MIAMI—It's not easy to convert a for-lease office building into an office condo development. But Newgard and others are doing just that in the urban core.

GlobeSt.com caught up with Harvey Hernandez, chairman and managing director for Newgard, to get insight into the key steps involved in a conversion as well as what he sees in the future of Downtown Miami's in part two of this exclusive interview. You can still read part one: Why Newgard is Betting on Office Condos.

GlobeSt.com: What are some of the key steps needed to convert an office building into an office condo development?

Hernandez: For an office condo conversion to be successful, a strong investment must be made in making necessary upgrades that meet the needs of both owners and tenants. The joint venture between Midgard and Newgard—which coincidentally have similar names but no prior connection—is investing $10 million in renovations throughout the building which will be made to the lobby, office spaces, common areas, and restrooms.

Elevators, electrical and HVAC systems are also being updated. These upgrades will help improve the experience for all who work and visit the building—while maintaining the historic elements and design that have made the building a Downtown Miami icon.

GlobeSt.com: What do you think is in store for the future of the downtown office market? And how will it impact the success of the office condo model?

Hernandez: Miami has become an international destination for not only visitors, but for businesses that are looking to extend their reach into other regions of the world and realize the city's gateway status. I think that reputation will continue to strengthen in the coming years and as a result, the office market will continue to grow.

Further supporting this theory—the Miami Downtown Development Authority recently put out a study that says 750,000 square feet of office space has been absorbed in Miami's urban core since the recession and pricing the in area continues to rise. These factors point to a growing office market that is a sound investment for buyers and a great place for businesses to be located.