TWINING PROPERTIES Developer

www.twiningproperties.com

Company Overview
Twining Properties brings together a professional real estate development team which has worked on large mixed use developments including apartments, office, retail and hotel for over 20 years at Twining Associates, BF Saul Company, FD Rich Company, Colgate-Palmolive, AvalonBay, Morgan Stanley and MetroNexus. In 2002 Twining Properties was launched to develop mixed use developments in Boston, New York City and DC.


MetroNexus Portfolio – In late 2000 principals of Twining Properties began the redevelopment and 3 million square foot portfolio restructuring of Morgan Stanley $150 million investment in MetroNexus . By rezoning the sites for residential use, they have disposed of three of the four assets at values far higher than projected in Montreal, Jersey City, and Houston and the final one in Atlanta is under contract.


Watermark Residences – Twining Properties’ first new development is a $90 million, 321 unit luxury high-rise apartment building in Kendall Square in Cambridge, MA completed construction in May 2006. Principal Global Investors is Twining Properties capital partner for this project.


440 West 42nd Street – In 2004 Twining Properties acquired a New York City block on 42nd Street and 10th Avenue to develop a one million square foot, 65 story rental and condominium apartment tower above three levels of retail, a theater and the new Number 7 subway station. Twining brought in Related Companies as its development partner and MacFarlane with CalPERS as its capital partner. The projected cost is $550 million and construction will commence in 2007.

 


Past Experience


F.D. Rich – From 1985-1990 Twining was the regional partner for FD Rich Company’s Boston office directing the $700 million, 2 million square foot mixed-use development Commonwealth Center with twin office towers, 400 room hotel, 100,000 square feet of retail and 1,200 car underground garage. Included securing a $75 million Citicorp land loan, assembling 19 separate parcels on two city blocks and after 300 community meetings, upzoning the site to allow 2 million square feet in twin towers of 400 feet in height.


Colgate Center – In the early 1990’s, Twining directed 8 million square foot mixed-use development known as Colgate Center in Jersey City overlooking the New York Harbor. Finalized all approvals, completed a $20 million environmental clean-up, directed the leasing and structuring of joint ventures with several developers to build out the six million square feet of office towers, 1,200 apartments, 100,000 square feet of retail space, a hotel and marina. Merrill Lynch and Lehman Brothers occupied the first tower. Goldman Sach’s which began negotiations with Colgate in the mid-1990’s completed its first phase, the tallest building in New Jersey in 2004.


AvalonBay Communities – In 1995, Twining joined Avalon Bay Communities to launch a new mid/high-rise apartment product line for the large multi-family REIT. After setting up a specialized team of design, construction, development, management and marketing professionals the group went on to develop several thousand apartments aggregating to $500 million of development throughout the metro New York City. These included a 1,000 apartment phased development at the New Rochelle, NY train station, 800 apartments in Queens West, a 280 apartment tower in Jersey City and smaller projects in Bronxville and Mamaroneck, New York. In 1999, Andrew Bank won the right to acquire the site for 900 residential units in Manhattan and brought in AvalonBay as his partner to develop Chrystie Place. In 2002 Bank joined Twining Properties.


Morgan Stanley – In 1998, Twining to oversaw the Morgan Stanley Real Estate Funds investments in large scale mixed-used developments. These included the 25,000 acre new city known as the Woodlands in Texas, a $600 million mixed-used development in downtown Chicago known as North Bridge which includes four hotels, entertainment and destination retail with a Nordstroms and office space. It also included overseeing the Gale Company’s east coast office portfolio including the acquisition and development of the 1 million square foot 101 Lincoln in Boston, which was leased to State Street Bank and sold 3 years later for $750 million. Also worked on the acquisition of the nine acre Con Ed site in Manhattan with the Fisher Brothers.

 


Management
Alexander C. Twining – President and CEO

Alex Twining is President and CEO of Twining Properties currently developing almost 1.5 million square feet of new development in New York City and Boston. He is also CEO of MetroNexus, a Morgan Stanley Real Estate Funds Enterprise which is in the final stages of disposition of a 2 million square feet portfolio in Atlanta, Boston and metro New York City. Mr. Twining was formerly an officer of Morgan Stanley where he worked with its venture capital, technology and telecom groups to launch a $1.25 billion global platform to develop mission critical facilities. Mr. Twining also managed $3.0 billion of Morgan Stanley’s most complex office, apartment, retail and hotel investments, including $1.2 billion of acquisitions and over $750 million of dispositions. Mr. Twining’s focus at Morgan Stanley was on large scale development properties including The Woodlands, a 25,000 acre new town in Texas, The John Buck Company’s North Bridge, a three million square foot urban mixed-used development in Chicago and Gale & Wentworth’s six million square foot national office portfolio. Prior to joining Morgan Stanley in 1998, Mr. Twining was a real estate developer for over 20 years. He has structured $2 billion in equity and debt capital transactions and negotiated numerous complex acquisitions, land assemblages and joint ventures. He was an officer of AvalonBay Communities, a $4 billion multi-family REIT where he launched and directed the Mid/High-Rise Development Division. For Colgate Palmolive he directed the development of the $2 billion, eight million square foot Colgate Center in NJ. He was Regional Partner for F.D. Rich Companies’ Boston office overseeing a two million square foot downtown development and directed an 800,000 square foot mixed-use development for B.F. Saul Company in Washington, DC. Mr. Twining has been a ULI speaker and is a Council Vice Chairman, a licensed architect and real estate broker. He received both a BA and an MArch from Yale University. He has lectured and taught at Yale, New York University Real Estate Institute and Columbia Business School. Mr. Twining is a member of the Yale School of Architecture Dean’s Council and is an active member of Habitat for Humanity.


Michael Reid – Chief Operating Officer

Mr. Reid was COO of SL Green Realty Corporation, a $4 billion REIT listed on the New York Stock Exchange. Mr. Reid was responsible for operations, finance, capital markets activity, investor relations and corporate administration. Previously Mr. Reid was a Managing Director at Lehman Brothers in the Global Real Estate Department . While at Lehman Brothers, Mr. Reid headed the Real Estate Group’s Equity Practice from 1993. In this capacity, he led SL Green’s initial public offering in 1997 and was involved in over $7 billion in equity offerings, including ten lead managed initial public offerings for a diverse group of real estate companies. In over 17 years of investment banking, Mr. Reid has also been involved in over $8 billion in mortgage and unsecured debt transactions, as well as a full range of strategic advisory assignments. From 1984 to 1987, Mr. Reid worked at the First Boston Corporation where he worked on asset sales, mortgage financings, leasing transactions and strategic advisory assignments. From 1982 to 1984 he worked at Landauer Associates where he worked in the Marketing Division specializing in leasing. Mr. Reid received both a BA and an MDiv from Yale University.

Neil R. M. Duncan – Chief Financial Officer
Neil Duncan is the Chief Financial Officer of Twining Properties and MetroNexus. He is responsible for all accounting, treasury and capital functions at the companies. Mr. Duncan has over a decade of experience in finance, both in public accounting and the private sector, and six years as a real estate investment banker. Prior to joining MetroNexus in 2000, Mr. Duncan was at Rockwood Realty, where he performed investment sales. Prior to Rockwood, Mr. Duncan was a Vice President at J.P. Morgan for 10 years, working in Real Estate Investment Banking, where he focused on domestic and cross-border advisory assignments, debt and equity financings and structured transactions. He completed $3 billion in advisory transactions and asset sales, $1.5 billion in debt financings, and $150 million in private equity joint ventures. Transactions include Mitsubishi’s investment in Rockefeller Center, Ford’s sale of First Nationwide Bank, acquisition and lease-up loan to the purchasers of 590 Madison Avenue and a structured tax financing for Disney. While in Controllers at J.P. Morgan, he was involved in legal entity reporting, management reporting, financial controls, special projects and planning. Mr. Duncan worked at PricewaterhouseCoopers from 1983 to 1989, in the New York and London offices. Mr. Duncan qualified as a Chartered Accountant in England in 1986. He received a BA in Economics from Nottingham University in England.


Andrew M. Bank – Senior Vice President, Development
Andrew Bank brings over 16 years of experience in real estate development including mixed use, multi-family, retail and office projects. Prior to joining Twining Properties, Andrew Bank was the founder and President of The Bank Company, a real estate company specializing in advisory services and the development of residential, commercial and healthcare related properties. Development projects included the Cooper Square Urban Renewal Area, a 750,000 square foot mixed-use project developed under the auspices of New York City’s Housing, Preservation and Development Agency with AvalonBay Communities and Williams, Jackson, Ewing. Prior to forming the Bank Company, Mr. Bank was a regional business officer for CareMatrix Corporation, a publicly traded Owner/ Operator of residential housing for seniors. In this capacity, Mr. Bank oversaw all development and acquisition activities in the region. Mr. Bank was responsible for, among several projects, a $100 million mixed use project in Manhattan consisting of 250,000 square feet of rental housing including assisted living for seniors and 120,000 square feet of retail. Mr. Bank received a March from Harvard University in 1987 and a B.A. at Columbia with a concentration in Philosophy and Biology.


Catherine Malmberg – Development Manager

Catherine Malmberg is a Development Manager in the New York office of Twining Properties. Her responsibilities include analyzing new acquisitions and development and she is currently managing a planned two million square foot mixed use development in Jersey City. Prior to Joining Twining Properties, Ms. Malmberg worked for Hamlin Ventures on a 500,000 square foot residential development in Brooklyn, NY. She worked for DEGW in London on workplace strategies and the City of New York Department of Small Business Services which published and widely distributed Ms. Malmberg’s Guidelines for Storefront Design to economic development and business improvement districts throughout the five boroughs. She worked for LPC/Reuters as a financial journalist covering the syndicated debt markets. Ms. Malmberg completed her MArch at Princeton University and her AB magna cum laude from Harvard University. While at Princeton she was awarded a fellowship, research and teaching positions and worked on projects including a Midtown Midtown Far West zoning proposal.