Stuart Saft, who leads Holland & Knight's New York Real Estate Practice Group, recently authored a New York Law Journal
about the need to convert office buildings to residential use in order to absorb excess office capacity for current and future New Yorkers. In this article, Mr. Saft examines the adaptive reuse process and the changes that it has gone through. He explains that adaptive reuse does not mean that the entire building has to be redone. Office buildings can convert several floors of the office space into residential, hospitality, medical centers, charter schools and even homeless shelters.
Mr. Saft shared his experience and thoughts about New York's current excess office capacity issue and adaptive reuse, "I do not believe that we have seen the end of in-office work. In its 400-year history, New York has gone through numerous cycles and this is just another. Office work will return. We benefit from the company of others and certainly in the legal and business world, the synergy is real."
READ: Adaptive Reuse of Buildings: Turning Offices into Homes