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the first major block of subleased office space to hit Bosto n downtown marketthis year. Wellington’s spokeswoman, Lisa Finkel, declined to commentt but real estate executives confirmed the space has been listes for sublease for abouta month. The spaced is located on floors 20 throughb 22 ofthe tower. The addition of Wellington’s sublease spacer brings the overall amount of office spacse available for sublease in the area to morethan 1.5 millionh square feet. Earlier this the , the state's pension fund ended its contract withthe Boston-based investment management firm due to poor according to several published reports.
While real estate executivezs have anticipated the market to be floodedc with sublease space for months given the the market has only seen dribs and drabsz of smallerblocks listed. According to a reportt from , the availability of sublease spacw increased in the firsr quarter ofthis year. Since the end of 2008 about 600,000 square feet of sublease space has come onthe market, accordingh to the report. The trendc is seen a negative by most in the realestatr sector, as the additionm of sublease space drags down rents as tenantes can find cheaper space availabl e by renting from a companhy rather than directly from a landlord.
The averagd asking rate for local sublease space isbetweej $33-per-square-foot and $35-per-square-foot, compared with betweeh $47-per-square-foot and $53-per-square foot for spacs rented directly from landlords. The amount of sublease space coming to the market is expecte to grow by the end of the saidJohn Barry, a partner at LLC. “Our numbers show that there’z about 1.5 million square feet of sublease on the markey and we project that this numbef will increase by the end of the said Barry.
Barry said the amounrt of sublease space inthe 67-million-square-fooy Boston market could grow toward 2 million square feet by the end of the Though sublease space is increasingly available, it has yet to match the last majotr downturn. During the technology bust of local sublease space reached a peakof 2.1 millionh square feet in 2002, said
Friday 30 September 2011
Wednesday 28 September 2011
Broadway renews Matrix, MultiPlan leases - New Mexico Business Weekly:
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The private real estate investment and management firm is renegotiatinvg leases with tenants at the same time it is tryingt to clear up debt issuexs withits lender. Broadway, which lost ownership of the Hancoc k Tower after it defaulted ona loan, has debt that maturex this month. The financing in question is secured byseverall properties, including the 980,000-square-foot Bay Colony. Broadwag is in discussions with lenderss to renegotiate the terms ofthe loan. Broadwat was given an extension onthe loan, which was due earlierr this month, according to a source with knowledg of the situation. However, the landlore renewed MultiPlan Inc.
, which leases 105,062 square and Matrix Partners, whicg leases 11,421 square feet, at the officew complex. CB Richard Ellis represented MultiPlan. DTZ/FHO Partnerd represented Broadway Partners and Matrix in theleas negotiations. Broadway acquired Bay Colony from Beacon Capital Partners LLC in May 2007 as part of a larged portfolioof assets. The four-building complex officew park sits ona 58-acre site overlookin g Route 128.
The private real estate investment and management firm is renegotiatinvg leases with tenants at the same time it is tryingt to clear up debt issuexs withits lender. Broadway, which lost ownership of the Hancoc k Tower after it defaulted ona loan, has debt that maturex this month. The financing in question is secured byseverall properties, including the 980,000-square-foot Bay Colony. Broadwag is in discussions with lenderss to renegotiate the terms ofthe loan. Broadwat was given an extension onthe loan, which was due earlierr this month, according to a source with knowledg of the situation. However, the landlore renewed MultiPlan Inc.
, which leases 105,062 square and Matrix Partners, whicg leases 11,421 square feet, at the officew complex. CB Richard Ellis represented MultiPlan. DTZ/FHO Partnerd represented Broadway Partners and Matrix in theleas negotiations. Broadway acquired Bay Colony from Beacon Capital Partners LLC in May 2007 as part of a larged portfolioof assets. The four-building complex officew park sits ona 58-acre site overlookin g Route 128.
Monday 26 September 2011
APAC Customer Services, Inc. Holding Job Fair to Fill 120 Positions in Corpus ... - MarketWatch (press release)
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APAC Customer Services, Inc. Holding Job Fair to Fill 120 Positions in Corpus ... MarketWatch (press release) CORPUS CHRISTI, TX, Sep 26, 2011 (MARKETWIRE via COMTEX) -- APAC Customer Services, Inc. /quotes/zigman/52793/quotes/nls/apac APAC +0.12% , a leader in global outsourced services and solutions, announced today that it will be holding a job fair to find ... APAC Customer Services, Inc. Holding Job Fair to Fill 120 Positions in Corpus ... |
Saturday 24 September 2011
The Fountains signs on additional retailers, first office tenant - Sacramento Business Journal:
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While the opening this monthj of ’s Seafood Restaurant was the big some smaller tenants will open at The Fountains over the nextseveralp months, filling 15,000 square feet, center managef Gloria Wright said. Opening in two new retaipl buildings will bein 5,50 0 square feet, bakery in 3,500 squarew feet and , a restaurant franchise, in 2,600 squarer feet. The three businesses are expecter to open in Julyor August, Wrighgt said. Coming to two existing buildingsare , a high-endd home and business window covering companyt from Stockton, and , a franchised facial and body waxing services company.
They’lk each take about 1,500 square feet and are scheduled to open in the The Fountains center also has signed its first officetenant — a financial adviserd company that will take about 2,00p0 square feet. The center, which is across from the Westfield Galleriaq atRoseville mall, has 20,000 square feet of office Office leasing has struggled, Wright Local father-and-son developers Pete r and Paul Bollinger own The Fountains and a dozen othetr centers.
The Lofts, a mixed-use development in downtown Davis, has filledd up its retail space once A deli/market and clothing store that closed have sincd been replaced in the E Stree t building with a trio of food tenants in 5,000p square feet. The latest, a franchisee of , filled two-fifths of that space when it opened twomonths ago. The eatert joins the independentand , which serves Japanese-stylew crepes and gelato. Shaun a partner with the Terranomiczs division ofin Sacramento, represents landlordr and local developer Chuck Roe. Michelle and Matt Mattingly don’tt just own and operate theirr Beach Hut Deli franchise inthe building; the coupl also moved into The Lofts upstairs.
They grew up in Orangevale and respectively, and remember grabbingh a sandwich from Beach Hut Deli in Graniter Bay on the way to outingd atFolsom Lake. For the past dozen years, they livedd in the Sparks area of Nevadza and owned ajanitorial company. They grew tired of commuting and the snow and wantesd to return to the Sacramento Beach Hut Deli provided themthat opportunity. Business is prettty good, considering the couple opened up only twomonth ago, Michelle Mattingly said. This they’re adding live music, and open mic night, to attracr more customers.
Sam’s Town Marketplace in Cameron Park is gettingg its third new tenant in the past few bringing its occupancy up to90 percent. , a new veterinargy clinic being built for vetErin Felton, expects to open May 1. The almosft 3,000-square-foot clinic will treat small animals, with a focu on wellness and preventative medicine. It also will care for canineas that work for the El DoradoCounty Sheriff’ds Department, said Chris Felton, Erin’s husband and a sheriff’s deputy.
