Does naming a division after a someone make it seem more prestigious?

The NYU Tandon Engineering name change just happened last month and has been HIGHLY controversial. It’s a big topic in higher ed philanthropy circles, along with the planned name change of tiny Paul Smiths College in Upstate New York, which got overturned by a judge, resulting in the loss of the gift.

https://www.insidehighered.com/news/2015/10/27/renaming-nyus-engineering-school-after-donors-irks-some-students-and-faculty