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NYC: New Life for Tired Offices

National Office

One booming trend in cities with lots of old office stock is conversion to residential use, since office tenants want buildings with open floor plans, that are energy efficient, and fully wired, says EisnerAmper partner Ken Weissenberg, who'll be speaking at Bisnow's Office Leasing & Development Expo (BOLD). This week, Ken's client Harry Macklowe announced a plan to convert Lower Manhattan's 1.25M SF One Wall St into a mixed-use condo building; Ken says Harry, who expects plenty of buyers, estimates Lower Manhattan population will grow from 60,000 to 125,000 in the next five years. (People are going to have to start living in the Statue of Liberty's crown.)