Greenpark opens Eastern Division.

GreenPark Group, LLC, a land developer specializing in environmentally-impacted properties, announced the opening of its new Eastern Division at 200 Park Avenue in Manhattan under the leadership of Charles G. Smail, a 22-year industry veteran. Larry B. Faigin, president and CEO of GreenPark Group, made the announcement.

"The establishment of our new Eastern Division reflects our confidence in the viability of these types of properties in the hands of experienced, value-added developers," said Mr. Faigin, who founded GreenPark in 1997 in Seal Beach, CA. "The appointment of Charly Smail to direct this division confirms our belief that successful brownfields development requires the expertise of sound real estate professionals, backed by institutional controls and capital."

Charles Smail, president of GreenPark's new Eastern Division, has over 22 years of experience in the acquisition, development and finance of industrial, commercial, retail and residential real estate. Prior to joining GreenPark, he was president of Dames & Moore/Brookhill and Brookhill Redevelopment, responsible for acquisition, redevelopment, finance and risk management for a firm which acquired 34 environmentally contaminated properties in 21 states. He also served as senior vice president of LeCesse Development Corp. and a registered principal of Wesley Securities Corp.

GreenPark is a long-term owner and value-added land developer that has completed and sold a number of projects to date, which have provided a rate of return to investors well above industry averages. Backed by Warburg Pincus Ventures, LP, a multi-billion dollar private equity fund, GreenPark has already deployed over $100 million in assets, primarily in the western United States, and has substantial additional resources available. The strength of GreenPark's capital resources assures stability, continuity and financial commitment to the success of both the company and the individual projects.

For most corporations that own environmentally contaminated properties, such as railroads, manufacturers and oil companies, real estate is not a core business. Non-producing real estate assets are usually a substantial balance sheet liability, needing millions of dollars in remediation and facing regulatory pressures with no guarantee that the property will ever be economically viable.

GreenPark has a proven track record in acquiring environmentally-impacted properties, providing sellers with protection from environmental liabilities, successfully working with regulators and local communities, remediating properties and returning them to productive service.

GreenPark has both the real estate expertise and financial strength to evaluate, acquire and remediate environmentally-impacted properties, assume and manage the environmental liabilities, and fund the development process.

Because of their expertise in all phases and categories of real estate, GreenPark can effectively align the many economic, environmental and community interests involved in the process, simultaneously working with local political jurisdictions to obtain the most favorable land use designations to maximize value.

"Current market trends increasingly support the viability of successful development, entitlement and sale of remediated land," said Mr. Smail.

"Regulatory agencies are moving towards more practical clean-up requirements. New insurance products for managing environmental risks stimulate redevelopment of these sites, as they provide protection for both buyers and sellers. In the Northeast, where the availability of developable land is scarce, GreenPark's proven formula of evaluation, acquisition, remediation and development will provide investors and developers alike with a new avenue of real estate opportunity."

GreenPark blends capital management and real estate development experience with remediation expertise to acquire and improve environmentally impacted land. Their focus is to maximize the real estate value of stagnant properties in desirable locations.

"GreenPark has an outstanding track record in the redevelopment of environmentally impacted land, and institutional controls and capital that set a new benchmark for professionalism in this industry," Mr. Smail said. "I look forward to employing the GreenPark standards to acquisitions and development projects in the East - paying fair market prices for opportunities, adding value through hands-on real estate development expertise, and delivering on commitments."