Repositioning a real estate asset has one ultimate goal: to achieve a robust return on investment. But the improvements can also create an opportunity for the investor to adapt to new trends or space requirements from potential tenants. Midtown Manhattan’s 370 Lexington Avenue (370 Lex) – the Class A, 27-story, 311,000-square-foot art-deco office tower – presented just such an investment opportunity for Broad Street Development, which renewed its involvement in the office property after ten years away.
It’s been a much needed return, accompanied by updates and a smart new direction that has made the property an enticing option for a new breed of office tenants.