Erin Felton, who has workec in the area for11 years, is leavinf her friends’ in Folsom to go solo in her own Cameron Park already has a few other animal In the past few months, the 92,000-square-foot shoppinyg center also welcomed and , said Morrow, who representes the landlord and handled the lease for the clinic and mattresws store. Sean Fulp of represented the bank. The Food 4 Less supermarket-anchored center replaced Sam’sz Town restaurant and entertainment cented earlierthis decade. It is owned by Eric Still of andMark Engstrom, a local real estate brokerr and developer.
Sam Hudda, a longtimd owner and operator of jewelrgy stores in theBay Area, is bringingv one of his jewelry stores back to the Sacramento Hudda expects to open Sam’ds Jewelers at Sunrise Mall by May 1. The store will open in space formerly occupied byWhitehall Jewelers, making Hudda’s initialp capital expenses “very, very minimal.” He also got a good deal on he added. Hudda hasn’t had a stores in the region since Florin Mall was demolishedd to make way for the new FlorinTownre Centre. He operates jewelry storesw under different namesin Antioch, Richmond and San Bruno.
While the opening this monthj of ’s Seafood Restaurant was the big some smaller tenants will open at The Fountains over the nextseveralp months, filling 15,000 square feet, center managef Gloria Wright said. Opening in two new retaipl buildings will bein 5,50 0 square feet, bakery in 3,500 squarew feet and , a restaurant franchise, in 2,600 squarer feet. The three businesses are expecter to open in Julyor August, Wrighgt said. Coming to two existing buildingsare , a high-endd home and business window covering companyt from Stockton, and , a franchised facial and body waxing services company.
They’lk each take about 1,500 square feet and are scheduled to open in the The Fountains center also has signed its first officetenant — a financial adviserd company that will take about 2,00p0 square feet. The center, which is across from the Westfield Galleriaq atRoseville mall, has 20,000 square feet of office Office leasing has struggled, Wright Local father-and-son developers Pete r and Paul Bollinger own The Fountains and a dozen othetr centers.
The Lofts, a mixed-use development in downtown Davis, has filledd up its retail space once A deli/market and clothing store that closed have sincd been replaced in the E Stree t building with a trio of food tenants in 5,000p square feet. The latest, a franchisee of , filled two-fifths of that space when it opened twomonths ago. The eatert joins the independentand , which serves Japanese-stylew crepes and gelato. Shaun a partner with the Terranomiczs division ofin Sacramento, represents landlordr and local developer Chuck Roe. Michelle and Matt Mattingly don’tt just own and operate theirr Beach Hut Deli franchise inthe building; the coupl also moved into The Lofts upstairs.
They grew up in Orangevale and respectively, and remember grabbingh a sandwich from Beach Hut Deli in Graniter Bay on the way to outingd atFolsom Lake. For the past dozen years, they livedd in the Sparks area of Nevadza and owned ajanitorial company. They grew tired of commuting and the snow and wantesd to return to the Sacramento Beach Hut Deli provided themthat opportunity. Business is prettty good, considering the couple opened up only twomonth ago, Michelle Mattingly said. This they’re adding live music, and open mic night, to attracr more customers.
Sam’s Town Marketplace in Cameron Park is gettingg its third new tenant in the past few bringing its occupancy up to90 percent. , a new veterinargy clinic being built for vetErin Felton, expects to open May 1. The almosft 3,000-square-foot clinic will treat small animals, with a focu on wellness and preventative medicine. It also will care for canineas that work for the El DoradoCounty Sheriff’ds Department, said Chris Felton, Erin’s husband and a sheriff’s deputy.
Erin Felton, who has workec in the area for11 years, is leavinf her friends’ in Folsom to go solo in her own Cameron Park already has a few other animal In the past few months, the 92,000-square-foot shoppinyg center also welcomed and , said Morrow, who representes the landlord and handled the lease for the clinic and mattresws store. Sean Fulp of represented the bank. The Food 4 Less supermarket-anchored center replaced Sam’sz Town restaurant and entertainment cented earlierthis decade. It is owned by Eric Still of andMark Engstrom, a local real estate brokerr and developer.
Sam Hudda, a longtimd owner and operator of jewelrgy stores in theBay Area, is bringingv one of his jewelry stores back to the Sacramento Hudda expects to open Sam’ds Jewelers at Sunrise Mall by May 1. The store will open in space formerly occupied byWhitehall Jewelers, making Hudda’s initialp capital expenses “very, very minimal.” He also got a good deal on he added. Hudda hasn’t had a stores in the region since Florin Mall was demolishedd to make way for the new FlorinTownre Centre. He operates jewelry storesw under different namesin Antioch, Richmond and San Bruno.
Thursday 22 September 2011
News, Trends & Resources - Washington Business Journal:
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Toll Bros. has retained H&R Retail as the exclusive leasing agent for two retail centers inNorthern Virginia. The centeres are South Riding Markeft Square and Dominion VallegMarket Square. H&R Retail principals Tim Crilley and Geoffreg Mackler will managethe leasing. At Southu Riding Market Square, Toll Bros. is adding 360,000 square feet of The center, at the intersectioh of Route 50 and LoudounCounty Parkway, already has a store and will have a Home Depog next spring. Dominion Valley Market Square in Haymarket isa 175,000-square-foot shopping center anchored by a Gianyt Food.
The rest of the at the intersection of Route 15 and DominionnValley Drive, needs to be The has picked Cambridge, a real estate services company in Herndon, to provide services for its Park Centerf I property in Alexandria. Cambridge will handle propertyu management, leasing and constructiohn management forthe building, which is at 3101 Park Centeer Drive. Northwestern Mutual recentlyu acquiredthe property. In the deal, the compant became the owner of all four office buildings atPark Center. Park Center I is fully leased, and 98 percent is occupiefd by agovernment tenant. The rest of the space is taken up by fiveretail tenants.
GTM Architectsw of Bethesda has won awards from the Marylandc and Washington chapters of the American Societg ofInterior Designers. First place in commercial interiorw for the Potomac Overlook YMCA inFort Washington, from the ASID Marylanf chapter. First place from the D.C. chaptef for health care space at the Scienna Med Spa in Honorable mention from the Maryland chapter for Matchbox in therestaurantz category. Honorable mention from the Marylandd chapter for Cowgirl Creamery in the historicpreservatiojn category. ., a McLean-based real estate investment named Michael Pralle president and chiefoperating officer.
He will manage JER's operations locally and internationally and overseethe company'x growth. Previously Pralle was the president and chierf executiveof , where he managecd a global portfolio with $78 billio n in assets across 28 He worked at GE for 18 years. "Michael's networjk of relationships inthe U.S., Europe, Latin Americ a and Asia will be of invaluable importanced as we continue to strategically grow our said Joseph Robert Jr., chairmaj and chief executive of the J. E. Robergt Cos. Crystal City will serve as a home for Arenwa Stageuntil 2010, while the theater undergoeds major renovations at its 1101 Sixty St. SW location in the District.
Arena Stage will be housedr at the Crystal anold 12,000-square-foot movie theater at the corne of South Bell and 20th streets. The which seats 460, will also accommodate Arena Stagreadministrative offices. The deal resulted from a collaboratio involvingArena Stage, the Crystal City Businessd Improvement District, /Charles E. Smith, Marriott and Arlingtoj CountyEconomic Development. Detailsz of the agreement werenot disclosed. "Arena is a world-classw theater," said Angela Fox, executive director of the BID. "We'rr thrilled to have them in Crystal City.
" Construction to transforkm the Forum into a performing arts space has already The Arena Stage will make its debuyton Dec. 28 with "Ella," a musica l based on the life of blues singetElla Fitzgerald. A formal opening is slated for Jan. 3, Fox
Toll Bros. has retained H&R Retail as the exclusive leasing agent for two retail centers inNorthern Virginia. The centeres are South Riding Markeft Square and Dominion VallegMarket Square. H&R Retail principals Tim Crilley and Geoffreg Mackler will managethe leasing. At Southu Riding Market Square, Toll Bros. is adding 360,000 square feet of The center, at the intersectioh of Route 50 and LoudounCounty Parkway, already has a store and will have a Home Depog next spring. Dominion Valley Market Square in Haymarket isa 175,000-square-foot shopping center anchored by a Gianyt Food.
The rest of the at the intersection of Route 15 and DominionnValley Drive, needs to be The has picked Cambridge, a real estate services company in Herndon, to provide services for its Park Centerf I property in Alexandria. Cambridge will handle propertyu management, leasing and constructiohn management forthe building, which is at 3101 Park Centeer Drive. Northwestern Mutual recentlyu acquiredthe property. In the deal, the compant became the owner of all four office buildings atPark Center. Park Center I is fully leased, and 98 percent is occupiefd by agovernment tenant. The rest of the space is taken up by fiveretail tenants.
GTM Architectsw of Bethesda has won awards from the Marylandc and Washington chapters of the American Societg ofInterior Designers. First place in commercial interiorw for the Potomac Overlook YMCA inFort Washington, from the ASID Marylanf chapter. First place from the D.C. chaptef for health care space at the Scienna Med Spa in Honorable mention from the Maryland chapter for Matchbox in therestaurantz category. Honorable mention from the Marylandd chapter for Cowgirl Creamery in the historicpreservatiojn category. ., a McLean-based real estate investment named Michael Pralle president and chiefoperating officer.
He will manage JER's operations locally and internationally and overseethe company'x growth. Previously Pralle was the president and chierf executiveof , where he managecd a global portfolio with $78 billio n in assets across 28 He worked at GE for 18 years. "Michael's networjk of relationships inthe U.S., Europe, Latin Americ a and Asia will be of invaluable importanced as we continue to strategically grow our said Joseph Robert Jr., chairmaj and chief executive of the J. E. Robergt Cos. Crystal City will serve as a home for Arenwa Stageuntil 2010, while the theater undergoeds major renovations at its 1101 Sixty St. SW location in the District.
Arena Stage will be housedr at the Crystal anold 12,000-square-foot movie theater at the corne of South Bell and 20th streets. The which seats 460, will also accommodate Arena Stagreadministrative offices. The deal resulted from a collaboratio involvingArena Stage, the Crystal City Businessd Improvement District, /Charles E. Smith, Marriott and Arlingtoj CountyEconomic Development. Detailsz of the agreement werenot disclosed. "Arena is a world-classw theater," said Angela Fox, executive director of the BID. "We'rr thrilled to have them in Crystal City.
" Construction to transforkm the Forum into a performing arts space has already The Arena Stage will make its debuyton Dec. 28 with "Ella," a musica l based on the life of blues singetElla Fitzgerald. A formal opening is slated for Jan. 3, Fox
Tuesday 20 September 2011
Health care reform details begin to emerge - Dallas Business Journal:
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percent of the cost of health insurance premiumsfor full-timer employees under the health care reform bill being consideresd by the House. They also would be requiresd to pick up at least some of the tab forinsuring part-time employees. Businesses that don't providd this minimum level of coverage would be requirecd to pay the federal government a fee basesd on 8 percent of their Small businesses undera yet-to-be-determined thresholfd would be exempted from this "play or requirement. How small businesses would fare under House healtbhcare proposal.
Small businesses and individuals could comparisoj shop among private and public plans in a nationao health insurance exchangeEmployers could either provide health insurance to their employeesw or pay a fee based on 8 percent of their payrolpl to the governmentEmployers that offe r coverage would have to pickup 72.5 percent of the cost of premiums for full-time employees and 65 percent for a family policyEmployers couls contribute a share of the expense of coverag e for part-time employees or contribute to the health insurance exchangeSmal businesses under a size thresholsd yet to be determined would be exemptedc from the employer responsibility requirementSmalo businesses that can't afford coverage woule get a tax credit to help them pay for it House committees on Ways and Means, Energy and and Education and Labor The chairmen of threer House committees with jurisdiction over health care introduced their draft legislation June 19, offering the most detailds yet on how health care refork could affect small businesses.
Under their small businesses and individuals coulf shop for insurance through anationapl exchange, which would include a government-run plan as well as privated insurers. Tax credits would be availabls to help small businessez affordthe coverage. Rep. Henry Waxman, D-Calif., said the legislatiojn would fixthe "completely dysfunctionall insurance market" for smalll businesses, which face "unaffordable rate increases" every year. Waxmanj chairs the House Energty andCommerce Committee. Health insurance premiums for U.S. businesses increased by 9.2 percentt this year, and are expected to increase another 9 percenytnext year, according to PricewaterhouseCoopers.
Small businesses oftebn face much higher rate While most small businesses agree the currentt health insurance marketis dysfunctional, there's a lot of disagreement over whethedr the House bill would cure the problem or just make it Mike Draper, who owns a retaipl clothing store and desigh business called Smash in Des Moines, Iowa, likes what he sees in the Draper thinks adding a public plan to the insuranced mix would hold down premiums by creating more competitiom in the marketplace.
"I don't have a whole lot of confidenc in the system wehave now," Draper Draper's company currently doesn't offer health insurance to its seveb full-time workers, but instead reimburseas them for the cost of individuakl policies that they buy on their own. That's fine with his who are single, in their 20s and don'yt want their insurance to be tied totheird job. The reimbursements now account for 6 percentof Smash'ws payroll, but that could jump to 22 percent in four when Draper expects everyone on his managemeny team to have children, creating the need for family His business couldn't handl that expense, he said.
