What’s in a name?
● Tishman Speyer just unveiled its renaming 666 Third Avenue, 6 Grand Central.
● 452 Fifth Avenue is now 10 Bryant Park.
● Taconic Partners's new development, originally 2 Hudson Street, is now One Grand.
● 22 Vanderbilt, one of today's most sought after buildings in Manhattan, was 335 Madison for years.
To me, a lot is in a name. There have been studies that show people named Jack are four times more likely than people named Phillip to live in Jacksonville, and that people named Georgia are twice as likely to move to Georgia compared to other names. In 1990, Dennis was the 40th most common male name in the U.S., yet if your name was Dennis, you were almost twice as likely to become a dentist. Studies also found that in randomized, controlled experiments, people help others with similar names, buy products that match their initials, and are attracted to dates who share their initials. I married someone that shares the same name as me!!!
Because there is a push to be near Grand Central, having "Grand" in your building's name helps. Also, who wouldn't want to work near a park? There is now 1, 3, 5, 7, and 10 Bryant Park, instead of all their Sixth Avenue addresses. X Bryant Park sure beats X Sixth Avenue.
Naming (and renaming) buildings is a fun aspect of real estate. It's a lever owners and agents can pull to rebrand their building and change the identity of the asset. Given how strongly humans associate with names, I think it's significant.
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1moYAYYYY! I’ve been hoping for a DC one!! Can Baltimore be next? 😇