Morgan Lewis at 502

Taylor & Colicchio

650 College Road: Aegis Property

Buchanan Ingersoll

Princeton eCom

Appraising Business: Ray Moran

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

Carnegie

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

existing

tenants.

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

floors.

Boston Properties and several other tenants will also move from

Carnegie

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

feet remaining.

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

Boston-based

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

economics

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

Summit

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.

Top Of Page
Morgan Lewis at 502

Morgan, Lewis & Bockius LLP, 502 Carnegie Center,

Suite 301, Princeton 08540-6273. Robert Alan White, managing partner.

609-520-6600; fax, 609-520-6639. Home page:

http://www.mlb.com.

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,

pharmaceutical,

and biotech industries.

Top Of Page
Taylor & Colicchio

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

decades

ago (Class of 1981), and their lifelong friendship is now a successful

law partnership, Taylor & Colicchio LLP. It has moved within the

Carnegie

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

commuted

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

Hall’s

basketball team.

Colicchio went to law school at Villanova and went into litigation

for a Philadelphia firm, and Taylor went to the University of

Pennsylvania

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,

Briody, Taylor.

Meanwhile, representing Freddie Mac, Colicchio was getting a chance

to work with Taylor on some commercial mortgages in New Jersey.

"It

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

back home."

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

Colicchio

at 502.

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

transactional

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."

Taylor & Colicchio LLP, 502 Carnegie Center, Suite

103, Princeton 08540. Paul C. Taylor, partner. 609-987-0022; fax,

609-987-0070. E-mail: pcolicchio@taylorandcolicchio.com

Top Of Page
650 College Road: Aegis Property

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,

Philadelphia-based

Berwind Property Group. Ballinger Co. was the architect and L. F.

Driscoll did the construction of the four-story 168,000 square foot

building.

"It is an exciting building with multiple telecommunications

suppliers

at every level — primary service from Bell Atlantic and AT&T and

three different Internet Service Providers, enough to create

competition,"

says Kinzig.

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

office.)

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

leased,"

says Kinzig.

Kinzig, a native of Dayton, Ohio, went to the University of Michigan

(Class of 1975), the London School of Economics, and Wharton. He

worked

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,

300,000

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

forever."

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

variety

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

quality

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,

100,000-foot

building in 2001.

Top Of Page
Buchanan Ingersoll

Buchanan Ingersoll, 650 College Road East, Suite

4000, Princeton 08540. David J. Sorin Esq., partner-in-charge, New

Jersey. 609-987-6800; fax, 609-520-0360. Home page:

http://www.BIPC.com.

This Pittsburgh-based law firm is the lead tenant at the new Aegis

building. Founded in 1850, it has 34 attorneys in the Princeton

office,

focusing on these areas: corporate securities, venture capital,

banking,

intellectual property, litigation, healthcare, bankruptcy, energy,

real estate, environment, and labor and employment.

Top Of Page
Princeton eCom

Princeton eCom Corporation, 650 College Road,

Princeton

08540. Ronald W. Averett, president and COO. 609-924-1244; fax,

609-924-1096.

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

expansion

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

magnificent

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

University

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

publishing

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

reissue

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."

Top Of Page
Appraising Business: Ray Moran

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

participated

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

property.

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

financial

instruments.

Founded in 1986 and privately owned, the firm is headquartered in

Milwaukee and has 1,000 employees in 22 countries

http://www.american-appraisal.com.

"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

around

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,

machinery

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

graduate,

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

companies."

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.

"We

determined it would be able to, and they did."

"It is fascinating to get to work with different types of

industries

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

cycle,

how much time it would take to train the animal," he says.

"There

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

assets."

— Barbara Fox

American Appraisal Associates, 650 College Road

East, Suite 1500, Princeton 08540-6624. Raymond E. Moran, vice

president.

609-452-2330; fax, 609-452-0734. Home page:

http://www.american-appraisal.com.


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