The 42-story tower is currently about 48% vacant. The 35-year-old office building's vacancy will grow as Wells Fargo continues to move its employees out.
26 replies (most recent on top)
@pay+1pfvvlND
The most successful conversions have been that of former hotel properties. Plumbing and electrical have been issues. Zoning and regulatory issues have been next. Much of the conversions have been in CA as they have pushed aside the regulatory issues.
It will eventually become a dr-g house.
@czk+1pfvvlND
rezoning/rearchitecting business to residential is evolving. There are a ton of issues -- including the rising interest rate.
In the meantime....
short rexr, slg, vno, xlre, invh, phm, len, kre.
or buy bnkd.
Some of the responses to this post are frightening. If these people ran things, we'd never have cars, computers, medical advancements, etc.
You're not capable of innovative, progressive thinking. You just revert to things the way they always have been.
BTW, at their inception, computers were supposed to lead to 4-day work weeks and remote work.
Change may be slow, but it inevitably happens. Dont believe me? Ask farriers and Xerox.
@gwq+1
Wow, what a bootlicking POS. Or is this Charlie drunk-posting again?
You're right, we'll all lose due to failed leadership. I'm close enough to retirement that I really don't give an S, but it's sad to see callous ivory tower fools destroying a company that many of us have worked long and hard to build. RTO will fail. It's already failed, and no amount of lipstick will fix that pig.
You won’t win but enjoy your useless fight. The only evolution will be 4-5 days a week in office. You won’t win 😜
Then demo them and move on. We don't need buggy whip factories anymore and as I said, they will ki-l cities if we don't get rid of them. Vacancy is doom for urban centers. Evolve or perish. Going back isn't an option and the harder the push it the harder it will fail.
Various European cities may have converted a few office buildings into apartments, but it has largely been a disaster, not up to code and it won't be happening here in the US on any large scale. And the office buildings converted in Europe are not huge skyscrapers the size of Wells One being discussed here.
Of course there is plumbing in these buildings but there is a HUGE difference with office plumbing and converting that to plumbing for individual apartments. It doesn't even make sense. We have to move on from this notion. It's just not going to happen.
This time next year, most corps will be tracking time in office for employees to ensure we aren't just coming and leaving after a few hours. 5 years from now, you will most likely be working with your most of your team in the same office- maybe teams split largely into two locations. I thought with the pandemic, corps would see how much more productive employees were working from home, largely because they were happier and less stressed and, most importantly because it was working. But the pandemic seemed to do the exact opposite! Even corps that had a large number of employees working remotely are bringing them into the office. I would love some good research on why this happened...
People think they will win for remote work against the corporations 🤣🤣🤣
You won’t win, the corporations will. They always win along with the elite 1 percenters. You either come in or be unemployed or at best underemployed. Your little remote only revolution is cute but won’t work 😂
"People do not want to work or live in cities anymore unless you are in your 20’s or woman child."
Maybe, but that isn't the point. People will go to where the jobs/money is as they have since the beginning of time. Some of you have to understand that remote work is OVER. Literally, every corp is bringing their workers back to the office. You think you don't like coming into an office, well how would you like being broke and unable to pay your rent or mortgage? That is what these big corporations are banking on. So if you work for a big corp, you don't really have a say in the matter. It's being played out in plain sight- they are literally letting go remote workers and closing the office buildings and moving all jobs to hub cities. You really think those people that are unemployed in non-hub cities won't come to a big hub city because they aren't in their "20s" anymore?
Maybe this time will bring forth a new revolution where people look outside of working for big corporations. Because they do NOT care what you want to do. They know the power is in your salary and you wanting to be employed.
Um, have you guys ever even been in a big building? They don't generally have floors without plumbing. Office workers gotta po-p too, and janitors often have deep sinks, and there's sometimes private office restrooms, break room sinks etc. These buildings have plumbing, lots of it. Would it take some remodeling or nontraditional arrangements? Sure. Various European cities has been doing it forever, I'm pretty sure we can pull it off. If not, just demo the building and rebuild. Going to an office downtown is dead and isn't coming back. It's over folks. Unless we want our cities to die also, we need to repurpose, and we need to do it ASAP. Waiting is doing nothing but prolonging the damage.
OP here.
"sneakily omits"? There's nothing to be sneaky about. This post is plain facts.
You must have reading comprehension issues or are part of overly sensitive exec team. Get real.
What "they" want to do isn't relevant. The problem is that we are creating a window of opportunity for disruptive competitors and once someone seizes that opportunity we are royally screwed. It's sorta like outsourcing in manufacturing. We can say we're gonna pay domestic workers $100/hr to build lawnmowers all we want, foreign competitors will just price us right out of the market and no one will buy the one that's 5x the cost. A reckoning is coming in traditional banking, and we are currently positioning ourselves to be one of its victims. We need to drastically reduce costs, and admin building are burning money on a scale that can never be justified.
Look, corposhilltroll is now an expert on CRE and construction.
People do not want to work or live in cities anymore unless you are in your 20’s or woman child.
These huge skyscrapers aren't going to be converted to residential buildings, let's be serious. It would be way too expensive and wouldn't make any sense. Even still, the majority of these buildings it's just impossible to convert.
This is why there is a push to return to office. I hate it as much as anyone else but not only will be all be back in the office, we will likely go back to 4-5 days in these "hub" cities. Why else do you think there is this push for location strategy? It's to get rid of remote workers and get everyone back in this commercial real estate.
@wkh+1pfvvlND One Wells was found to be unusually easy to convert to residential. It's literally the plan for the company that's taking over the space/loans
It’s not just plumbing. The building code is very different for residential space versus commercial space. When you add in mechanical (HVAC), electrical, and plumbing, converting commercial space to residential space is very expensive.
Op sneakily omits that wells does not own it
Adding plumbing would cost a lot less than building a new residential tower. Convert them all. Office space is a toxic asset and most of it needs to go.
Yes, it's expensive to convert. But it's more costly to have massive amounts of vacant CRE. There is a housing shortage and lots of vacant buildings.
Be part of the solution. Perhaps communal bathrooms and kitchens, like college dorms, make sense to help address homelessness.
Retrofitting office buildings to housing is cost prohibitive due to lack of plumbing, etc.
100% agree. Until we pivot, we're just delaying the inevitable. Clinging to the past solves nothing.
Cool. Rezone it as residential. Do it work all unnecessary corp buildings. Company saves money, employees wfh, urban living is more abundantly available. Everyone wins.
Wow.