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High & Dry Storage

Last week I read a fascinating article about former Federal Realty Investment Trust CEO Steve Guttman who is now in the business of developing a 280,000-square-foot high-tech storage facility in Queens, NY. He is out to house fine art, antique furniture, and other very expensive “bobbles” that the uber-rich and famous, notable museums, and others who just so happen to need climate-controlled space for their expensive “stuff.” Think about it, while the world is paying up for data center rack space and cell towers on highways and by-ways, there is a market craving to pay big bucks per square foot of rack space for their Picassos. This is what I love about America. A former REIT CEO figures out that Manhattan needs a fine art storage facility, but the extra juice in the deal, after hurricane Sandy, is that his facility is 16 feet above sea level, so when the polar ice caps melt, the fine “stuff” will be safe and sound on high ground!

Tony LoPinto is the Global Sector Leader of Korn/Ferry International’s Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.

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