Case Study: Welltower – 120 Broadway, New York, NY

Turning Demolition into Opportunity: How Welltower Leased 120 Broadway Faster and Smarter with BeyondView

Introduction

In the high-stakes world of commercial real estate, timing is everything. Delays can translate directly into lost revenue, and missed opportunities can impact long-term profitability.

Welltower Inc. (NYSE: WELL) is a leading real estate investment trust (REIT) known for its innovative approach to healthcare infrastructure. With a portfolio of over 1,800 properties across the U.S., Canada, and the U.K., Welltower is committed to innovation, sustainability, and data-driven decision-making. In competitive urban environments like New York City, their ability to adapt quickly and execute strategically is crucial. The 120 Broadway project exemplifies Welltower’s use of cutting-edge technology to unlock value and accelerate performance by leveraging BeyondView’s digital twin platform to overcome the hurdles of marketing a space undergoing demolition, ultimately accelerating leasing, reducing capital risk, and enhancing tenant engagement. This case study offers valuable insights for real estate professionals across healthcare, industrial, office, and residential sectors looking to optimize their leasing strategies.

Project Overview

  • Client: Welltower Inc.
  • Sector: Healthcare Real Estate Investment Trust (REIT)
  • Project Location: 120 Broadway, New York, NY
  • Asset Type: Medical Office / Mixed-Use

The Challenge: Leasing During Demolition

The 120 Broadway project involved repositioning a medical suite to attract high-quality healthcare tenants. However, the project’s timeline presented a significant obstacle: the suite was undergoing demolition during the crucial leasing period. This meant the space was stripped down, noisy, and filled with construction debris – far from the inviting environment needed to attract potential tenants. This created several obstacles:

  • Lack of Marketing Visuals: The unappealing state of the space hindered the creation of effective marketing materials.
  • Delayed Engagement: Brokers struggled to generate interest without a presentable space.
  • Capital Investment Risk: Redevelopment required investment, but validating market response to proposed layouts was impossible beforehand.
  • Lost Revenue Due to Vacancy: Vacancy meant missed income and extended holding costs.

In New York City’s competitive market, where healthcare tenants demand accessibility and modern spaces, the inability to showcase a finished suite was a major barrier.

BeyondView: Transforming the Impossible into Reality

Welltower addressed these challenges by using BeyondView’s digital twin platform to create a virtual whitebox version of the space. This enabled immediate leasing and marketing, even during demolition.

How BeyondView Delivered:

  • Visualized a Move-In Ready Space: BeyondView built a photorealistic 3D model from floorplans, eliminating demolition signs.
  • Enabled Early Marketing: Leasing teams launched broker outreach and engaged tenant prospects weeks ahead of buildout.
  • Accessible From Anywhere: The cloud-hosted, mobile-optimized model allowed remote viewing for brokers, managers, and tenants.
  • Flexible Future Scenarios: The platform allowed modeling of layouts without additional modeling or photography.

Beyond Traditional Marketing: Expanded Insights and Collaboration

BeyondView’s solution improved:

  • Cross-Team Coordination: Asset managers, designers, and leasing teams aligned on space use, improving efficiency.
  • Data-Driven Decisions: Leadership visualized scenarios and gathered tenant feedback for smarter CapEx decisions.
  • Agile Design Revisions: Tenant feedback led to pre-construction design adjustments, saving on potential rework.
  • Improved Capital Planning: By visualizing the digital twin internally, Welltower’s leadership was able to more accurately determine where to invest capital and which features were most important to prospective tenants.

Results & Measurable Impact

  • Faster Market Entry: Leasing began during demolition.
  • Reduced Capital Risk: Virtual test-fits validated tenant demand.
  • Increased Engagement: Brokers reported better lead quality with BeyondView tours.
  • Improved Tenant Experience: Prospects explored the space confidently, even unseen.
  • Unified Workflows: BeyondView became the “single source of visual truth.”

Experience the Digital Whitebox

Strategic Takeaways for Real Estate Professionals

  • Start Early: Use digital whiteboxing for pre-construction leasing.
  • Empower Teams: A single visual source accelerates decisions.
  • Reduce Waste: Visualize space to avoid unnecessary capital expenditure.
  • Enhance Brand: Showcase digital experiences to highlight innovation.
  • Maximize ROI: Convert downtime into opportunity.

The Future of Leasing is Here

The 120 Broadway project demonstrates how BeyondView reduces capital risk, speeds up leasing, and improves tenant experience, even during construction. By turning a demolition site into a market-ready digital twin, Welltower gained a critical advantage.

Want to lease smarter and faster?

Unlock the potential of your portfolio with us, please Contact Kevin Biringer  to discover how BeyondView can revolutionize your leasing strategy.