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From Site Selection magazine, March 2005


Sarbanes-Oxley Compliance Report Published by IAMC

    Based on corporate responses to an August 2004 survey, "Corporate Real Estate Compliance With the Sarbanes-Oxley Act: Scattered Benefits, Significant Costs" was published by IAMC in late January 2005.
      Written by IAMC Director of Research and Education Joel Parker, the 12-page report offers sometimes startling insights into both the costs and awareness of compliance. Among the findings: About 22.2 percent of respondents felt their departments hold significant risks that could affect the financial reporting of the company; another 20 percent see moderate risks.
      Another finding: More than 48 percent of corporate real estate departments at large corporations reported spending up to 100 person-days on preparing for compliance, and more than 16 percent reported spending between 100 and 500 person-days.
      Copies of the report were mailed to members and to survey respondents, and it has been posted on the members-only area of the IAMC Web site at The report is available for purchase by non-members for $25. For more information, contact Joel Parker at, or by phone at 770-325-3484.

Charles Veley

Title & Organization:

Director of Global Real Estate Development, United Technologies Corporation (UTC), Hartford, Conn.
The UTC portfolio consists of more than 4,300 owned and leased locations, in more than 100 countries, totaling about 100 million sq. ft. (9.3 million sq. m.)

      Which products does your company manufacture?
UTC is a US$37-billion company whose products include Carrier heating and cooling (HVAC), Chubb security systems, Hamilton Sundstrand aerospace systems and industrial products, Otis elevators and escalators, Pratt & Whitney aircraft engines, Sikorskyhelicopters and UTC Power fuel cells.
      To whom do you report?
     I report to the Director of Global Real Estate Operations of UTC and also to the Associate General Counsel.
      How many years have you workedin the profession?
     I have worked in the real estate/facilities management area for 23 years.
      Where and what did you study?
     I have a J.D. from Quinnipiac University School of Law, as well as B.A. in English and Pre-med from Colgate and a Ph.D. in English from Penn State University. I've also studied management at the University of Virginia's Darden Graduate School and learned a lot from colleagues in the construction and real estate workplace over the years.

      Describe the most important transaction or project for which you were responsible.
     In 1996, Carrier Corporation elected to centralize its real estate operations using an outsourced service provider. In 1998, United Technologies also pursued the same strategy. I managed both projects and managed the centralized UTC real estate operation until October 2000.
      What is the biggest professional challenge you face on a regular basis?
     Success in real estate development means adapting to the demands of the marketplace while balancing the needs and desires of differing interest groups. Project-related factors such as site layout, construction timing and environmental impact are also important, but relationships are always the key. To identify the major players, then understand their needs and work out a market-driven, sustainable solution can be very challenging. The goal is to deliver a win-win for all parties, including UTC shareholders.
      How is the role of the Director of Real Estate Development evolving?
     UTC puts a strong emphasis on sustainability throughout our operations, and development projects can be viewed as a microcosm of what we're trying to achieve. So my role has evolved from selling tracts of land to creating project structures that will provide economic, environmental and social benefits to future generations.
      Which technology do you consider to be essential in your professional life?
     We track projects on a Web portal - it's getting hard to remember how we ever operated without it.
      What is the value of IAMC membership to you?
     IAMC is a great forum for best practices. I've found good solutions both in the formal presentations and through contacts with other members.
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