"It takes a lot of observation," Brown explained. "Planningexpansions for institutions takes a long time. It's not about doinga deal and then getting out."
[IMGCAP(2)]Pitruzzello echoed Brown's views, adding thatuniversity buys are not about a "build and flip," they take time."Universities love their real estate. Columbia has been around 250years and expects to be there for another 250 years." He continuedthat the Manhattanville in West Harlem project has been five yearsin the making. "There is something very fundamental about the needsto expand," he said. "It's long-term, well-planned and farreaching."
Pitruzzello explained that "when planning long term, it'susually not the first plan that gets used. Plans must be flexiblesince they will be there over a long period of time."
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