The Branding of Bryant Park

Photo by Wally Gobetz, https://goo.gl/BxzcTc
Photo by Wally Gobetz, https://goo.gl/BxzcTc

Location, Location, Location. This is an adage often used in the real-estate world. When it comes to leasing an office building or condo tower, location has value. Real Estate private equity firms, which are in the business of unlocking value, use this to their advantage by renaming assets. A prime example of this, is the area surrounding New York City’s Bryant Park.

bryantp

In the early 1970’s and 80’s, Bryant park was a violent, drug addled section of New York City. It was considered a place to avoid by locals. Now it is one of the hottest areas for commercial lease space in the country, and is touted as one of the greatest examples of New York City’s revival. Owners in the area have publicized the positive outlook for the Bryant Park area, as well as the $80 per square-foot rent that tenants are willing to pay.

Re-branding buildings to capitalize on the Bryant Park name is a relatively new occurrence. The first building with “Bryant Park” in the name, was the Bank of America Tower at 1 Bryant Park. The Durst Organization used the name “1 Bryant Park” when they began to lease the 2.35 million square-foot office tower. A successful leasing campaign at 1 Bryant Park, set off a chain reaction, as owners in the area began to rename their buildings. For example, 1065 6th Ave was renamed “4 Bryant Park,” 1071 6th Ave became “5 Bryant Park,” and the building at 1095 Ave of the Americas was renamed “3 Bryant Park.”

This is a prime example of building owners and private equity firms capitalizing on an area’s marketability. Bryant Park is a hot name in New York City Real Estate, and as such, changing the building name to capitalize on the area is a smart move. In Real Estate, marketing is extremely important, as it directly impacts the value of a building. The Bryant Park brand allows owners to capitalize on the area’s revitalization, which increases marketability to prospective tenants, and adds real value to the property.

Print Friendly, PDF & Email