If the House bill were he would consider buying insurance through the exchange if it were easyto use. But he mighy decide to pay the 8 percent payrolkl fee instead and then reimburse his employees for some of the cost of the policiesz they purchase throughthe exchange. who was scheduled to testifty before the House Ways and Means CommittereJune 24, thinks employers shouldr be required to help pay for their employees' healt insurance. Like Social Security contributions, this sort of responsibility is "kind of what you signed up when you become abusiness owner, he Other small business owners, however, think the House bill imposeas too tough of a standarc on small businesses.
The requirement to pay 72.5 percent of an employee'sz premium for individual coverage "is much too high for many smalpl businesses," said Karen Kerrigan, president and CEO of the SmallBusineszs & Entrepreneurship Council. The only way many smalo businesses can afford coverage is by making employeees pick up more of the she said. Arlington, Va.-based Company Flowere & Gifts Too!, for example, pays 50 percenr of the cost of health insurance forseven full-timre employees. Even that may not be affordable next because "our rates are going to skyrocket," co-ownerf John Nicholson told the House Small Business Committee earlier this month.
percent of the cost of health insurance premiumsfor full-timer employees under the health care reform bill being consideresd by the House. They also would be requiresd to pick up at least some of the tab forinsuring part-time employees. Businesses that don't providd this minimum level of coverage would be requirecd to pay the federal government a fee basesd on 8 percent of their Small businesses undera yet-to-be-determined thresholfd would be exempted from this "play or requirement. How small businesses would fare under House healtbhcare proposal.
Small businesses and individuals could comparisoj shop among private and public plans in a nationao health insurance exchangeEmployers could either provide health insurance to their employeesw or pay a fee based on 8 percent of their payrolpl to the governmentEmployers that offe r coverage would have to pickup 72.5 percent of the cost of premiums for full-time employees and 65 percent for a family policyEmployers couls contribute a share of the expense of coverag e for part-time employees or contribute to the health insurance exchangeSmal businesses under a size thresholsd yet to be determined would be exemptedc from the employer responsibility requirementSmalo businesses that can't afford coverage woule get a tax credit to help them pay for it House committees on Ways and Means, Energy and and Education and Labor The chairmen of threer House committees with jurisdiction over health care introduced their draft legislation June 19, offering the most detailds yet on how health care refork could affect small businesses.
Under their small businesses and individuals coulf shop for insurance through anationapl exchange, which would include a government-run plan as well as privated insurers. Tax credits would be availabls to help small businessez affordthe coverage. Rep. Henry Waxman, D-Calif., said the legislatiojn would fixthe "completely dysfunctionall insurance market" for smalll businesses, which face "unaffordable rate increases" every year. Waxmanj chairs the House Energty andCommerce Committee. Health insurance premiums for U.S. businesses increased by 9.2 percentt this year, and are expected to increase another 9 percenytnext year, according to PricewaterhouseCoopers.
Small businesses oftebn face much higher rate While most small businesses agree the currentt health insurance marketis dysfunctional, there's a lot of disagreement over whethedr the House bill would cure the problem or just make it Mike Draper, who owns a retaipl clothing store and desigh business called Smash in Des Moines, Iowa, likes what he sees in the Draper thinks adding a public plan to the insuranced mix would hold down premiums by creating more competitiom in the marketplace.
"I don't have a whole lot of confidenc in the system wehave now," Draper Draper's company currently doesn't offer health insurance to its seveb full-time workers, but instead reimburseas them for the cost of individuakl policies that they buy on their own. That's fine with his who are single, in their 20s and don'yt want their insurance to be tied totheird job. The reimbursements now account for 6 percentof Smash'ws payroll, but that could jump to 22 percent in four when Draper expects everyone on his managemeny team to have children, creating the need for family His business couldn't handl that expense, he said.
If the House bill were he would consider buying insurance through the exchange if it were easyto use. But he mighy decide to pay the 8 percent payrolkl fee instead and then reimburse his employees for some of the cost of the policiesz they purchase throughthe exchange. who was scheduled to testifty before the House Ways and Means CommittereJune 24, thinks employers shouldr be required to help pay for their employees' healt insurance. Like Social Security contributions, this sort of responsibility is "kind of what you signed up when you become abusiness owner, he Other small business owners, however, think the House bill imposeas too tough of a standarc on small businesses.
The requirement to pay 72.5 percent of an employee'sz premium for individual coverage "is much too high for many smalpl businesses," said Karen Kerrigan, president and CEO of the SmallBusineszs & Entrepreneurship Council. The only way many smalo businesses can afford coverage is by making employeees pick up more of the she said. Arlington, Va.-based Company Flowere & Gifts Too!, for example, pays 50 percenr of the cost of health insurance forseven full-timre employees. Even that may not be affordable next because "our rates are going to skyrocket," co-ownerf John Nicholson told the House Small Business Committee earlier this month.
Saturday 17 September 2011
Colorado foreclosures down 14 percent this year - Denver Business Journal:
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Completed foreclosures fell 14 percent in the first nine months of the year compared with the same perioedof 2007, according to a report by the . A totao of 16,246 foreclosures were completed. Officials are forecastingb a 13 percent decline in foreclosures for allof 2008. “2006 and 2007 saw big increases in foreclosurs filings of 30 and40 percent, so a 14 percenyt decrease so far this year makes us cautiouslyy optimistic about the future,” said Kathki Williams, director of the Colorado Division of Housing, in a “There are still many reasons for but this is good news.
” During the third quartefr alone, there were 9 percent fewerd completed foreclosures — at 6,454 — than in the same quartef a year earlier. However, foreclosures jumped 66 percent from the secon d quarter to the third The data are skewed by recenft changes inColorado law, including a measurd that took effect on Jan. 1 that had the effecyt of largely suspending foreclosure sales during Marchand April. Anotherf law that took effect in August had the same impac t on statistics duringthat month, officialw said. Boulder, Broomfield, Douglas, El Paso, Jefferson, and Larimer counties all reported increasezin foreclosures.
El Paso had the biggestt increase, at 26 percent year over year. Denver Countyh reported the largest decrease, with foreclosures down 26 percent compared to the third quarterof 2007. Foreclosuresa dropped 19 percent in Adams Countty and 20 percent in Weld The report reaffirmed that high foreclosure rateas are seen mostly along the Front Range and ineasterhn Colorado. The highest rate durinb the third quarter was inAdams County, with one foreclosurew for every 58 households. Denver County had one filing for every73 households, Weld Countyu one for every 74 and Pueblo County one for everu 102. Counties in western Colorado experiencerd much lowerforeclosure rates.
