Success in Transit: David A. Sigman of LCOR

As senior vice president of LCOR, David A. Sigman helps lead a national development organization that makes a powerful impact on metropolitan area real estate through transportation-oriented development, public-private partnerships and other winning development strategies. The national real estate development company — based in Berwyn, Pennsylvania — is significantly focused on multi-family residential development, with more than 20,000 units completed or in the pipeline nationwide. LCOR also develops mixed-use, office, retail, education and transit/aviation real estate.

In its New York City office, Sigman, executive vice president Kurt M. Eichler, senior vice president Peter T. Gilpatric and the rest of the LCOR team have created successful transit-oriented residential developments in White Plains and South Orange, New Jersey. The firm also developed the $1.4-billion Terminal 4 at JFK International Airport, part of the largest public/private airport project in American history. Also, until recently, LCOR had been an owner of The Landmark at Eastview, a 750,000-square-foot technology park in Tarrytown in Westchester County. The company retains undeveloped land surrounding the science complex, where LCOR is pursuing residential and commercial development options.

Sigman was originally associated with Hoskinson & Davis in northern Virginia. He later joined Zeckendorf Company, managing the Ronald Reagan Federal Office Building in Washington, Manhattan's Worldwide Plaza, and other large projects. He joined LCOR in 1994, with responsibility for business development throughout the New York region. Sigman serves as development general manager and executive committee member of JFK International Air Terminal L.L.C.

David Sigman cites transit-oriented development — or “TOD” — as an LCOR specialty pertaining to construction of commercial and residential properties near subways, train stations and airports. "LCOR enjoys a national reputation for transit-oriented development," Sigman says. "We know how to integrate buildings, public space and transportation access." Most major LCOR projects are located near transportation hubs. "As gridlock and commuting times grow," he says, "proximity to public transportation has become an important factor in site selection."

Sigman says investors recognize that TOD adds value to a project. Landlords collect higher rents because of nearby commuting. Smart growth planning frequently allows higher density. TOD reduces traffic congestion and air pollution, and limits demand for highway construction. Political leaders support TOD as an anti-sprawl strategy. "The success of our newest TOD project, Bank Street Commons in White Plains, reflects the city's emergence as an ideal live-and-work environment," says Sigman. "Commuters live across the street from a half-hour ride to midtown." The two-tower complex sits adjacent to the Metro-North Station and is close to outstanding shopping and entertainment venues. "Bank Street Commons is a centerpiece of the rebirth of White Plains as a vibrant urban environment."

LCOR's success in White Plains has quickly followed its award-winning experience with the $34.5 million Gaslight Commons, a 200-unit, luxury residential complex in South Orange. "Gaslight Commons struck a chord among luxury apartment seekers," Sigman says. "Leasing outpaced expectations, demonstrating the appeal of thoughtfully designed, smart growth development." Gaslight Commons stands next to a NJ Transit station with 30-minute service to midtown Manhattan.

The complex won the 2002 "Smart Growth Award" from New Jersey Future, the state's leading advocacy organization promoting responsible development. LCOR's South Orange experience underscores the company's ability to work with the public sector. The developer had forged a partnership with the village of South Orange to expedite development and promote downtown revitalization.

LCOR made history in May 2001 with the opening of its most ambitious development: the $1.4 billion International Arrivals Terminal at JFK Airport, America's first privatized air terminal. Today more than 50 domestic and international carriers call the 1.5 million square-foot Terminal 4 home. The site boasts a thriving retail concourse and annual passenger volume approaching six million travelers.

LCOR's New York office also developed the $292 million Ted Weiss Federal Building — formerly known as Foley Square Federal Building — in downtown Manhattan. LCOR's national portfolio includes the $885 million U.S. Patent and Trademark Office in Alexandria, Virginia and the $625 million White Flint Metrorail station development in North Bethesda, Maryland.

"LCOR is aggressively pursuing new development opportunities throughout the region," David Sigman says. "We look forward to adding new assets in the coming months."

Based on its record of success, LCOR's confidence in the future is clearly well founded.