Bentley’s 2023 Continental GTC Speed: A Cheetah in a Lion Suit

To most driving enthusiasts, there is nothing as pleasurable as a warm day tooling round country roads in a ragtop. The smell of freshly mown lawns wafts in your nostrils; the sun’s rays bathe the atmosphere in warm tones. It doesn’t get much better.

Well, actually it does. Make the car a Bentley Continental GT. Glutton for more fun? Make that Bentley a convertible, or GTC Speed. Recently, Penta had the opportunity to wend our way around Sullivan County, New York, and put a GTC Speed through its paces.

The Drive

Given its weight, at roughly 4,800 pounds, it is no surprise that it offers a solid feel and holds the road without much effort. The GTC Speed feels a bit like a land yacht, but in a good sense. That is, when you climb aboard you know right away that you’re in for a treat and that the ride could take you anywhere. And like the U.S. Navy, the GTC Speed (standard MSRP US$317,000) projects power.

The car we drove was priced at US$379,00 because it was ladled with cushy options like a custom-made sound system, so that you can share your musical faves with your neighbours; 22-inch wheels for better grip and handling; and a high-gloss fibre finish, among many other accoutrements. A king’s ransom? Yes. However, the Bentley is often measured against the Ferrari Roma or the Mercedes Benz S65 AMG. That’s rarefied competitive air. The engineers in Crewe, England, pride themselves on making sure this GTC is capable of taking you on a long drive comfortably at 90 mph as well as on a quick run to the local grocery store. Think of a cheetah in a lion’s suit, and you get the picture.

It tops out at 208 mph, in case you need a latte really quickly. We took it to 161 mph in sport mode for a few moments and enjoyed a marvelous and mischievous thrill ride, and no smokies with radar guns. For obvious reasons, what interstate we managed this is a top business secret. [But don’t try this at home!] And if you love big engines, note that next year’s models will be the last with such W-12 muscle, part of a greener Bentley, as Penta has previously reported.

The Specs

The vast hood hides a 6.0-litre, twin-turbocharged W12 engine, a monster that delivers bold power as well more graceful manoeuvring than otherwise might be expected from such a heavy car. The horsepower is rated at 650 and the car obtains gas mileage of 15 city and 22 highway. Bentley says it will do 0 to 60 mph in 3.6 seconds. Other Bentley Continental GTs are available with a V8 engine, for those more concerned about the environment.

The Bentley GTC Speed offers four driving modes: Comfort mode is a likable combination of a speedy roadster that will take you to 100 mph, before you even notice. Call it relaxed cruising.

Move to Sport mode and the GTC does its unique version of a squat thrust, and off you go. Sport mode optimises the engine, transmission, and suspension to boost dynamic ability, and when engaged, it should be immediately felt by the driver. And the engine, normally quiescent, begins to roar through the two exhausts in the rear. The other modes are Bentley, a combo of sport and comfort, and Custom. The chassis system features rear-wheel steering, which improves cornering at speed.

The colour of the model we drove is called Kingfisher.
Vito Racanelli

From the front, back, or side it’s a handsome car, and certainly gets its share of acknowledging looks from pedestrians. The Bentley GTC driver quickly learns to recognize the envy of onlookers and other drivers. The color of the model we drove is called Kingfisher. We plebs would say it was a sweet shade of light blue. OK, Kingfisher, if you must. The GT hardtop is just US$259,000 before options but we recommend the GTC Speed convertible, unless you live way up North. The Bentley line up consists of a range of GT and GTC models that can be customized for engine size and hp; convertibles and hardtops; and colors, etc., among other accouterments.

The Cabin

In a few words, luxurious and spacious for the front two passengers, but little room for others in the back seat. It’s a GT 2+2, typical in that the back seats are negligible for humans. As we tested a convertible, we shoehorned a 6-footer into the back seat with the top down, but the advantage of being able to lick your knees was somehow lost on our uncomfortable passenger. Best to keep the backseats to dogs or children.

What’s Not to Like

Penta has noted in other expensive luxury sports competitors to Bentley: the invasion of plastic in the cabin. Yes, it lightens the car’s weight, improves performance, yadda, yadda, yadda. But even a little is a lot for cars at this price level. This Bentley does have plastic here and there in the cabin. Not a lot, but really, one might expect control knobs made of gold in this price range. And the gasoline tank dial could be bigger and better placed, but you get used to it. Maybe you don’t want to see, or care, for that matter.

At the end of a long summer’s day driving the GTC Speed, you feel as if you are in a fast and mobile Four Seasons Suite.

Developer efforts to convert emptying office towers into residential buildings have largely gone nowhere. That may be finally changing.

The prospect of transforming unused office space into much-needed housing seemed a logical way to resolve both issues. But few conversions moved forward because the cost of acquiring even an aging office building remained too high for the economics to pencil out.

Now that office vacancy has reached record levels, sellers are willing to take what they can. That has caused values to plunge for nothing-special buildings in second-rate locations, making the numbers on many of those properties now viable for conversions.

