New York, Washington, DC, and plenty of other cities are increasingly becoming home to office-to-residential conversions, according to RentCafe.
It's home"suite" home for Jack and Alexis Curran, new residents of the 55 Broad St. office-to-residential conversion -- one of many projects of its type taking shape around the nation.Some people live to work and others work to live. Now, there’s a brand new class of Americans who blend both of those worlds — and it’s growing.
Their favorite aspect of the home? Unlike the typical drab office space, this new unit floods with natural light, with Alexis adding, “It changes the whole mood of our day.”Commercial real estate firm CBRE reports there are currently 2.9 million square feet of office-to-residential conversions underway in NYC, compared to 3.1 million square feet of new-development and office renovations.
Office buildings have larger floorplates than residential construction, so accessing natural light in a conversion is a challenge. But Nancy Ruddy, of 55 Broad’s architecture firm CetraRuddy, said, “We can cut out courtyards from center shafts and take that square footage and put it on the top of the building or create wedding-cake setbacks.”The building’s perks are great, but Kemple notes the surrounding area is commercial — and she and her husband need a car for daily living.
However, the neighborhood is much less residential than they expected. “It feels very business-y here with offices everywhere and hotels across the street,” she said. The lucky 162 condominium owners get to live in this historic building with forever protected views of Lake Michigan and the Chicago River.Back in New York, similarly, it all traces back to one luxury building in particular: Macklowe Properties’ One Wall Street, which took eight years to complete.
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