Orkin Real Estate

"We Know Houston"

LIST OF PROJECTS COMPLETED BY BOB ORKIN WHILE WORKING AT CENTURY CORP. AND CENTURY DEVELOPMENT

1)               NBC BANK PLAZA - project manager for $80 million, 30-story building in downtown San Antonio. Included managing and coordinating the design, construction, marketing, and financial reporting for the project as well as securing the construction loan and permanent financing commitment.

2)                ARMAND TECHNOLOGY PARK - initially prepared position paper regarding this 92-acre property for Rice University Board of Trustees, then negotiated contract to purchase the property from Rice.  Spent considerable time negotiating utility commitment capacity for the site and clearing up a myriad of title issues. Worked with architects in the master planning of the sites.

3)               WOODS ON CLEAR CREEK - project manager for $5.5 million land development in League City, Texas; responsible for the design, construction, marketing, and financial reporting systems.

4)                INDUSTRIAL COMMERCIAL ENTERPRISES, LTD - prepared position paper on the asbestos industry and directed the $1 million acquisition of this asbestos abatement company.

5)               FISK ELECTRIC CO. - directed the financial analysis, structured the proposal, and secured $10 million financing to acquire this well-known electrical contractor from its British owner, AMEC. Key executives then went to London for discussions with AMEC but a final price could not be agreed upon.

6)                HOUSTON INTERNATIONAL TELEPORT - project manager for what was originally a $3 million satellite communication facility in Missouri City, Texas. Today, the business provides services on a worldwide basis for Fortune 100 corporations as well as for many countries. Total investment today is in excess of $10 million.

7)               SIXTEEN GREENWAY PLAZA - project manager for 38 story, $125 million building designed and planned (but postponed) for Greenway Plaza, Phase III; included obtaining 100% financing from Bank of America for both the construction and permanent loan.

8)                BANK OF THE SOUTHWEST CENTER - project manager for 82-story, $440 million building designed for Block 142 in downtown Houston. Project put on hold in 1984 with the downturn of the Houston office market.

9)                 BLOCK 298 IN DOWNTOWN HOUSTON - directed the acquisition of the north half of this block (i.e., 31,250 square feet) for a foreign client. The land was acquired for $100 per square foot in 1979, and sold for $400 per square foot in 1983, resulting in a $9 million cash profit to the foreign owner.

10)               BLOCK 321 IN DOWNTOWN HOUSTON - directed the acquisition of this block, which included a combination of ground leases and fee simple purchases from several different landowners.

11)               BLOCK 320/321 SWAP - negotiated the exchange of Century's ownership of the south half of Block 320 for Wortham-Van Liew's ownership of the south half of Block 321. After the transaction was completed, worked with an innovative tax lawyer in a "Restated Swap Agreement" which was sustained by tax officials and completely avoided tax on the cash "profit" portion of the transaction.

12)               HOUSTON BLUEPRINT AND STATIONERY CO. - in connection with the acquisition of Blocks 320 and 321, Houston Blueprint, who sold and leased back their Block 320 site, had to be re-located twice.

13)               ANTIOCH PARK - negotiated a ground lease of a portion of Antioch Missionary Baptist Church of Christ's property, and then developed $1 million Antioch Park in Alien Center. Also negotiated with the City of Houston the part-sale and part-gift to the city of the park.

14)               CULLEN CENTER / ALLEN CENTER LAND SWAP - negotiated with the owners of Cullen Center, Alien Center, and the City of Houston for a series of land swaps to re-align the streets "behind" and to the west of both projects giving both projects better access off Jefferson Street and the 1-45 ramp.

15)               TEXACO/JEFFERSON CHEMICAL BLDG. - responsible for the renovation and profitable sale of a building owned entirely by Century Development. A complex transaction that required "unwinding" two previous sale - leaseback agreements of the same property. Sold to an investor from Hong Kong on a 4.5% unleveraged capitalization rate (i.e., sales price equal to 22 times cash flow).

16)               CAPITAL BANK LEASE / CAPITAL BANK STOCK TAX CREDIT - assisted senior management in the negotiation of this 200,000 square foot lease in Three Alien Center which included a sale - leaseback of the land and building to Capital Bank, who later merged with M Corp. Prepared a position paper on V.A.T.S., Article 7166, a Texas statute which provided that banks "owning" real estate could deduct annually from the amount they would have otherwise had to pay the state for taxes on their paid-in capital and retained earnings, the amount they paid for city, school, county, and state ad valorem taxes on real estate they owned. Monitored and carefully reviewed the case law on this subject for five years with outside counsel, and with the Vinson & Elkins law firm, who represented all Houston banks through the Houston Clearinghouse Association. The bank tenant leases and building ownership for every major bank building built in downtown Houston in the 1970s and early 1980s was structured pursuant to this state statute and resulting case law.

17)               CAPITAL BANK LEASE COMMISSION - several years after the initial lease commission was paid to Century, went back to Metropolitan Life Insurance Co. and American General and was able to convince them to pay Century several hundred thousand dollars in additional commission based on 4% of the additional rent Capital Bank paid to Alien Center pursuant to the benefits gained by the bank under the bank stock tax credit mechanics.

18)               MOBIL OIL OPTION ON PHASES HI/IV, GREENWAY PLAZA - project manager for negotiating a $40 million option with a Mobil Oil real estate subsidiary for them to acquire all the undeveloped land in Greenway Plaza. Mobil had actually instructed their lawyers to prepare to close on the land when Business Week ran a story highly critical of oil companies' "windfall" profits and their use in diversification. This negative publicity caused the executive committee of Mobil to decide not to acquire the property.