Mesa Count reported one foreclosure filing for every 756 and La Plata County one for evert 992 and Garfield County one forevert 5,079. Almost 4,000 households avoidefd foreclosure during 2008 with the help of the Colorado ForeclosureHotlinwe (1-877-601-HOPE), which has been in place for two and its member agencies, states officials said. “If those 4,000 householdxs had foreclosed, we’d be looking at an increasr instead of a decreasein foreclosures,” Williams said.
Completed foreclosures fell 14 percent in the first nine months of the year compared with the same perioedof 2007, according to a report by the . A totao of 16,246 foreclosures were completed. Officials are forecastingb a 13 percent decline in foreclosures for allof 2008. “2006 and 2007 saw big increases in foreclosurs filings of 30 and40 percent, so a 14 percenyt decrease so far this year makes us cautiouslyy optimistic about the future,” said Kathki Williams, director of the Colorado Division of Housing, in a “There are still many reasons for but this is good news.
” During the third quartefr alone, there were 9 percent fewerd completed foreclosures — at 6,454 — than in the same quartef a year earlier. However, foreclosures jumped 66 percent from the secon d quarter to the third The data are skewed by recenft changes inColorado law, including a measurd that took effect on Jan. 1 that had the effecyt of largely suspending foreclosure sales during Marchand April. Anotherf law that took effect in August had the same impac t on statistics duringthat month, officialw said. Boulder, Broomfield, Douglas, El Paso, Jefferson, and Larimer counties all reported increasezin foreclosures.
El Paso had the biggestt increase, at 26 percent year over year. Denver Countyh reported the largest decrease, with foreclosures down 26 percent compared to the third quarterof 2007. Foreclosuresa dropped 19 percent in Adams Countty and 20 percent in Weld The report reaffirmed that high foreclosure rateas are seen mostly along the Front Range and ineasterhn Colorado. The highest rate durinb the third quarter was inAdams County, with one foreclosurew for every 58 households. Denver County had one filing for every73 households, Weld Countyu one for every 74 and Pueblo County one for everu 102. Counties in western Colorado experiencerd much lowerforeclosure rates.
Mesa Count reported one foreclosure filing for every 756 and La Plata County one for evert 992 and Garfield County one forevert 5,079. Almost 4,000 households avoidefd foreclosure during 2008 with the help of the Colorado ForeclosureHotlinwe (1-877-601-HOPE), which has been in place for two and its member agencies, states officials said. “If those 4,000 householdxs had foreclosed, we’d be looking at an increasr instead of a decreasein foreclosures,” Williams said.
Thursday 15 September 2011
TotalBank to take Q4 charge after six late
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The subsidiary of Spain’s filed the foreclosured actions in South Florida courts on mortgages that were originallgy writtenat $46.4 millio – although at least $8.1 million had been paid back prio to the lawsuits. The bank had $34.4 million in noncurrent loans asof 30, representing 2.6 percent of its portfolio, accordinyg to data. TotalBank President and CEO Bill Heffernanm said some of those loans were noncurrent in thethirs quarter, but others will show up on the books in the fourtj quarter, as slow home sales causedr their deterioration. He said the bank has not finalizes the amount of charges to increase the reservees it would take to account forthosse loans.
Even with the foreclosure suits looming, TotalBankl prefers to work out the situation with borroweras rather than takethe property, Heffernan said. “These are constructionb loans where they were relyingvon sales,” he said. “I t becomes a land loan, but it’ hard to service it without sales.” , whicuh took out a $15 million loan to build 72 single-family homes in Homestead. They were not , which is related to the abovre company and signeda $3.3 milliob mortgage on a 33-acre agricultural-zoned site in , the holder of an $11.8 millionh mortgage for its uncompleted 9-acre townhomse project in Davie. , a developer of a Cora l Gables condo with 35unsoldf units.
It owes $3.6 million on its $5.5 millionm mortgage. It’s the third foreclosure lawsuit pendinfg against an affiliate ofCoconut Grove-basef . at the Falls, which sold one of its 12 single-family homes in Kendall and owes $3.7 milliohn on its $5.5 million , developer of a 5.2-acre site with residentiak approvals in RoyalPalm Beach. It owes $689,4945 on a $5.2 million mortgage. BankAtlanticf seeks to foreclose on 163 unsolrd homes inHome Devco’s Tivoloi Isles community, west of Delrahy Beach. The Fort Lauderdale-based bank’se mortgage with the developer forthe 315-single-familgy home community grew as large as $76.2 milliobn in 2006.
When BankAtlantic modified the mortgageein April, Home Devco Tivoli Isles owed $40.6 million. U.S. Century Bank filef two large foreclosure actions in December againstg projects that never got out ofthe ground. The Doral-basedr bank filed for foreclosure against Millennium BayHarbor – an affiliate of Hallandale Beach-based over its uncompleted 25-unit mid-rise condo in Bay Harboe Islands. The developer held a $7.4 millioj mortgage with U.S. Century Bank and a separate $22 million mortgage with a Spanisuh bank, which is a co-defendant in the foreclosure lawsuit. The other U.S. Centurg Bank foreclosure is against over anuncompletef 36-townhome project in Hialeah.
In March, it stilkl owed $4.6 million on a $7.6 milliobn mortgage. Palm Beach Gardens-based Harbour Walk Preserve has losta $17.6 million foreclosure judgment to Stuart-based , and is set to lose its propertg at public auction. The 53-acre commercial project, at Wright Boulevard and U.S. Highwayh 1 in Stuart, is scheduled for public sale on Jan. 27 at 10 a.m. at the Palm Beacyh County courthouse.
The subsidiary of Spain’s filed the foreclosured actions in South Florida courts on mortgages that were originallgy writtenat $46.4 millio – although at least $8.1 million had been paid back prio to the lawsuits. The bank had $34.4 million in noncurrent loans asof 30, representing 2.6 percent of its portfolio, accordinyg to data. TotalBank President and CEO Bill Heffernanm said some of those loans were noncurrent in thethirs quarter, but others will show up on the books in the fourtj quarter, as slow home sales causedr their deterioration. He said the bank has not finalizes the amount of charges to increase the reservees it would take to account forthosse loans.
Even with the foreclosure suits looming, TotalBankl prefers to work out the situation with borroweras rather than takethe property, Heffernan said. “These are constructionb loans where they were relyingvon sales,” he said. “I t becomes a land loan, but it’ hard to service it without sales.” , whicuh took out a $15 million loan to build 72 single-family homes in Homestead. They were not , which is related to the abovre company and signeda $3.3 milliob mortgage on a 33-acre agricultural-zoned site in , the holder of an $11.8 millionh mortgage for its uncompleted 9-acre townhomse project in Davie. , a developer of a Cora l Gables condo with 35unsoldf units.
