Corrections or additions?
These articles were published in U.S. 1 Newspaper on December 15,
1999. All rights reserved.
Good Tidings for Real Estate
Princeton’s landlords have reason to be cheerful this
holiday season. Micky Landis, vice president of Boston Properties,
just broke ground on this year’s new building (302 Carnegie Center)
and has filled up last year’s project (502) almost to the brim. Peter
Longstreth of the Aegis Property Group has leased nearly 90 percent
of the new 650 College Road and anticipates a groundbreaking on 750
College Road next year.
Landis notes that of the 170,000 square feet of new space at the
Center, more than half — 104,000 feet — is meeting the growth
of the current tenant base, and that all of 506’s space went to
The three current tenants, all moving to 502 from within the center,
are Morgan Lewis & Bockius (a branch of the fourth largest law firm
in the world (U.S. 1, February 10), Maritz Performance Improvement
Company (U.S. 1, November 24), and the law firm of Taylor & Colicchio
(formerly Mason Taylor Colicchio). Summit Bank will also be a major
tenant of 502 and will take 68,000 feet on the second and third
Boston Properties and several other tenants will also move from
101 to the ground floor of 502 to accommodate an expansion of Nycomed
Amersham at 101. The three-story 115,000-foot building has about 7,500
Micky (Mitchell) Landis had worked in his older brother Alan’s real
estate group for three years when he was called on to negotiate the
sale of all the Landis Group property to Boston Properties, the
real estate investment trust headed by publisher Mortimer Zuckerman.
That was in 1997. Now Boston Properties manages everything in that
portfolio and owns most of it. Landis is regional vice president.
Landis had a varied career before settling into full-time real estate
work. He spent time in the Coast Guard reserves and majored in
at New York University for his bachelor’s degree and did coursework
for a master’s in economics. In his 19 years in the food business,
he founded a group of restaurants, including Marita’s Cantina. (One
of them occupied the Nassau Street space that Triumph Brewery now
has, and six are currently operating.) Landis and his wife, Linda,
have two preschool children.
There are six Landis siblings. Their father was an accountant, and
their mother, Rae, owned an art business, as did daughter Diana. Alan
— whose is eight years older than Micky and whose wife is also
named Linda — developed most of the Carnegie Center and is now
the part-owner of two professional sports teams. Another brother Mark,
an attorney, is running a security company, and a sister, Eileen,
is a filmmaker in Los Angeles. An adopted brother runs an Ethiopian
restaurant, Makeda, in New Brunswick.
Ground was broken in September on Carnegie 302, to be a three-story,
65,000 foot "spec" building on a triangular lot south of
Bank. No tenants are announced as yet. Merrill Lynch was sniffing
around this building and might have chosen to move here rather than
to 5/7 Roszel Road if had not been for the no-compete clause that
Summit Bancorp has in its Carnegie Center lease, says Landis. It seems
that Merrill Lynch has a policy to not sign a lease at any center
that would not allow retail banking. "They negotiated for 3 1/2
years with us. I believe it fell apart for that reason," says
Landis, "though they have never said that." But there are
still lots of other deals in this year’s sleigh.
Suite 301, Princeton 08540-6273. Robert Alan White, managing partner.
609-520-6600; fax, 609-520-6639. Home page:
This branch of the fourth largest global law firm expanded for the
second time this year. Founded in Philadelphia in 1873, Morgan Lewis
has 13 offices and 1,000 attorneys worldwide; here it has 12 attorneys
and took enough space, 15,000 feet, for 23. This office focuses on
business and finance (with emphasis on emerging technology companies),
labor and employment, commercial litigation, and patent law (U.S.
1, February 10, 1999). More than 50 percent of this branch’s clients
are from the IT industry, and others include life sciences,
and biotech industries.
It’s unusual at a law firm for the two named partners
to have been pals since their freshman year in college. Paul C. Taylor
and Philip M. Colicchio were in the same class at Seton Hall two
ago (Class of 1981), and their lifelong friendship is now a successful
law partnership, Taylor & Colicchio LLP. It has moved within the
Center to building 502.
"We are thrilled to be able to do this together and move into
the rest of our lives together," says Colicchio. He grew up in
Elizabeth and, like Taylor, was a day student at Seton Hall, who
from Edison. Taylor’s father worked for Prudential and his mother
was a teacher. Colicchio majored in history and English, and Taylor
was a communications major and also "the voice" of Seton
Colicchio went to law school at Villanova and went into litigation
for a Philadelphia firm, and Taylor went to the University of
and worked in commercial real estate for a District of Columbia firm.
In 1987-’88 they switched: Colicchio moved south, to take a job at
Freddie Mac, the federal commercial mortgage agency. Taylor moved
north to join Rip Mason at Mason’s father’s firm (Mason Griffin &
Pierson on Poor Farm Road). In 1990 when Rip Mason set up a corporate
practice at the Carnegie Center, Taylor moved with him to form Mason,
Meanwhile, representing Freddie Mac, Colicchio was getting a chance
to work with Taylor on some commercial mortgages in New Jersey.
was a lot of fun doing business with a friend," says Colicchio.
