Two top-level executives are leaving the payroll of one of Orange County’s long-standing corporate titans, Don Koll, to hook up with one if its newest, Scott Blum.
They’re bringing with them an interest in the 40-acre Parker Aerospace parcel recently put on the block by parent Parker Hannifin Corp.
Koll Development Co. execs James Watson and Keith Ross are moving to eDevelopments.com, a technology start-up with ties to Buy.com founder Blum. eDevelopments.com was recently added to ThinkTank.com’s web page as a sister company.
Blum started ThinkTank.com last November, with $20 million of his own funds and $200 million from Japan’s giant Softbank Corp., to provide promising technology firms with venture capital and management expertise.
Watson declined to comment on his new position. But he did say that eDevelopments.com would operate separately from ThinkTank.com.
Local real estate observers say that eDevelopments.com has already selected the Parker property at Jamboree Road and Michelson Drive for its first set of incubator facilities.
Koll was looking at purchasing the Parker Hannifin property when Watson and Ross were working for the company, according to sources.
As president of Koll’s Western division, Watson oversaw offices in San Diego, San Francisco, Las Vegas, Los Angeles, Denver and Newport Beach.
Ross, senior vice president of the company’s Western division, was Watson’s right-hand executive. His principle responsibilities were to handle development projects in Orange County.
Jerry Yahr, Koll’s executive vice president, said the pair first approached him in December before later deciding to partner with the technology venture.
“It was a disappointment, but this is actually going to be a great opportunity for them and for us,” he said. “They have our blessing.”
Yahr added that he expects to continue to work with Watson and Ross. He said Koll will provide eDevelopments.com with commercial real estate expertise as needed.
The Parker property is adjacent to Koll Center Irvine, which has been put up for sale by its current owner, Cigna Investments. Koll developed the 900,000-square-foot center and was part owner of the site until selling its interests in 1998.
While ThinkTank.com provides venture capital and planning for high-tech start-ups, the newly created eDevelopments.com will expand into developing buildings. The incubator will provide space for start-ups in Orange County. Similar buildings are planned for other parts of the country.
ThinkTank.com invests in tech startups and helps coordinate support services for them.
Sources suggest ThinkTank has already raised considerably more than the $220 million announced back in November by bringing in other investors to the venture. ThinkTank has already put money into several local technology start-ups including: BuyNow.com, Fax.com, eJets.com and FreeComputer.com.
Softbank has also invested in Buy.com, which Blum started and for which he was CEO before stepping down in October. He remains as the firm’s chairman and dominant shareholder, however.
Softbank also used to hold a stake in Fountain Valley-based Kingston Technology. Last year, however, Softbank sold its interest in the manufacturer back to the company’s founders.
“Incubators, if you can make them work, are very important to the economy,” said Dick Sim, president of the Irvine Co.’s investment properties group.
“The more we can get people to develop space for emerging technology companies, the greater will be Orange County’s opportunity to continue to be on the leading edge of technological innovation. I wish them much success.”n
