KY Foundation sells the KY Building to NCC
KY is going separate ways with the 80-year-old KY Building in need of renovation, and shifting their gaze to the future. The deal ensures the business students’ operating conditions for the future years and enables the design of first-class new student facilities in the immediate vicinity of the new Aalto University School of Business in Otaniemi.
Foundation for Business Students in Aalto University has agreed on the sale of the KY Building to NCC Property Development Oy. The historic building will be renovated into multifunctional office and retail space. The renovation begins in 2021, and the major overhaul and refurbishment works on the property will be completed in 2023.
Since its completion during the Second World War, the KY Building has served as the hub of the business student culture and at the same time provided retail, student apartments, entertainment services and office spaces for its users. Currently, the building is home for four restaurants, an office hotel and students’ event spaces, but most of the office space in the building is vacant and the building services systems are largely at the end of their service life.
“We are delighted to see the building get the kind of new life it deserves, so that both the present and the former students can continue to be proud of it”, says Roope Paju, Chairman of the Board of the KY Foundation. “This is definitely the end of one era, but at the same time the beginning of a new era for KY. The sale of the building will secure KY’s financial position well into the future and enable the acquisition of new first-class facilities on the Otaniemi campus as well as raising the Foundation’s service level in the coming years.”
“NCC is a highly experienced renovator of old buildings of special value. We know how to bring them to new splendour with due respect to tradition. The KY Building will remain a classic also in the future”, NCC’s Property Developer Matti Partanen says.
The Basement Party Venue and the 3rd floor of the building will temporarily stay in student use. KY Foundation prepares to provide improved temporary space selection and increased project grant budget to ensure the continuation of the student associations’ activities also after the closure of the current premises in the building.