A major commercial lender is accelerating its push to convert struggling New York office buildings into residential or mixed-use properties, despite recent challenges in the sector. The strategy follows a setback involving a high-profile deal with Pfizer, which abandoned plans to relocate its headquarters to a converted office tower. With demand for office space declining and vacancy rates rising, lenders are increasingly viewing conversions as a viable alternative to traditional office leasing. Industry analysts suggest the shift reflects broader market uncertainty and a growing emphasis on adaptive reuse in urban real estate.
News | Lender doubles down on New York office conversions after Pfizer setback CoStar
