"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."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.