OCBJ WEEKLY EDITION
REAL ESTATE: Shift suggests spec development on horizon
Advantage landlords. That’s the picture that emerges from the most recent data on Orange County’s roughly 100-million-square-foot office market, which wrapped up the first quarter in its strongest position since the onset of the Great Recession.
Annual Race Tests Mettle of Crews, Helps Kids in Baja
Len Bose has been a part of 29 editions of the Newport to Ensenada International Yacht Race, the next of which is set for this weekend.
Newport Corp. Takes Age Limits as Cue for Makeover
Newport Corp. went to great lengths in the past few years to revamp its board with big names in the science and corporate worlds.
REAL ESTATE: Penthouse planned atop Manhattan tower already leased
Irvine Company has found some extra space to lease in its most valuable building, where it’s poised to create the priciest floor in its nearly 500-building office portfolio.
Trend Affects Company Image, Viability, Execs Say
Chief financial officers are increasingly becoming an essential part of the conversation about data security, a topic much discussed today as businesses rely more on collection and analysis of “big data” for various aspects of their operations.
The Business Journal’s Jane Yu asked a group of local chief financial officers how they perceive their roles in building corporate culture. The CFOs also discuss factors about Orange County that have an impact on the development of culture. Edited excerpts of their responses follow.
This week's business and other event listings.
Product For Patients With High, Extreme Risks
Medtronic CoreValve, a less-invasive heart valve that has Orange County roots, recently received the green light from the Food and Drug Administration for use in what’s known as “valve-in-valve” procedures for treating people whose surgical aortic valves have failed.
Partners With Nonprofit, Plans Campaigns
Yokohama Tire Corp. said it has expanded its relationship with KaBoom!, a national nonprofit that has opened or improved nearly 16,000 playgrounds since its inception in 1996.
Hopes New Technology Will Cut Costs, Spur Sales
Murrietta Circuits, one of Orange County’s oldest technology companies, believes a new licensed technology will dramatically improve its process for manufacturing circuit boards, positioning the 35-year-old family-run business for growth in a declining U.S. industry.
Sales and leases of offices, industrial buildings, retail space and apartments
Los Angeles-based Cohen Asset Management Inc. sold a flex building in Brea to Boston-based Intercontinental Real Estate Corp. for $14 million, or about $138 per square foot.
Apartment Portfolio Now 30,000 Units, Ranked 40th
A healthy amount of acquisitions across the country over the past year has vaulted Irvine-based Steadfast Cos. into the ranks of the largest owners of apartments in the U.S.
The Insider has heard more than once that former Pimco CEO Mohamed El-Erian is a favorite for a cabinet-level job if Hillary Clinton wins the White House in 2016.
MEDIA: Sees potential in local focus, baby boomer audience
The days of “entrepreneurial expansion” at the Orange County Register have given way to more modest hopes for growth based on “ultra-local” coverage and baby boomers as a key readership group.
REAL ESTATE: 3rd speculative project would be 216,000 SF
Newport Beach-based Western Realco has bought nearly 10 acres of land in Brea, where the developer is planning its third big speculative industrial project in the city since 2012.
Irvine-based healthcare software maker Quality Systems Inc. continued its diversification effort with the recent acquisition of a “big data” specialist.
REAL ESTATE: $9.6M estimate for 55,474-SF low-rise
Irvine-based CapRock Partners LLC has snapped up an office just off the Costa Mesa (55) Freeway for its latest local creative-office project.
THE LIST: IFE sector offsets cuts at top-ranked Boeing
Employment at Orange County’s largest aerospace and defense contractors was roughly flat for the third straight year.
Los Alamitos-based Alliance Spacesystems LLC, which manufactures composite structures for the aerospace industry, was acquired by SolAero Technologies Corp., an Albuquerque, N.M.-based solar panels maker.
Newport Beach startup Acorns Grow Inc. raised $23 million in a Series C round to fuel the growth of its smartphone app, which aims to bring microinvesting to the masses.
The private equity firm that has controlled Irvine-based Habit Restaurants Inc. since leading an investor group in a 2007 buyout of the fast-casual burger chain was expected to trim its holdings to less than a majority stake through a secondary share offering.
The Little Saigon News Inc. in Garden Grove filed for Chapter 11 bankruptcy protection, according to documents filed with U.S. Bankruptcy Court Central District of California in Santa Ana.
Special Issue: List will be centerpiece of June 22 edition
The Business Journal is preparing its annual list of privately owned companies for publication in June.
The Orange County chapter of JDRF, a global organization that provides funding for Type 1 diabetes research, hosted its annual Dream Gala “Join the Revolution” on March 28 at the Island Hotel in Newport Beach.
Other items of interest Orange County Business Journal Vol. 38, No. 16
The U.S. Department of Education fined a subsidiary of Santa Ana-based Corinthian Colleges Inc. $29.7 million for alleged misrepresentation of job placement rates in 947 cases by San Francisco-based Heald College.
Proposal for Luxury Condo Tower to Costa Mesa Planners
The owners of the Avenue of the Arts Wyndham Hotel are moving ahead on plans to build the first high-rise condominium tower in Costa Mesa’s arts district.
AUTOS: Company circles April 20 amid buzz about new name, model
It appears April 20 will mark another milestone in the tumultuous run of the Fisker brand.
Apparel Maker’s Ambitions Tied to Costa Mesa HQ, China Production
Dragon Crowd Garment Inc. relocated its headquarters three years ago from downtown Los Angeles to Costa Mesa to be closer to a bunch of OC-based customers, including Oakley Inc., Vans Inc., Quiksilver Inc. and Pacific Sunwear of California Inc.
EDUCATION: Blueberries to microchips, toothpaste
The $5 million in seed funding that Newport Beach-based Beall Family Foundation provided for the University of California-Irvine’s new Institute for Innovation is bearing commercial fruit.
Industry Execs Caution on Trade-Off of Privacy
The chief marketing officer of the future could look more like Star Trek’s Captain Kirk than the guys from the “Mad Men” show.
Newcomers Help Boost List’s Total, Account for 40%
Orange County’s largest advertising agencies posted an estimated 9% gain in revenue last year, enough to push the group over the $1 billion benchmark.
Use of Data to Help Clients Refine Targets One Key
The largest commercial printers based in Orange County combined for $585 million in revenue last year, a 7.5% increase from their total in 2013.
Anyone who doubts Wylie Aitken’s will probably hasn’t seen him in a court of law.
REAL ESTATE: Land buy, redesign for Birch Street project
A long-planned medical office development in the Santa Ana Heights area of Newport Beach is moving ahead following a recent sale of the nearly 4½-acre site and a redesign of the proposed project.
FINANCE: ‘Cause-themed’ portfolios include big givers
Pacific Life Insurance Co. has rolled out a research subsidiary that’s targeting younger people with the prospect of adding an element of social consciousness to their portfolios.
SPORTS: Broadcast, cable streaming part of picture
Donald Sun has inked a new broadcasting deal with NBC Sports Group, ensuring his Costa Mesa-based Association of Volleyball Professionals with a significant chunk of revenue and exposure before players hit the sand next month for the 2015 tour opener in New Orleans.
HEALTHCARE: Could get final approval for market in June
A San Clemente-based medical device maker cleared a big regulatory hurdle and landed on a faster track to commercialization.