Tuesday, May 20, 2008

Brand Building Efforts - Buildings with Names

2007 news

London-based Barclays PLC, one of the world’s largest banks, sought to pump up its anemic U.S. brand by agreeing to pay nearly $400 million over 20 years for the right to have its name on an arena in Brooklyn that hasn’t even been built. The bank proudly took out full-page color ads in The New York Times and Wall Street Journal trumpeting the Frank Gehry-designed Barclays Center, which developer Bruce Ratner hopes will be built by 2009 as the new home of the New Jersey Nets basketball team.

Newark, N.J.-based Prudential Financial Inc. agreed to pay $105 million over 20 years for the name PrudentialCenter on an arena being built in the company’s hometown.

Last fall, New York-based Citigroup Inc. agreed to pay the New York Mets $400 million over 20 years to call the team’s new baseball stadium in Queens, N.Y., Citi Field.


No comments: