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.
