Office buildings outside Midtown get big makeovers

Older office buildings in districts other than Midtown, such as the
World Trade Center area, Madison Square Park and the area near the
Brooklyn Bridge, are getting costly makeovers. The Carlyle Group and
Capstone Equities plan to spend $50 million on renovations at 14 Wall
Street, including $5 million on the lobby alone. Taconic Investment
Partners and Square Mile Capital are planning a gut rehab at 375 Pearl
Street. The companies bought the 32-story former switching station for
$172.5 million in December. L & L Holding, which bought the
850,000-square-foot International Toy Center for $480 million, plans a
$100 million gut rehab at the Madison Square building.