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Fund of the Year!
Beacon Capital Partners
Fund of the Year
April 20, 2007
Fred Seigel, President of Boston Based Beacon Capital Partners is instrumental in keeping the firms energy and drive going; in 2007 and looks forward to an even more spectacular 2008 with Beacon’s Capitals release of more innovative real estate funds and programs.
Through its opportunity funds, Blackstone was the dominating force in the commercial real estate market in 2006 and completed a number of public to private transactions. The group, headed by Jon Gray, saw its activity culminate with the acquisition of Equity Office Properties Trust in the biggest REIT public to private deal ever completed.
Broadway Partners
Broadway Partners scooped up Boston’s iconic John Hancock Tower, Citibank Center in L.A. and 333 West Wacker in a multi-property portfolio acquisition that spanned the country. Scott Lawlor’s firm exploded onto the scene 2006 acquiring Manhattan trophies 522 Fifth and 340 Madison as well. The firm shows no signs of slowing down in 2007.
Alan Leventhal’s Beacon Capital Partners spent much of 2006 scooping up trophies such as New York’s 1211 Sixth Avenue from Jamestown for $1.52 billion and One Beacon Street in Boston for $423 million. Beacon proved it was among the most aggressive firms out there on some of the hottest trophy deals on the market. The firm also sold a number of large portfolios, including one of its opportunity funds.
Thomas Property Group
Los Angeles-based Thomas Properties Group put its money where its ecologically-minded mouth was last year, raising a $500 million fund dedicated to environmentally friendly commercial real estate the first fund of this kind. The firm plans to develop and retrofit office buildings to meet LEED-certification guidelines.
Copyright 2007 Euromoney Institutional Investor PLC
Fred Seigel – HUD
The Presidents Secret Money Machine?
Court Orders HUD to Pay $8.8 Million
Let’s get the true story regarding HUD and Energy Capital Partners out to the public as well.
For years the negative reporting done in response to Energy Capital Partners contract with HUD has been slanted with an extremely one sided version seemingly used as a political weapon against President Bill Clinton. The Article “The Presidents Secret Money Machine” published by the online magazine The Daily Republican through Web Portal Inc. stands as an archive for the contract between Fred Seigel of Energy Capital Partners and HUD.
Some background on The Daily Republican; they are brought to us by Web Portal Inc a castaway in cyberspace and a so called web portal that has not had pertinent content updates in years and many facets of it appear to be presented by dead end content. This disinformation is in need of balance and the effects of the cancellation of this contract’s benefits hits home harder now close to 10 years later more than ever.
Imagine the savings in energy expenses and the increase in quality of life for the low income, housing residents who would have benefited from this cancelled HUD program. Fred Seigel’s Energy Capital Partners innovative and forward thinking green campaign and awareness of the importance of efficient energy delivery for all should be lauded. Regardless, of which version of the story led to the cancellation of such an energy conscience concept, it should be known that the program was ahead of its time and should have been instituted as planned.
The Daily Republican is a dated publication. The follow up story of how Energy Capital Partners and Fred Seigel were victorious in it’s lawsuit against HUD was never published. The victory awarded to Energy Capital Partners and Fred Seigel was a rare one indeed. There were very few lost profit suits vs HUD/the United States that were won in favor of the plaintiff. It’s of significant note that the Judge in this case found for Energy Capital Partners.
The following information is easily found yet buried within various sources and articles. The result was disheartening as the program that Energy Capital Partners which gained them the approval in awarding the contract from HUD is even more relevant and green today than it was when introduced ten years ago.
In the era of $25 dollar a barrel oil, Green initiatives were virturally unknown. A “political football SMOG” has been surrounding this innovative energy delivery idea for years. In the article below the program was endorsed by the Judge involved. In the case which Fred Seigel and Energy Capital Partners won, the program outlined int the contract was deemed a sound one for the country in terms of energy efficiency and its delivery to low income housing, thus achieving the goal we all seek - affordable energy for all!
Please take the time to review this document from Facts on File, Inc.
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Court Orders HUD to Pay $8.8 Million
Judge Edward Damich of the Court of Federal Claims in Washington, D.C. August 21 ordered the Department of Housing and Urban Development (HUD) to pay $8.8 million in damages for reneging on a contract with a lending company. HUD had accepted liability for backing out of the contract with the company, Energy Capital Partners of Boston, Massachusetts, but had said it would appeal the amount of the award, it was reported August 24.
The lawsuit stemmed from a contract issued by HUD in September 1996 to Energy Capital Partners to administer $200 million in loans to upgrade energy efficiency in low-income housing. HUD had reneged on the contract in February 1997, a week after the Wall Street Journal had printed an article revealing that Alan Leventhal and Fred Seigel, the principals in the company, had donated $3 million to President Clinton’s 1996 reelection campaign. The article portrayed the contract as a sweetheart deal. HUD’s action prompted Energy Capital Partners to sue for lost profits.
A 1998 HUD internal report had concluded that “tremendous pressure was brought to bear by political appointees on career employees” to approve the deal. However, Seigal had claimed that no evidence of political interference had been produced in court, it was reported August 25. Howard Glaser, who had been HUD deputy general council at the time, corroborated the report’s findings, and also claimed that the contract had favored Energy Capital Partners by requiring HUD to absorb the bulk of the cost of defaulted loans.
In his opinion, Damich wrote that although there had been few successful lost profits cases against the U.S., the facts in the HUD case supported the award. In particular, he noted, “The market for the service available under the contract was easily identifiable and willing to pay for this service.”
