Hunt Commercial Real Estate Q&A: Location, location, location?
Brown Advisory to move NY office to Tishman Speyer’s 520 Madison Ave. BROKERAGE
that must be answered from a business perspective. The second category of search objectives concerns real estate value. As real estate professionals, we tend to be more concerned about these criteria than our clients. Someday, in some way, your new building is going to be sold, either by you or your successors. We would like to make the process easier and maximize the selling price when that occurs. That is why we are concerned with “location, location,location.”Allthingsbeing equal,weknowthatagoodlocation will appreciate faster and sell faster. What is a good location? It is a location that will appeal to the greatest majority of buyers. On Long Island, that means a location that within a reasonable driving distance from the Long Island Expressway. It generally means a location that has tight zoning or restrictive covenants, that provides for plenty of parking and landscap - ing. It also has the infrastructure (e.g. roads, utilities, and perhaps, sewers) to accommodate almost any kind of business need. In this category, beyond the three most important criteria of location, location and location, I would add parking ratio, environmental
review, and structural engineering. These are all items that can have a major impact on resale, or may be very costly to rectify. As an ex - ample, your business may operate nicely with a 2:1 parking ratio (two parking spaces for every 1,000 s/f of building area), but you would probably double the number of prospective purchasers in the future with a 3:1 parking ratio. I have two final thoughts on evaluating criteria in both catego- ries. First, concentrate on criteria that you cannot change, e.g., you may be able to build additional office space, add loading doors, or increase the electrical power, so these should not be your primary search criteria. Second, the specific needs of your business are actually the most important criteria. The wrong building in the right location is still the wrong building. Do you have a question regard - ing commercial real estate? Email your question to Commercial Real Estate Q & A at email@huntcorp. com for possible inclusion in a future column. David Hunt, MCR, CCIM is the presi- dent of Hunt Corporate Services, Inc., Plainview, N.Y.
David Hunt Hunt Corporate Services
MANHATTAN, NY Tishman Speyer reached an agreement with Brown Advisory, who will be moving their New York office to 520 Mad - ison Ave. This brings Tishman Speyer’s one million s/f Plaza District office tower to 99% leased. Brown Advisory will occupy 34,748 s/f across the tower’s entire 27 th floor and a portion of the 26 th . As part of a 15-year lease, the glob - al investment management and strategic advisory firm will more than double its current 16,000 s/f footprint when it moves from 12 East 49 th St. in the fourth quarter of 2026. 520 Madison is leased to a roster of global financial and investment firms. Since the start of 2025, Tish - manSpeyercompleted125,000s/f of leasing at the property. Built in 1982, the 43-story tower is known for its signature sloping architecture and polished red gran - ite façade. The design features a lush outdoor plaza, stylish office lobby, and curated art program. Tishman Speyer was represent - ed in-house by Megan Sheehan and Sam Brodsky. Brown Advi - sory was represented by Cynthia Wasserberger, Michael Berg, Bob - by Blair and Sofia Bruno of JLL.
Q: We want to purchase an industrial building to house our growing import and distribution business. I have heard that the three most important criteria in selecting real estate are “location, location, and location.” What other criteria would you suggest? A: In working with our clients, we break down our search ob- jectives into two categories. The first category involves the specific needs of your business such as warehouse height, amount of office space and number of loading doors. Search criteria in this category tend to be very subjective, and you, as the business owner, are the most qualified to make the decisions and evaluate the trade-offs involved. Of course, location will probably play a role in this category. How many employees will you lose by making a move of over 20 miles from your present location? Will your shipping costs increase as you move from one zone into another? These are the types of questions
Photo credit Joe Thomas
FOR FULL STORY VISIT NYREJ.COM Located between East 53 rd and East 54 th Sts., 520 Madison is surrounded by the Plaza District’s best restaurants, retailers, hotels and corporate headquarters, as well as convenient commuting options. Santi, the celebrated modern Italian restaurant by Michelin-starred chef Michael White, is at the base of the tower, along with personal care and beauty retailer Sephora, men’s active wear company Rhone Ap - parel, and Italian hair and skincare boutique Barberino’s.
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