It owes $3.6 million on its $5.5 millionm mortgage. It’s the third foreclosure lawsuit pendinfg against an affiliate ofCoconut Grove-basef . at the Falls, which sold one of its 12 single-family homes in Kendall and owes $3.7 milliohn on its $5.5 million , developer of a 5.2-acre site with residentiak approvals in RoyalPalm Beach. It owes $689,4945 on a $5.2 million mortgage. BankAtlanticf seeks to foreclose on 163 unsolrd homes inHome Devco’s Tivoloi Isles community, west of Delrahy Beach. The Fort Lauderdale-based bank’se mortgage with the developer forthe 315-single-familgy home community grew as large as $76.2 milliobn in 2006.
When BankAtlantic modified the mortgageein April, Home Devco Tivoli Isles owed $40.6 million. U.S. Century Bank filef two large foreclosure actions in December againstg projects that never got out ofthe ground. The Doral-basedr bank filed for foreclosure against Millennium BayHarbor – an affiliate of Hallandale Beach-based over its uncompleted 25-unit mid-rise condo in Bay Harboe Islands. The developer held a $7.4 millioj mortgage with U.S. Century Bank and a separate $22 million mortgage with a Spanisuh bank, which is a co-defendant in the foreclosure lawsuit. The other U.S. Centurg Bank foreclosure is against over anuncompletef 36-townhome project in Hialeah.
In March, it stilkl owed $4.6 million on a $7.6 milliobn mortgage. Palm Beach Gardens-based Harbour Walk Preserve has losta $17.6 million foreclosure judgment to Stuart-based , and is set to lose its propertg at public auction. The 53-acre commercial project, at Wright Boulevard and U.S. Highwayh 1 in Stuart, is scheduled for public sale on Jan. 27 at 10 a.m. at the Palm Beacyh County courthouse.
Tuesday 13 September 2011
Cocca brothers sign lease-purchase deal for Wolf Road hotel - The Business Review (Albany):
ocybakenos.wordpress.com
The Coccas signed a lease-purchase contract with the for the property and want to renovat e the discount hotel intoa mid-scale brand that woulde be more competitive on the busy shopping Terms of the deal were not disclosed. The franchisse agreement with Econo Lodgd expiresApril 30. The brothers are negotiatintg to switch to a brand or run it as an independenf hotel called Hotel Inthe meantime, they are seeking permissiob from the village of Colonie to expanf the lobby, build a carport and construct a 40-footy tower to boost visibility. Builtg in the mid-1970s, the two-story hotell was formerly a .
It’s set back from Wolf behind , and is difficult to see from the But it’s in the heart of an area with continued commercial growth, including the $110 million renovation of across the “Wolf Road seems to be where hotele fill up first,” Rocky Coccq said. “The occupancy is higher than thestatwe average.” The investment comes at a time when booking are down at many hotelw as business travel has “We looked at it as an opportunitgy in the down he said. “We just have to weather the stornmbecause there’s no financinhg available.” The brothers are partners in , which has five other locations with 370 roomsx in the region.
The Coccas signed a lease-purchase contract with the for the property and want to renovat e the discount hotel intoa mid-scale brand that woulde be more competitive on the busy shopping Terms of the deal were not disclosed. The franchisse agreement with Econo Lodgd expiresApril 30. The brothers are negotiatintg to switch to a brand or run it as an independenf hotel called Hotel Inthe meantime, they are seeking permissiob from the village of Colonie to expanf the lobby, build a carport and construct a 40-footy tower to boost visibility. Builtg in the mid-1970s, the two-story hotell was formerly a .
It’s set back from Wolf behind , and is difficult to see from the But it’s in the heart of an area with continued commercial growth, including the $110 million renovation of across the “Wolf Road seems to be where hotele fill up first,” Rocky Coccq said. “The occupancy is higher than thestatwe average.” The investment comes at a time when booking are down at many hotelw as business travel has “We looked at it as an opportunitgy in the down he said. “We just have to weather the stornmbecause there’s no financinhg available.” The brothers are partners in , which has five other locations with 370 roomsx in the region.
Sunday 11 September 2011
Another BofA board member resigns - Charlotte Business Journal:
bacijaxymu.wordpress.com
Robert Tillman, a former (NYSE:LOW) chief executive, resigned from the BofA boare effectiveMay 29. The bank announcerd the move Thursday evening in a filinh with the Securities and Exchange The filingsays Tillman’s resignation was not relatedc to a disagreement with the bank or its management. A reasobn for his decision has not been provide d bythe bank, and BofA officials couldr not be reached Thursday evening. Tillman has been a directore since 2005. During his tenure, he served on the asser quality committee and executive Latelast week, the bank announced former lead independentr director O. Temple Sloan had left the board.
BofA didn’t disclos e Sloan’s reason for resignation. Sloan was a BofA director for 13 Duringhis tenure, he served as chairmanj of both the executive committee and the compensation and benefits committee. He also was a member of the corporat egovernance committee. BofA’s board has been unde intense scrutiny in recent months as the bank suffered througgh asharp stock-price decline after acquiring Merrilp Lynch & Co. The Charlotte-based bank also has received $45 billion in taxpayer aid. At the bank’se annual meeting in late shareholders voted to strip Chief Executivee Kenneth Lewis of his position asboard chairman.
Walter Masseh was installed as the new chairman and has indicated the boarfd needs to be Lewis remainsthe bank’s CEO and president.
Robert Tillman, a former (NYSE:LOW) chief executive, resigned from the BofA boare effectiveMay 29. The bank announcerd the move Thursday evening in a filinh with the Securities and Exchange The filingsays Tillman’s resignation was not relatedc to a disagreement with the bank or its management. A reasobn for his decision has not been provide d bythe bank, and BofA officials couldr not be reached Thursday evening. Tillman has been a directore since 2005. During his tenure, he served on the asser quality committee and executive Latelast week, the bank announced former lead independentr director O. Temple Sloan had left the board.
BofA didn’t disclos e Sloan’s reason for resignation. Sloan was a BofA director for 13 Duringhis tenure, he served as chairmanj of both the executive committee and the compensation and benefits committee. He also was a member of the corporat egovernance committee. BofA’s board has been unde intense scrutiny in recent months as the bank suffered througgh asharp stock-price decline after acquiring Merrilp Lynch & Co. The Charlotte-based bank also has received $45 billion in taxpayer aid. At the bank’se annual meeting in late shareholders voted to strip Chief Executivee Kenneth Lewis of his position asboard chairman.
Walter Masseh was installed as the new chairman and has indicated the boarfd needs to be Lewis remainsthe bank’s CEO and president.
Friday 9 September 2011
Peer pressure: Review process puts CPAs through the ringer - Minneapolis / St. Paul Business Journal:
disadvantage-unlimited.blogspot.com
That is, they get what amountsw to an auditof themselves. They sweat it out with a CPA lookinbg overtheir shoulders, asking questions, requestingt files and documents, asking more questions and doin a lot of pondering about why the firm did this or didn’gt do that. The proceszs is called peer review and for more than 30yearxs it’s been the accounting industry’z approach to self-regulation and self-improvement as required by the and administerede by states and state associations. Programn participation is required to be licensecd by the AICPA andsome states, but it’a not about uncovering criminal activity, the industry is quick to point out.
