An odd event occurred in this period just after the dissolution of the old public company. The public company had sold most of the extant properties as a portfolio, to Equitable, but a few parcels that were intended for development were disposed of separately. One was for a property in Newark, New Jersey, owned by the PSE&G utility. I heard through the grapevine that Tishman Speyer had made an offer seriously below market price for the development rights, and that the on-going public company board was about to accept the offer without competitive bidding. Since many Tishman family members, including me, and some non-family members were still substantial owners of the public company then being liquidated, I blew my top! What Tishman Speyer was offering was not, in my opinion, an appropriate price; if this deal went through as it was then configured, the public company’s stockholders would receive a much lower distribution than they deserved. I quickly went to the Rockefeller interests, my division’s new parent, and advised them to make a bid for the PSE&G property. They did, and the public company board had no choice but to accept it. Ultimately the price paid by Rockefeller was more than ten times what Tishman Speyer had offered, and the proceeds from the sale to Rockefeller made for an appropriate payout to the public Tishman company shareholders.
10 Home Decor Ideas For Men Photo Gallery
The shift on the sale of the PSE&G property was done very quietly, and without public attribution to me.
The Tishman Speyer attempt at obtaining the property by an inside deal was just a start-up mistake, and was never repeated. Soon Bob and Jerry’s company was fully on the road to becoming what it is today, a colossus in the real estate development field with a terrific reputation for expertise and integrity.
We had several major projects awaiting as we began under the Rockefeller umbrella. For Rockefeller, we were constructing the Wells Fargo building in Los Angeles, and shortly, there was the PSE&G Newark property, which we fast-tracked. Our largest project though, was to be for The Disney Company, the EPCOT Center in Florida.
The full story of that remarkable construction task, and my long relationship with The Disney Company, is told in a following decorating. For the moment, let me quickly summarize it. We had been asked to be the Construction Managers for EPCOT, but construction had been delayed because of the oil shortage and then the zooming oil prices that were a result of the 1973 Middle East war, the Arab states’ oil embargo, and price hikes by OPEC members. The Disney Company correctly assumed that in the face of high prices at the pump, Americans would cut down on their driving, and so they delayed construction of EPCOT. But they had wanted to have us continue to work within the Disney footprint in Florida, to hold the key people in place for the moment when EPCOT would begin, and so had asked us to take over construction of the second phase of the Polynesian Hotel in Disney World. That construction task occupied our employees and gave us plenty of experience in the Florida work environment, in which, in contrast to most other states, union and non-union workers would work together at a building site because Florida was a “right to work” state. What this meant in practice was that unionized workers entered through one gate of the work site, while the non-union ones went through another; once all of them had passed those gates, though, there was no further separation on the job-site, and were seldom any conflicts between the unionized and non-unionized workers. The Polynesian hotel construction was a good introduction for us to the ways of Disney, and of Disney to us.
Once EPCOT got going, I flew to California on a regular schedule to brief the Disney top executives on its progress. We had considerable latitude and responsibilities because many of the Disney construction
Maybe You Like Them Too
- 5 Ways To Secure Your Home
- A Fiery-Red Home Sizzles With Simplistic Modern Design
- 10 Best New Year Decoration Ideas Home
- 10 Kohler Bathroom Design Ideas
- 10 Christmas Decorating Ideas For The Home