A 'big burst' of business for a little Phila. ad agency
It's not every day that a 40-person Philadelphia advertising agency shows off its stuff in a global corporate branding campaign. But the Al Paul Lefton Co. in Old City is getting its shot in '07. Tyco Electronics has chosen the 78-year-old agency for its branding spurt in the second quarter when it spins out of Tyco International Ltd., the Princeton-area conglomerate looted by its former CEO, L. Dennis Kozlowski, who's now doing hard time.
It's not every day that a 40-person Philadelphia advertising agency shows off its stuff in a global corporate branding campaign.
But the Al Paul Lefton Co. in Old City is getting its shot in '07. Tyco Electronics has chosen the 78-year-old agency for its branding spurt in the second quarter when it spins out of Tyco International Ltd., the Princeton-area conglomerate looted by its former CEO, L. Dennis Kozlowski, who's now doing hard time.
Tyco Electronics is renovating a building in Chester County for its new headquarters. It will separate from Tyco International and become an independent publicly held company. When that happens, Tyco Electronics, with about $13 billion in annual sales, will rank among the top companies by revenue in the Philadelphia region.
On Friday, the Al Paul Lefton creative people were driving up to the Tyco International headquarters in the Princeton area to show off the latest designs for advertisements that will run in global business and economic magazines, as well as 80 newspapers.
Tyco Electronics has not said how much it is spending on the campaign.
John Evans, senior vice president at Al Paul Lefton, said Friday that the Tyco Electronics project is a "big burst" of business. For a time, Tyco Electronics will be the agency's biggest client, he said. - Bob Fernandez
Some anniversary gift!
James L. Paterno, a 20-year veteran of local commercial real estate, celebrated the second anniversary of his new firm by buying a 20-story Center City office building.
In a joint venture with CBRE Realty Finance Inc. of Hartford, Conn., Paterno purchased the 520,000-square-foot 1515 Market St. for $67 million.
This was the first acquisition for the firm Paterno established two years ago, Stockton Real Estate Advisors L.L.C. of Radnor. The firm is named after the street in Nutley, N.J., where Paterno grew up.
Paterno was president of the Rubenstein Brokerage Group, a unit of the Rubenstein Co., when Rubenstein sold 3.5 million square feet of office property to Brandywine Realty Trust of Radnor for $600 million in 2004.
The Center City building, on the west side of City Hall, houses the Temple University Center City Campus, which occupies about one-fourth of the space and has its own entrance.
This building never hit the market. Paterno said he had a relationship with representatives of the Dutch owners, from his years with the brokerage firm Jones Lang LaSalle, and made an offer.- Henry J. Holcomb