The Army Pension Fund building is located in central Athens and covers the area between Panepistimiou, Stadiou, Voukourestiou and Ameriki streets. It consists of eight individual six storey R/C buildings and the theatres "Pallas" and "Aliki", constructed during the 1930's with a coverage of 10,000 m2 resulting in a total building area of around 80,000m2. The building has been concessioned to a private real estate company subsidiary of Pireus Bank (Picar S.A.), which has undertaken the structural and seismic upgrading of the building, with several constraints suchs as the increase of the live loads at all storey levels and the conformity of the upgraded structures with the currecnt Greek seismic code. All upgrading was to be achieved with the constraint that the building has been recorded by the Ministry of Culture and its facades have been declared as preserved. The cost estimate for the whole intervention (structural, architetctural and electromechanical ) is 75,000,000e.