Repositioning appears to be wisely popular. It is recycling whole buildings via remodeling/renovating and often on a very grand scale. Here are some highlights from an article/promotion by Gary Helminski, AIA, Executive Managing Director, Cassidy Turley:
Research suggests the vision for the office building of the future in North America is no longer a new building. Of the estimated 4.6 billion square feet (sf) of office space, nearly 70%, or 3.1 billion sf, is at least 20 years old. Many of these buildings are undergoing “repositioning” and renovation in order to remain competitive in the marketplace.
... Repositioning is popular with owners because it’s easier to upgrade a building in many U.S. cities than to tear it down and rebuild. Repositioning offers a combination of higher rents and lower operating costs that’s hard to beat. It’s also inherently sustainable.
The practice has taken hold across the U.S. and in Europe and Japan. Wherever there’s an established urban context with good buildings, there are owners wondering how to make them better.