He also cited a line in the contract that had granted Energy Capital Partners 30 days to solve any problems before termination. The contract had been cancelled after only one week’s deliberation.
Pine Street Board Members in Action
The Pine Street Inn has an active and impressive Board of Directors. Some are involved in other volunteer and not for profit organizations.
Here are some of them:
Susan Siebert
Susan Siebert lends her energy and expertise to a number of causes, including homelessness. She is currently a law partner at Edwards & Angell, LLP, and co-chair of the firm’s finance group. She is a member of the Council for the Women’s Inn at Pine Street, where she helps raise critical funding for programs supporting 1,000 homeless women each year. Ms. Siebert is also a volunteer for the Boston Bar Association legal clinic for the homeless and a member of the Boston Club and the Massachusetts Women’s Political Caucus. She previously served on the Board of Directors of the Greater Boston YWCA and the Atlanta YWCA and was Vice-Chair of the Georgia Women’s Political Caucus.
Robert Lewis, Jr.
Robert is one of the busiest board members doing additional volunteerism. A lifelong and proud resident of the City of Boston, Robert is known for his life-long commitment to the community and social justice. As president and executive director of the National Conference for Community and Justice (NCCJ) Greater Boston Region, he has sought to promote understanding and respect among all races, religions, and cultures by fighting issues of bias, bigotry, racism, and hate. He currently serves on the board of directors for the Boston Renaissance Charter School, Center for Dance Education - Advisory Committee, Boston Private Industry Council - Community Advisory Committee, The Governor’s Task Force on Hate Crimes, and The South End Youth Baseball Program. He resides in Boston with his wife Nayda and two children Vanessa and Stephen.
Kay Whelan O’Halloran, Assistant Clerk
Kay is a perfect choice to get mentioned at this time of year! Kay first became involved as the inn’s first volunteer food group coordinator on Thanksgiving Day in 1971. At that time, Christmas and Thanksgiving dinners were the only meals provided by Pine Street. Ms. O’Halloran and her friends from St. Cecilia’s began bringing their special date nut bread and sandwiches to the guests every Monday. Ms. O’Halloran brought this same spirit of hard work and cooperation to the Board of Directors in 1984 and served as board chair from 1998 until 2002. She would like to see an emphasis on permanent housing, with more advocacy for public education. The inn has been an integral part of Ms. O’Halloran’s life for over thirty years, during which time she has witnessed the care, respect and compassion at the inn. This has been a constant inspiration to her.
Marylou Sudders
Marylou Sudders is the president of the Massachusetts Society for the Prevention of Cruelty to Children
Fred Seigel
In addition to the time he invests for Pine Street Inn he is also active in The Democratic Party; in 2004 when the Democratic National Convention was held in Boston, Fred was selected as a committee member. Fred was the proponent of energy investments that would allow consumers a path to delivery green energy to their homes. This seems an even more timely idea given the current interest in energy deliver and methods in the USA. Clearly Fred led this green charge early on.
Pine Street Inn Thanksgiving
Fred Seigel News
Pine Street Inn – Thanksgiving 2008
Giving Back:
Time is such a rare treasured commodity for each of us it is truly one of the greatest contributions we can make when giving back- volunteerism is on the rise !
The Pine Street Inn delivers every Thanksgiving. It seems like only yesterday that Robert Schmitz started the Pine Street Inn. Thanksgiving and the Holiday season bring with it a lot of attention to non profits like Pine Street; however, the Pine Street Inn delivers 24/7 year round to the homeless and hungry on the streets of Boston. Many of the chefs and food service workers hard at work at the shelter are graduates of the shelters food service training program and provide services to may other centers in and around Boston.
Awilda Parill and Barry Hughes both, both formerly homeless, prepare turkeys for the Pine Street Inn’s Thanksgiving feast. As students in the homeless shelter’s food service training program, Parilla and Hughes are learning food safety, cooking methods, nutrition, and hospitality. Graduates find employment in restaurants, hotels, bakeries, grocery stores, catering facilities.
Edith Valentine, who was in the first class of graduates from the program in 1990, works as a cook in the shelter’s kitchen, helping current trainees. “I think it’s the greatest opportunity if you choose to do it,” she says. “It’s something that you want to succeed in.” In addition to the Thanksgiving meals prepared at the Pine Street Inn, a team of cooks and students provide turkey and trimmings to local assisted living centers, detox centers, transitional programs, and pre-release programs.
To all the volunteers, employees and Board Members congratulations on another successful year giving back to the homeless and needy in our society
(Photo and Audio by Suzanne Kreiter, Globe Staff)
Fred Seigel
Prior to joining Beacon Capital Partners, Mr. Seigel was Managing Director of Latona Associates, Inc., a private merchant bank. On behalf of Latona Associates, he also served as Chief Operating Officer for Procurenet, Inc., a leading procurement and supply chain management company owned by Fisher Scientific and the Thomas H. Lee Company. Prior to joining Latona Associates, Mr. Seigel spent six years as President and Director of Energy Capital Partners, which specialized in financing energy projects throughout the United States. The company was sold to a Global 50 company during Mr. Seigel’s tenure. Mr. Seigel holds a Bachelor of Arts from New England College.
He is a member of The Real Estate Roundtable, serves on the Board of Directors of The Pine Street Inn, New England’s leading resource for homeless men and women, and also serves on the Board of Trustees of Berwick Academy.