“It gives the firm validatiom and, secondly, suggestions for says Jim Brakens, AICPA vice president of firm practicee management and quality About 30,000 firms nationally are enrolled in AICPA’s Peer Revie w Program and 10,000 peer reviews take place each The results of those reviews are private and can only be made publixc by the firms Many do, Brakens says, but only thosre with good reviews. In Tennessee, the AICPA has contracted with the Tennessee Society of Certified Public Accountants to manage the peerreviewq program, says Wendy Garvin, member services managee for TSCPA.
Two types of peer reviewsw areconducted randomly: a revieew of the firm’s quality controkl procedures called a system review, and an engagement review that looks at a smalpl cross-section of a firm’s accounting work. Effective this year, the grading system changed to a moresimplifieds “pass,” “pass with deficiencies” or Garvin says. Previously four different grades could be In its most recentannual report, AICPAq noted that 4% of engagement reviewss during system reviews between 2005 and 2007 were substandard. Therre were 6,128 follow-up actions required on 4,327 reviews.
There are typically two ramifications for regularly failingpeer reviews, or failin g to sufficiently address comments, Garvin One, a firm can lose membership to the AICPAs and it is publicized the firm was removed for not receivin g pass reports. Secondly, firmzs that continually underperform in acertain area, say employee benefity audits, simply give up the practice. Of the reasonsw cited for report modifications, failure to managr projects, or “engagement,” in the highest professionall manner, was the most cited deficiency for almosr half ofthe modifications. Inconsistencies in monitoring, or tracking the project from startto finish, was the secondf most significant reason.
Typically, the deficienciesa address flaws or lapses that can be easily not outrightillegal activity, Brakens says. just a few months ago, the State of New York implementedd serious accounting standardsupgrades — including requiring peer reviews for stats registered audit firms following Bernie Madoff’s $50 billion Ponzi scheme. Brackens says peer reviews wouldn’t have prevented such a fraud. In fact, Madoff’s accountint firm was enrolledin AICPA’s peer review but then annually signed reports to the state — whichu apparently didn’t have a system to check saying they weren’t.
But sometimes a peer review can be a bitteer pill that even the man partly responsiblw for bringing the process to Tennessee 30 year s ago admitshe doesn’t like “I would have soon not gone through it,” says Davide Curbo, director over audit services for Memphis-based , and the chairmanb of the Tennessee Board of Accountancy when the statd adopted peer review in 1989 and made him the first chairman of the Peer Review Board. He is also 2009 chairman-electg of the Tennessee Societyof CPAs. Curbo oversaa his firm’s three-day peer review in the fall so he’s good for 2 1/2 more The firm passed, but the process was still he says.
“It does take a lot of time and effort to go throughpeer review,” he says. “Mosf CPAs look at it as something they’df rather not do, but most would see the benefit.”
That is, they get what amountsw to an auditof themselves. They sweat it out with a CPA lookinbg overtheir shoulders, asking questions, requestingt files and documents, asking more questions and doin a lot of pondering about why the firm did this or didn’gt do that. The proceszs is called peer review and for more than 30yearxs it’s been the accounting industry’z approach to self-regulation and self-improvement as required by the and administerede by states and state associations. Programn participation is required to be licensecd by the AICPA andsome states, but it’a not about uncovering criminal activity, the industry is quick to point out.
“It gives the firm validatiom and, secondly, suggestions for says Jim Brakens, AICPA vice president of firm practicee management and quality About 30,000 firms nationally are enrolled in AICPA’s Peer Revie w Program and 10,000 peer reviews take place each The results of those reviews are private and can only be made publixc by the firms Many do, Brakens says, but only thosre with good reviews. In Tennessee, the AICPA has contracted with the Tennessee Society of Certified Public Accountants to manage the peerreviewq program, says Wendy Garvin, member services managee for TSCPA.
Two types of peer reviewsw areconducted randomly: a revieew of the firm’s quality controkl procedures called a system review, and an engagement review that looks at a smalpl cross-section of a firm’s accounting work. Effective this year, the grading system changed to a moresimplifieds “pass,” “pass with deficiencies” or Garvin says. Previously four different grades could be In its most recentannual report, AICPAq noted that 4% of engagement reviewss during system reviews between 2005 and 2007 were substandard. Therre were 6,128 follow-up actions required on 4,327 reviews.
There are typically two ramifications for regularly failingpeer reviews, or failin g to sufficiently address comments, Garvin One, a firm can lose membership to the AICPAs and it is publicized the firm was removed for not receivin g pass reports. Secondly, firmzs that continually underperform in acertain area, say employee benefity audits, simply give up the practice. Of the reasonsw cited for report modifications, failure to managr projects, or “engagement,” in the highest professionall manner, was the most cited deficiency for almosr half ofthe modifications. Inconsistencies in monitoring, or tracking the project from startto finish, was the secondf most significant reason.
Typically, the deficienciesa address flaws or lapses that can be easily not outrightillegal activity, Brakens says. just a few months ago, the State of New York implementedd serious accounting standardsupgrades — including requiring peer reviews for stats registered audit firms following Bernie Madoff’s $50 billion Ponzi scheme. Brackens says peer reviews wouldn’t have prevented such a fraud. In fact, Madoff’s accountint firm was enrolledin AICPA’s peer review but then annually signed reports to the state — whichu apparently didn’t have a system to check saying they weren’t.
But sometimes a peer review can be a bitteer pill that even the man partly responsiblw for bringing the process to Tennessee 30 year s ago admitshe doesn’t like “I would have soon not gone through it,” says Davide Curbo, director over audit services for Memphis-based , and the chairmanb of the Tennessee Board of Accountancy when the statd adopted peer review in 1989 and made him the first chairman of the Peer Review Board. He is also 2009 chairman-electg of the Tennessee Societyof CPAs. Curbo oversaa his firm’s three-day peer review in the fall so he’s good for 2 1/2 more The firm passed, but the process was still he says.
“It does take a lot of time and effort to go throughpeer review,” he says. “Mosf CPAs look at it as something they’df rather not do, but most would see the benefit.”
Wednesday 7 September 2011
Siemens plans wind turbine facility in Hutchinson - Wichita Business Journal:
fugowirik.wordpress.com
The company will also build an 80,000-square-footg service and repair facility on 100 acres in Reno Workers at the plants willmanufacturse nacelles, the structures that hous e the gearbox, drive train and control electronics on wind Construction is scheduled to begin in Augustg and the first 90-ton nacelle is slated for shippin g from the factory in December 2010. The plants will represent the first majot turbine equipment factoriesin “To help put Kansas back on the path to economic we must continue to attract renewable energy companiee like Siemens to the state,” Gov. Mark Parkinson said in a writtejn statement.
