Photo: Dusan Petkovic via Adobe Stock Office-to-Residential Conversions and the Risks Involved
Many current owners and developers have spotted an opportunity amidst the challenges the work-from-home paradigm shift has presented: the "office-to-residential conversions." However repurposing office buildings for residential use can be risky.
October 29, 2024 at 10:00 AM
9 minute read
Office building owners are grappling with significant challenges in the post-pandemic market, particularly in New York City. The widespread use of remote and hybrid work arrangements has significantly stalled the return-to-office efforts of office tenants and led to continually high office vacancy rates, which, according to the New York City Comptroller's Office, roughly doubled between early 2020 and mid-2024.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
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