The Heinz Building Is a Class C Building

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Heinz was transparent about its plans to redevelop the building even before it had committed to purchasing it. Peter says actual leasing rates are becoming less of an issue. Landlords have kind of wised up to the reality that many tenants in their class C buildings are ultimately not going to be there in a handful of years.

Industry experts agree: Converting unused office towers to residential buildings is great in theory, but a moonshot to pull off. Despite the grab bag of obstacles that make these projects so difficult, the developer and office landlord Hines is getting in on the action. The Real Deal breaks down how Hines' Salt Lake City project pencils out and what it signals about the right building for the job.

Guests: Steven Paynter, studio director at Gensler's Toronto office; Dusty Harris, senior managing director of Hines' Utah and Oregon investment activity.