“Kansas should be a national hub of both the wind farmss and the factories that manufacture turbine This announcement from Siemens is a huge step in that Siemens officials say the site was chosenm because of its central as well asthe area’sz rail access, which will provide for direct loadingh at the facility. “This nacelle facility in Kansaas means we are able to furtherexpansd U.S. dollar-based sourcing from qualified suppliers,” said Rene Umlauft, CEO of the Siemenss Energy Renewables Division. “It is our goal to reacnh greater than 90percenrt U.S.
dollar-based content by 2012 in order to bettedr andmore cost-efficiently meet the demand for our high-qualityh wind turbines in the U.S.” Finalization of the facilitgy requires approval of incentive agreements by stated and local governing bodies, and its affiliatw Siemens Shared Services, LLC Real Estate
The company will also build an 80,000-square-footg service and repair facility on 100 acres in Reno Workers at the plants willmanufacturse nacelles, the structures that hous e the gearbox, drive train and control electronics on wind Construction is scheduled to begin in Augustg and the first 90-ton nacelle is slated for shippin g from the factory in December 2010. The plants will represent the first majot turbine equipment factoriesin “To help put Kansas back on the path to economic we must continue to attract renewable energy companiee like Siemens to the state,” Gov. Mark Parkinson said in a writtejn statement.
“Kansas should be a national hub of both the wind farmss and the factories that manufacture turbine This announcement from Siemens is a huge step in that Siemens officials say the site was chosenm because of its central as well asthe area’sz rail access, which will provide for direct loadingh at the facility. “This nacelle facility in Kansaas means we are able to furtherexpansd U.S. dollar-based sourcing from qualified suppliers,” said Rene Umlauft, CEO of the Siemenss Energy Renewables Division. “It is our goal to reacnh greater than 90percenrt U.S.
dollar-based content by 2012 in order to bettedr andmore cost-efficiently meet the demand for our high-qualityh wind turbines in the U.S.” Finalization of the facilitgy requires approval of incentive agreements by stated and local governing bodies, and its affiliatw Siemens Shared Services, LLC Real Estate
Sunday 4 September 2011
BioMed refinances Center for Life Science - Business First of Buffalo:
http://www.princlkipe8.info/hand-crafted-sculptures-pottery-sculptor-sculpture.html
The five-year, fixed-rate loan was used to pay off a portiohn of anexisting $507.1 million constructionh loan, with BioMed paying off the remainingb balance using an unsecured line of The new mortgage has an interest rate of 7.75 percent and is due in June 2014. According to a statement from BioMed, the new loan addresses the “last of BioMed’s debt maturities in 2009.” The loan was provided by , and AG. arranger the loan on behalf of BioMed RealtTrust (NYSE: BMR), a real estate investment trust base d in San Diego, Calif.
The 18-story lab and office building is locateed in the Longwood Medicalo and Academic Area and is leasedto , , , and a Japanese pharmaceutical The property also includes a six-level, 750-space underground parking garage. BioMed Realty Trust owns or has interests in 69 representing 112 buildings withapproximately 10.5 millionn rentable square feet, including approximatelhy 640,000 square feet of developmentf in progress.
The five-year, fixed-rate loan was used to pay off a portiohn of anexisting $507.1 million constructionh loan, with BioMed paying off the remainingb balance using an unsecured line of The new mortgage has an interest rate of 7.75 percent and is due in June 2014. According to a statement from BioMed, the new loan addresses the “last of BioMed’s debt maturities in 2009.” The loan was provided by , and AG. arranger the loan on behalf of BioMed RealtTrust (NYSE: BMR), a real estate investment trust base d in San Diego, Calif.
The 18-story lab and office building is locateed in the Longwood Medicalo and Academic Area and is leasedto , , , and a Japanese pharmaceutical The property also includes a six-level, 750-space underground parking garage. BioMed Realty Trust owns or has interests in 69 representing 112 buildings withapproximately 10.5 millionn rentable square feet, including approximatelhy 640,000 square feet of developmentf in progress.
Friday 2 September 2011
United Auto Workers approve GM labor agreement - Birmingham Business Journal:
vidineevostegity.blogspot.com
In a Friday release, the Detroit-based automaker GM) said that the changes includr modifications to the Voluntary Employee Beneficiary Associatiojn trust for retireehealth care, and other wage and benefigt concessions designed to make GM more “The leadership demonstrated by UAW president Ron Gettlefingert and UAW vice president Cal Rapson, and the hard work from the memberas of the General Motors and UAW negotiating resulted in an innovative agreement that will enable GM to be fully competitive and has eliminatedx the gap with our competitors,” Dianaq Tremblay, vice president of GMs’ labofr relations, said in the “Their shared sacrifices will enable GM to become a stronger, more viable company that will continue to deliver world-clasx cars and trucks.
” UAW Local 31’w members voted for the concessions by roughlyg 63 percent to 37 percent, President Jeff Manniny said earlier this week. GM’s has about 2,100 union and abougt 300 salaried workers. GM is still trying to work out a deal with its bondholderx beforea government-imposed Monday deadline requiring the companhy to have an acceptable plan for surviving the economif crisis or file bankruptcy. A deal was announcedr Thursday asking bondholders totrade $27.q billion of unsecured debt for company stock to satisfyu the debt-reduction requirement in its loan agreement s with the .
An unofficial bondholders committee and other largr noteholders that combined hold abou t 20 percent of the unsecured notes expressed support forthe
In a Friday release, the Detroit-based automaker GM) said that the changes includr modifications to the Voluntary Employee Beneficiary Associatiojn trust for retireehealth care, and other wage and benefigt concessions designed to make GM more “The leadership demonstrated by UAW president Ron Gettlefingert and UAW vice president Cal Rapson, and the hard work from the memberas of the General Motors and UAW negotiating resulted in an innovative agreement that will enable GM to be fully competitive and has eliminatedx the gap with our competitors,” Dianaq Tremblay, vice president of GMs’ labofr relations, said in the “Their shared sacrifices will enable GM to become a stronger, more viable company that will continue to deliver world-clasx cars and trucks.
” UAW Local 31’w members voted for the concessions by roughlyg 63 percent to 37 percent, President Jeff Manniny said earlier this week. GM’s has about 2,100 union and abougt 300 salaried workers. GM is still trying to work out a deal with its bondholderx beforea government-imposed Monday deadline requiring the companhy to have an acceptable plan for surviving the economif crisis or file bankruptcy. A deal was announcedr Thursday asking bondholders totrade $27.q billion of unsecured debt for company stock to satisfyu the debt-reduction requirement in its loan agreement s with the .
An unofficial bondholders committee and other largr noteholders that combined hold abou t 20 percent of the unsecured notes expressed support forthe
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