Seventy-three U.S. conversion projects have been completed this year, slightly up from 63 in 2023, according to real-estate services firm CBRE Group. But another 309 projects are planned or under way with about three-quarters of them office to residential. In all, about 38,000 units are in the works, CBRE said.

“The pipeline keeps replenishing itself,” said Julie Whelan , CBRE’s senior vice president of research.

In the first six months of this year, half of the $1.12 billion in Manhattan office-building purchases were by developers planning conversion projects, according to Ariel Property Advisors.

While New York, Chicago and Washington, D.C., are leading the way, conversions also are popping up in Cincinnati, Phoenix, Houston and Dallas. A venture of General Motors and Bedrock announced Monday a sweeping redevelopment of Detroit’s famed Renaissance Center that includes converting one of its office buildings into apartments and a hotel.

In Cleveland, 12% of its total office inventory is either undergoing conversions or is planned for conversion. Many projects there are clustered around the city’s 10-acre Public Square. The former transit hub went through a $50 million upgrade about 10 years ago, adding fountains, an amphitheater and green paths.

“You end up with so much space that you paid so little for, that you can create amenities that you would never build if you were doing new construction,” said Daniel Neidich, chief executive of Dune Real Estate Partners, a private-equity firm that has teamed up with developer TF Cornerstone to invest $1 billion on about 20 conversion projects throughout the U.S. in the next three years.

Conversions won’t solve the office crisis, or make much of a dent in the U.S. housing shortage . And many obsolete office buildings don’t work as conversion projects because their floors are too big or due to other design issues. The 71 million square feet of conversions that are planned or under way only account for 1.7% of U.S. office inventory, CBRE said.

But city planners believe that conversions will play an important part in revitalising depressed business districts, which have been hollowed out by weak return-to-office rates in many places.

And developers are starting to find ways around longstanding obstacles in larger buildings. A venture led by GFP Real Estate is installing two light wells in a Manhattan office-conversion project at 25 Water St. to ensure that all the apartments will get sufficient light and air.

Cities such as Chicago, Washington, D.C., and Calgary, Alberta, have started to roll out new subsidies, tax breaks and other incentives to boost conversions.

The projects are breathing new life into iconic properties that no longer work as office buildings. The Flatiron Building in New York will be redeveloped into condominiums. In Cincinnati, the owner of the Union Central Life Insurance Building is converting it into more than 280 units of housing with a rooftop pool, health club and commercial space.

In the first couple of years of the pandemic, office building owners were able to hold on to their properties because of government assistance and because tenants continued to pay rent under long-term leases.

As leases matured and demand remained anaemic, landlords began to capitulate and dump buildings at enormous discounts to peak values. In Washington, D.C., for example, Post Brothers last year paid about $66 million for 2100 M Street, which had sold for as much as $150 million in 2007.

Washington, D.C., has been particularly hard hit by the office downturn because the federal government has been especially permissive in allowing employees to work from home .

“We’re able to make it work as a conversion because it was no longer priced as though it could be repositioned as office,” said Matt Pestronk , Post’s president and co-founder.

Increasingly, more deals are taking place behind the scenes as converters reach deals with creditors to buy debt on troubled office buildings and then push out the owners. GFP Real Estate reduced costs of its $240 million conversion of 25 Water Street by buying the debt at a discount and cutting deals with tenants to exit the building before their leases matured.

One of the first projects planned by the venture of Dune and TF Cornerstone likely will be the Wanamaker Building in Philadelphia. TF Cornerstone just purchased the debt on the office space in the building and is in the process of taking title.

“The banks are foreclosing and doing short sales,” said Neidich, Dune’s CEO. “There’s a ton of it going on.”

In Washington, D.C., a conversion of the old Peace Corps headquarters building near Dupont Circle is 70% leased just four months after opening, said developer Gary Cohen . Rents are higher than expected.

“If that’s the way to get people downtown, that’s what we have to do,” Cohen said.

Not all developers agree that the economics of conversions work, even at today’s low prices. Miki Naftali , who has converted more than five New York properties over the years, said he has been very actively looking at conversion candidates but hasn’t yet found a deal that works financially.

One of the issues facing converters is that even if an office building is dying, it often has a few existing tenants who would need to be relocated. Some buildings would need atriums to ensure that all the apartments have sufficient light and air.

“When you start to add everything up, if your costs get close to new construction, that’s when you get to the point that it doesn’t make financial sense,” Naftali said.

Some landlords are including clauses in leases that give them the right to evict tenants to make room for a major conversion. Others are keeping a small ownership stake when they sell buildings so that they can learn the conversion process for future buildings.

“The world is looking at these assets in a different way,” said developer William Rudin , whose company decided to learn the conversion process by keeping a stake in 55 Broad Street, a downtown New York office building it sold last year to a converter.

Bentley’s 2023 Continental GTC Speed: A Cheetah in a Lion Suit

Office-to-residential conversions are gaining traction, helping revitalize depressed business districts