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office component, lease-up challenges would be much less significant, and the risk diversification may make the project more attractive for additional financing.

Another suburban office repurpose example highlights the possibilities for suburban office product set on larger plots of land. In Aberdeen, MD, about 30 miles outside of Baltimore, a fully vacant, 120,000 sf office building is set to be transformed. Much like Uptown ATX, the excess land will primarily be leveraged to create more than 500 multifamily units spread across multiple phases based on proposals with the city. The existing office building is set to be converted into a self storage facility.

• Tap-into Creative Mixed-Use Options: Suburban office campuses with large floorplates offer ample redevelopment

opportunities as well. Brandywine Realty Trust’s project for IBM’s Broadmoor campus in Austin, Texas offers an example of a suburban office conversion reimagined into a large mixed use project by utilizing the space above the property’s existing parking structure. The REIT purchased the campus in 2015, with plans to remake the early 1990s assets, calling the project Uptown ATX and capitalizing on the location adjacent to the Domain in North Austin. The first phase, which involves developing new office space along with multifamily, will remain adjacent to the existing IBM facilities until those offices are either converted or repositioned. 24

801 Long Dr Aberdeen MD, Photo credit: Costar Group

Uptown ATX, Photo credit: Costar Group

24 https://www.brandywinerealty.com/uptown-atx

32 | OBSOLESCENCE EQUALS OPPORTUNITY