19)               CAPITAL STRUCTURE FOR FIRST INTERSTATE BANK PLAZA PARTNERSHIP - devised partnership capital structure so Century could legally avoid tax on $7 million in development and marketing fees.

20)               SAN DIEGO LAND ACQUISITION ATTEMPT - spent several weeks in San Diego evaluating the market there and making $40 million offer to purchase 60 acres form Home Capital Savings. The parties were not able to agree on an acceptable purchase price.

21)               CREATED INSURANCE AGENCY - thoroughly evaluated Century Corp's entire insurance program and premiums, then reactivated a dormant BancPLUS insurance agency, and negotiated a contract with another insurance agency to manage Century's BancPLUS agency.

22)              SACRAMENTO RFQ/RFP - in charge of preparing a Request For Qualifications and Proposal to the Sacramento Redevelopment Authority to develop the 100,000 square foot "Super Block" in downtown Sacramento. At this time, Century Development's parent was BancPLUS Savings, who had become insolvent and this was a primary reason for Century not being selected to go to the next round of judging.

 

23)              WIRT ROAD APTS. - negotiated a contract to purchase 750 apartments on Wirt Road (adjacent to the Fiesta) from a savings and loan.  Due to Century/BancPLUS situation, Century was not able to close on this transaction.

24)               RENOVATION OF HOUSTON CITY CLUB - project manager for $600,000 renovation of the club to add five racquetball courts, an indoor running track, and a new aerobics floor, and expanded weight room facilities.

25)               PHASE IV MASS TRANSIT TERMINAL (FUTURE PLAN) - coordinated Century's efforts in working with the MTA, mass transit engineers and consultants, and others in developing a business proposal to the MTA for location of a major rail terminal in Phase IV of Greenway Plaza (south of Southwest Freeway between Weslayan and Edioe). Also included obtaining a "comfort letter" from State of Texas regarding proposed overhead people mover system crossing over the Southwest Freeway from Phase IV of Greenway to Phase III (across Timmons from The Summit).

26)               WESTPARK LAND ACQUISITION - responsible for the acquisition of 5 acres of land on Westpark near the Southwest Freeway overpass.

27)               HOTEL SITE SELECTION - traveled to Amarillo, Albuquerque, and New Orleans reviewing the markets there for potential Doubletree Hotel sites.

28)               MAXIM'S - negotiated the contract to sell Maxims 20,000 square feet of land in Greenway and was responsible for managing the design and construction of this beautiful restaurant.

29)              CENTURY EQUITIES FORMATION - organized the formation of this syndication company, was in charge of getting everyone licensed, and reviewed securities laws with outside law firm. Was on the initial board of directors.

30)               REDESIGNED CORE ON JACKSON, MISSISSIPPI BLDG. - worked with Bob Fillpot of Lloyd, Jones, Fillpot & Associates in the re-design of the central core of an office building in Jackson, Ms. which ultimately added 10% more usable space to the building.

31)               BANK DEBT RESTRUCTURING - before leaving Century, began negotiating and restructuring an existing $80 million loan with Citicorp in a "work-out" situation.

32)               SECTION 209, TAX REFORM ACT OF 1982 - worked with the Senate Finance Committee and the National Realty Committee preparing special language which was accepted for this Internal Revenue Code section. The basis of the language provided for the "grandfathering" of the ability of corporations to expense 100% in the year incurred the construction period interest. The TRA '82 provided that corporations "starting construction" after December 31, 1982, would be treated the same as individuals. Thus meant corporations would have to capitalize and amortize the construction period interest over a ten-year period. From a present value of money standpoint, it is much better to be able to expense 100% of a cost in the year incurred versus amortizing it equally over ten years. This "grandfathering" language was especially important because it defined "beginning construction" with, when applicable, the demolition of an existing building. At the time, Century had begun demolition of a building in connection with a planned high-rise office building. The pro forma construction period interest was $40 million and it was important at the time to be able to expense the interest in the years incurred.

33)       33)             ASSISTED IN THE PROJECT MANAGEMENT OF THREE ALLEN CENTER - assisted in the joint venture and mortgage negotiations with Centennial Equities, a subsidiary of Metropolitan Life Insurance Co., and American Genera! Realty Co., a subsidiary of American General Insurance Corp. Also assisted in the project management of this 50 story, $110 million building and 3400 car garage.

34)       34)             ASSISTED IN THE PROJECT MANAGEMENT OF FIRST INTERSTATE BANK PLAZA (previously named ALLIED BANK PLAZA) - assisted in the joint venture and mortgage negotiations with Centennial Equities and American General Realty Company and also assisted in the project management of this 71 story, $240 million building and related garages.

35)       35)            ASSISTED IN THE PROJECT MANAGEMENT OF THE ENRON BUILDING (previously named FOUR ALLEN CENTER) - assisted in the joint venture and mortgage negotiations with Centennial Equities and American General Realty Company. Assisted in the project management of this 50 story, $160 million building.

36)       36)            INNOVA - was involved in the initial "brainstorming" sessions with Kenneth Schnitzer, Richard Everett, and the Mischer Corporation in developing the concept for the Houston Design Center (later renamed Innova). Was also the initial project manager.

37)      37)            HIGH-RISE CONDO - owner's representative for luxury high-rise condo built-out by Partners Construction at Four Leaf Towers.

38)       38)           METROPOLITAN RACQUET CLUB EXPANSION - project manager for $500,000 renovation of the Racquet Club which included adding squash and racquetball courts, and updating the weight room and locker rooms.



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