowed but the demand for more urban housing only continues to rise. A possible solution? Converting office to residential. In a recent episode of STO Building Group’s Building Conversations podcast, Brooks McDaniel, STOBG’s senior vice president of building repositioning, speaks with Dan Shannon, commercial design leader and managing partner at architecture firm MdeAS, about the wave of office to residential conversions in New York City. Here is an excerpt of their conversation.
With thousands of years of activity, the streets of London, England are lined with historic buildings that have marked the skyline for decades—sometimes centuries. A stroll down these same streets with the Structure Tone team would showcase how many buildings today are currently being repositioned—that is, sensitively and respectfully transformed into properties that are more appealing to the modern tenant and environmentally sustainable.