CONVERTING A VACANT OFFICE BUILDING THROUGH AN UNCONVENTIONAL MIX OF USES

This former 450,000-square-foot office tower, standing 31 stories tall, in Manhattan's vibrant Midtown East neighborhood was converted by JEMB Realty into a showcase Courtyard Marriott Hotel also incorporating office and retail use. This first Courtyard Marriott Hotel in New York City offers 312 rooms and suites spread over 18 floors, meeting space and a complete catering menu. In addition, JEMB created a second entrance to accommodate the world-class Memorial Sloan Kettering facility, owners of the office portion of the building. This sought-after location has proven to be a widely-popular destination among business travelers and tourists.

This repositioning demonstrates how the creative use of a property can add unrealized value.

• TypeAsset Repositioning