The building, which has boasted a 95% occupancy rate for the past few years, has been a mecca for the legal and finance sectors. The capital improvement program comes at a time, however, when the building owner is seeking to fill its first significant vacancy (63,000 sf) in a number of years.

The Alaska Permanent Fund, the state-run pension fund for Alaska residents that owns the property, plans a major renovation of the building's lobby, cafeteria, elevator cabs and common areas. The granite flooring in the lobby is being completely restored and touch screen directories and displays will be installed on the lobby walls, according to officials with Insignia/ESG, the exclusive leasing and managing agent for the Gateway property. The reception desk is also being redone with glass panels and brushed aluminum laminate cladding. New halogen accent lighting will be installed to highlight the lobby's solid wood paneling. The building's security is being upgraded with a new card access system and recording security cameras. Perkins Eastman Architects has been retained to direct the renovation program. No cost figures on the renovation effort were released.

"Class A buildings remain class A buildings by continually re-investing in themselves. Gateway has always been a cut above the rest of the market and these improvements are designed to maintain its position ahead of the competition," said Insignia Senior Managing Director William V. Cuddy Jr.