Office-to-Residential Conversion: 200 Park Avenue, New York

Deal value: $600 Million

Conversion of 200 Park Avenue, a 1.2 million SF Midtown office tower, into 800 luxury residential units, responding to shifting demand.

This conversion capitalizes on Manhattan's structural office-to-residential arbitrage opportunity, where office vacancy has reached 23.6% (102 million square feet vacant) while housing supply remains critically constrained. The $600M deployment targets a prime Midtown location with superior transit access and brand recognition, converting obsolete office stock into luxury residential units. The investment thesis reflects a fundamental shift from office-centric real estate to residential-focused urban development, enabled by supportive policy frameworks and attractive risk-adjusted returns in a supply-constrained housing market.