Owners of older office buildings are feeling the pressure to renovate and reposition their properties to stay competitive. : In March, Manhattan saw the opening of Phase I of Hudson Yards, a 28-acre, $25 billion rail-yard redevelopment that is creating a new commercial district within New York’s Midtown South submarket roughly the size of Stanford, Conn. A joint, private venture of the Related Cos. and Oxford Properties, the real estate arm of a Canadian pension fund OMERS, the project will ultimately deliver more than 18 million sq. ft. of commercial space to the market.