The Globe and Mail reports in its Tuesday edition that 121 King St. W., situated in Toronto's financial district, boasts one of the city's top locations. In a Globe special, Wallace Immen writes that despite its location, the 26-storey tower built in the 1980s has seen some tenants move to newer buildings amid the remote-work trend. Encouraging a return to office is why updating 121 King St. W. was a priority when Crestpoint bought it in 2022, says Max Rosenfeld, the company's head of asset management. Since then, a sweeping renovation has transformed the building's lobby, brought in high-tech elevators and turned a floor into a multipurpose lounge that is available for use by all building tenants. The upgrades, completed in October, have already attracted four new leases to the tower, which has been rechristened Roserock Place. The building's vacancy rate is only 8 per cent, down from 18 per cent before the renovations, Mr. Rosenfeld says. Altus Group has reported that despite slowing overall demand, newer Class A offices remain in relatively high demand, while Class B or C buildings are seeing vacancy rates rise. To keep the more outdated buildings competitive, Altus says, landlords will need to invest in upgrades.