Podcast | Adaptive Spaces

Second Chance: Conversions give new life to old office buildings

January 10, 2023 37 Minute Listen

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Many people are eyeing outdated office buildings as a way to address the housing shortage. But office-to-apartment conversions can be tricky. Victrix’s Anoop Davé and Tim Gordon, along with CBRE’s Steve Timmel, discuss how they are making conversions work.

Second Chance: Conversions give new life to old office buildings

January 10, 2023 37 Minute Listen

Key Takeaways

  1. Interest in converting older office buildings to other uses is rising.
  2. Office-to-multifamily conversions are the most common but hotels, life sciences and mixed use conversions are drawing interest, too.
  3. Conversions can be very expensive and require quick and thorough due diligence.
  4. Adaptive reuse can eliminate functionally obsolete office stock, add needed housing and contribute to reimagined city centers.

Guests

Photo of Anoop Davé

Anoop Davé

CEO, Victrix LLC

Anoop and Tim Gordon are the founders of Victrix Investments LLC. They have converted large office buildings into apartments and have over 1 million sq. ft. of projects under development currently. They see an opportunity to revitalize cities and neighborhoods by turning vacant office buildings into much-needed housing.

Photo of Tim Gordon

Tim Gordon

President, Victrix LLC

Tim and Anoop Davé are the founders of Victrix Investments LLC. They have converted large office buildings into apartments and have over 1 million sq. ft. of projects under development currently. They see an opportunity to revitalize cities and neighborhoods by turning vacant office buildings into much-needed housing.

Photo of Steven Timmel

Steven Timmel

Senior Vice President

Steve has completed transactions totaling more than $3 billion and 40 million square feet. He specializes in the sale and marketing of income-producing investment properties including office buildings, retail centers and industrial properties on behalf of national institutions, regional developers and local investors.

Host

Photo of Spencer Levy

Spencer Levy

Global Client Strategist & Senior Economic Advisor, CBRE

Spencer Levy is Global Client Strategist and Senior Economic Advisor for CBRE, the largest commercial real estate services firm in the world. In this role, he focuses on client engagement and public-facing activities, including thought leadership work performed in conjunction with CBRE Research. He also serves as Co-Chair of the Real Estate Roundtable’s Research Committee.

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