"A couple of years ago Paul surprised me with a proposal to come
In 1992 Colicchio joined Mason Briody Taylor — until then pretty
much limited to corporate real estate — to head up a litigation
practice. Several permutations later (Rip Mason left to work for a
cosmetics company in California in 1998) there are two firms of about
equal size: Gallagher Briody Butler at 212 Carnegie and Taylor
With 25 employees, Taylor & Colicchio LLP has 12 attorneys, including
five other partners. It focuses on the commercial banking industry,
doing litigation, commercial real estate. It has a corporate
practice and does general business counseling. The firm has 8,000
square feet in its new offices, down from 10,000 feet in its former
space because, with all law information on line, it no longer needs
a traditional library.
Both men are married and have children in parochial schools: Paul
and Lauren have three children under six (soon to be four), and Phil
and Kathy have three school-aged children.
How their relationship enhances the partnership: "Clearly, it
is the ability to speak freely," says Colicchio, "so that
every day that I walk into the office I can trust the guy next door
with the intimate details of my life. I can put all my faith and trust
in Paul and I think he does in me. We would never do anything that
would compromise the other."
Sometimes talented smart individuals, each with their own business
unit but all under one roof, may vote based on their units’ welfare
rather than for common goals. In contrast, says Taylor, "When
we can make decisions as a small business, we know that what we are
hearing is straight thinking. We know there is no other agenda when
we talk to each other. There isn’t any underlying motive."
"Advancing agendas is very common in any boardroom or any law
firm," says Colicchio. "When you can have a relationship that
is pure and devoid of that, that is unusual."
103, Princeton 08540. Paul C. Taylor, partner. 609-987-0022; fax,
609-987-0070. E-mail: email@example.com
In October Buchanan Ingersoll, the big Pittsburgh-based
law firm, moved from 500 College Road into 62,000 square feet at 650
College Road and is the principal tenant there. James Kinzig and Peter
Longstreth, of the Aegis Property Group, developed the building in
partnership with a 150-year-old family-owned investment firm,
Berwind Property Group. Ballinger Co. was the architect and L. F.
Driscoll did the construction of the four-story 168,000 square foot
"It is an exciting building with multiple telecommunications
at every level — primary service from Bell Atlantic and AT&T and
three different Internet Service Providers, enough to create
Aegis is also building out space for two major tenants: IFP North
America (the alternative energy company now at Princeton Overlook)
and Arthur Andersen (which vacated space at the Carnegie Center and
is temporarily running its Princeton business from the Roseland
American Appraisal moved into 13,000 feet in October. Princeton eCom
(formerly Princeton Telecom) moved from Research Park to 50,000 feet
here at the end of November. "I am approaching 90 percent
Kinzig, a native of Dayton, Ohio, went to the University of Michigan
(Class of 1975), the London School of Economics, and Wharton. He
for Philadelphia National Bank for 10 years and joined Longstreth
in the Aegis Property Group in 1985.
Peter Longstreth, the son of civic leader Thacher Longstreth, majored
in English at Princeton and graduated in 1966, the year after Bill
Bradley. Longstreth is now working on the presidential candidate’s
finance committee in Philadelphia. After a stint in the Peace Corps
and Philadelphia National Bank, in 1980 he co-founded a company to
encourage foreign investment in U.S.-based real estate projects. That
developed into a full-fledged real estate company: the Aegis Property
Group. The group has always had a close financial relationship with
Berwind Property Group, a subsidiary of one of the largest privately
owned real estate corporations.
Longstreth and Kinzig developed State Street Square, a 14-story,
square foot building adjacent to Trenton’s capitol complex, and has
a satellite office there with a view of the capitol dome. After nearly
20 years in the business, it is still one of Longstreth’s favorite
projects because he had a chance to "change an urban landscape
Says Longstreth: "You are taking an underutilized piece of ground
and creating a building that will be a reference for an entire city
for the foreseeable future. It was a great responsibility, and I am
very pleased with how that turned out. The site was so central and
so integrally related to the capital complex that it had to be done
right, and I am pleased that it was."
In contrast, 650 College Road is what Longstreth terms "a classic
suburban development with a well conceived master plan. We fit into
an environment that had been defined by Princeton University 20 years
ago. It is suburban development at its best. In contrast to doing
things on a relatively small scale with no real context, with a
of elements that are not totally controlled, there is at the Forrestal
Center a big piece of ground, a master plan, and an emphasis on
control. This building is a tribute to the master planning process
that occurred some time ago."
Berwind Property also owns the four-story, 247,000-foot Arbor 600
at 600 College Road. The Aegis Group also has a piece of ground south
of 650 College Road (flanking number 700, owned by First Boston/Credit
Suisse and occupied by Bloomberg Financial Markets). It hopes to break
ground next year on 750 College Road and finish a three-story,
building in 2001.
