It’s bad out there for a broker. But, as Real Estate Weekly‘s Dan Geiger points out, bad times offer opportunities for the enterprising. Just look at Mary Ann Tighe, now chief executive of CB Richard Ellis’ New York operations:
The late 80s was also a breakout time for Mary Ann Tighe … In 1989, Tighe was part of a leasing team that put Random House in 425,000 square feet of space at 825 Third Avenue. In 1991, when the economy was in its last serious recession, she was key in arranging a 770,000 square foot lease taken by the electronics giant Sony at 550 Madison Avenue, what subsequently became known as the Sony Building. It was the largest deal in the entire country that year according to Tighe.
“This is when stars are born,” Tighe told us in an interview. “What it is are companies that take a long term view of their business and believe in their business model and perceive that the model will be operational for decades to come. They look to be opportunistic and take advantage of the periodic downturns in the cycle, that’s when they step up to the market and lock in for the long term.”