Background

Rimkus experts were engaged by a large pension fund to assess options for repositioning a 1-million-square-foot tower in New York City. Our client needed accurate information to determine what to do with the asset: sell it, release it as is, tear it down and rebuild it, or undertake a full-scale renovation.

Services Provided

We performed a comprehensive technical analysis to fully assess the costs, risks, and timing of the various options. We then oversaw the entire development process for the chosen option—total renovation—replacing the building skin and adding seven floors to the structure.

By providing our client with a thorough and accurate understanding of the project costs and risks needed to make an informed decision, the end result was a building with the look and feel of a new, ground-up property for a fraction of the cost and time.