4000, Princeton 08540. David J. Sorin Esq., partner-in-charge, New
Jersey. 609-987-6800; fax, 609-520-0360. Home page:
This Pittsburgh-based law firm is the lead tenant at the new Aegis
building. Founded in 1850, it has 34 attorneys in the Princeton
focusing on these areas: corporate securities, venture capital,
intellectual property, litigation, healthcare, bankruptcy, energy,
real estate, environment, and labor and employment.
08540. Ronald W. Averett, president and COO. 609-924-1244; fax,
Home page: http://www.princetonecom.com.
Princeton eCom Corporation put the brakes on its $46
million initial public offering (IPO) but went ahead with its
from 15,000 feet at Research Park to the snazzy new building at 650
College Road. It has 170 employees in 42,000 square feet. It is a
leading provider of Internet bill publishing and payment services
for large businesses and financial institutions.
"We clearly wanted to stay in the Princeton area and have a
facility," says Ronald W. Averett, president and chief operating
officer. "The Route 1 corridor is attractive for recruiting from
New York City and Philadelphia, and the infrastructure here on the
Forrestal Campus is phenomenal."
The firm was founded as Princeton Telecom by former Princeton
physics professor Donald Licciardello, who is CEO and owns a majority
share. Billing Concepts, based in San Antonio, Texas, owns about one
fifth of the 2.3 million existing shares.
As an outsource solution for bill presentment and payment, Princeton
eCom has brand neutral products that allow customers to concentrate
payments by phone, PC or network, and through an Internet bill
service. Princeton eCom also operates a call center so that clients
can outsource customer service inquiries.
Averett is waiting patiently for Donaldson Lufkin & Jenrette to
the IPO but declines to name the month when the prospectus will make
another appearance. "It really is dependent on the market —
to leverage the best time in the marketplace."
Is Ernie worth more than Oscar? Should Big Bird cost
more than Miss Piggy? Such are the tough questions that get sent to
a corporate appraiser — Ray Moran, vice president of American
Appraisal Associates, an independent appraisal company. He
in valuing the estate of Muppet creator Jim Henson, and the appraisers
had to assign a value to each Muppet, character by character.
Last month American Appraisal moved 40 employees from 6,200 feet at
600 College Road to 12,000 square feet in Suite 1500 at the Aegis
Property Group’s new building at 650 College Road. For such clients
as investment bankers, attorneys, private and public industry, and
government entities, the firm values corporations and corporate
Whether for a celebrity such as Henson or Elvis Presley (yes, Moran
helped with the Presley estate valuation), American Appraisal will
value the part of an estate that deals with corporate matters or
Founded in 1986 and privately owned, the firm is headquartered in
Milwaukee and has 1,000 employees in 22 countries
"American Appraisal is the only firm in our business that has
full-time employees in different countries," says Moran, "and
we have more business nationally than internationally." When Crown
Cork & Seal, a Pennsylvania-based firm, acquired a French company,
American Appraisal did all their valuation work in 200 locations
the world. Other clients for this office have included Bristol-Myers
Squibb, Campbell Soup, Merck, Rhodia, and Hoechst.
For mergers and acquisitions Moran can value the real estate,
and equipment, intellectual property — patents, trademarks, and
formulas — and the businesses. "We have specialists in every
area, including intangible assets," says Moran. "Our major
competition comes from the big five accounting firms."
Ray Moran, 43, is a Staten Island native who followed his late father
— also an appraiser with this firm — into the business. He
majored in valuation sciences at Hofstra and joined American Appraisal
straight out of college. He is married to a Rutgers’ Douglass
and they have two children.
Moran maintains a collegial relationship with the other valuation
firms in Princeton, such as Valuation Research on Nassau Park Drive,
Valuation Counselors on Lenox Drive, and Management Planning on Poor
Farm Road. "It is very common for two firms to be involved in
a case," says Moran, "one working for the local government
body and other working for the taxpayer. We also work with other local
When KKR acquired RJR Nabisco American Appraisal had to value RJR
Nabisco and issue a solvency opinion on $20 billion debt to find out
whether the new entity could make a profit and pay off the debt.
determined it would be able to, and they did."
"It is fascinating to get to work with different types of
and businesses," says Moran. One of his more unusual assignments
was to spend two weeks following two Ringling Brothers circus trains.
The circus needed the appraisal because it was purchasing itself back
from a conglomerate. So Moran and his cohorts had to establish, for
instance, not only the worth of the two trains and the equipment but
also what it would cost to replace each lion, tiger, or elephant.
"We worked with the veterinarians to figure out the training
how much time it would take to train the animal," he says.
were separate and distinct circuses, the red and the blue, and we
needed to see both units to be sure we understood the nature of the
— Barbara Fox
East, Suite 1500, Princeton 08540-6624. Raymond E. Moran, vice
609-452-2330; fax, 609-452-0734. Home page:
Corrections or additions?
This page is published by PrincetonInfo.com
— the web site for U.S. 1 Newspaper in Princeton, New Jersey.