BUYING A BUILDING
New York City has a unique history of hosting companies whose names have become synonymous with its iconic buildings. Even decades after a company has relocated, or if the company rents out the majority of the building's space out to other companies, such as with the case of the Seagram Building, their brand still adorns the city's skyline, vocabulary, and hearts. For example, "I'll meet you at the restaurant. It's right over by the Chrysler Building."
The stigma and the pure brand power of building ownership will often last for decades after the building is sold. For example, many people call Sony Tower (550 Madison Avenue) the AT&T Building, even though the building was sold in 1992. For those who have lived in the city long enough, it is hard to not be reminded of Pan Am when looking at the MetLife Building, despite the fact that the airline has not flown since 1991.
Building ownership is a worthy endeavor that affords a company strong control over their own space as well as lasting brand power.