Education
The University of California-Irvine said it will create a Center for Jewish Studies to bring together faculty, students, visiting scholars and members of the public interested in exploring Judaism. Matthias Lehmann, UCI’s Teller Family Chair in Jewish History, will lead the center along with various faculty and an advisory board of community members. The center will build on the campus’s Jewish studies program, which includes an undergraduate minor and public events. The center will kick off with an inaugural lecture and music from the Yuval Ron Ensemble on Oct. 18 at 6 p.m. in Humanities Gateway 1030.
— Deirdre Newman
Finance
Stearns Lending LLC, one of the country’s largest nonbank mortgage lenders, is cutting 159 jobs, about a third of its workforce in Orange County. The Santa Ana-based company is laying off 112 employees at its Santa Ana office and 47 at its Costa Mesa office, according to a report from the state’s Economic Development Department, which tracks unemployment. The company is also making a “permanent closure” of its office with six employees in the Northern California city of Rohnert Park. A message left for Chief Executive David Schneider, who started in the post in May, wasn’t immediately returned.
— Peter Brennan
Healthcare
Japanese printer maker Konica Minolta Inc. and Innovation Network Corporation of Japan closed their joint acquisition of genetic diagnostics company Ambry Genetics Corp. in Aliso Viejo. The deal, first announced in July, is comprised of an $800 million upfront payment and additional milestone payments of up to $200 million. Konica and INCJ invested 60% and 40%, respectively. Innovation Network is a public-private partnership comprised of the Japanese government and 26 major corporations.
— Sherry Hsieh
Hospitality
Pacific Hospitality Group in Irvine named Kent Crandall chief financial officer, hired a senior vice president of operations to report to Chief Operating Officer Robb Walker, and shifted a general manager to its Paséa resort. Crandall comes from MBK Real Estate and replaces Jared Jones, who left the finance role in January to join DKN Hotels, also in Irvine. Crandall will also handle finance functions for the Busch Firm and Busch Group, a law firm and a holding company of PHG founder and Chief Executive Tim Busch.
— Paul Hughes
Marketing
Newport Beach-based digital marketing agency ymarketing was acquired by Sandbox in Chicago on undisclosed terms. Ryan Lash founded ymarketing in 2002 and will remain on board, along with other members of leadership team. The agency employs 73 and posted $9.7 million in revenue last year. Sandbox, founded in 2014, employs 425 at seven offices.
— Mediha DiMartino
Real Estate
Irvine-based Sares Regis paid $270 million to acquire Toyota’s former North American headquarters in Torrance, according to Jones Lang LaSalle, which represented Toyota Motor Corp. in the transaction. The 110-acre complex at 19001 S. Western Ave., includes more than 2 million square feet of office and industrial space.
— Neil Nisperos, News Reports
Technology
The gaming division of Fountain Valley-based Kingston Technology Inc. was named the official headset partner of the Philadelphia 76ers, the company’s first NBA sponsorship. It will participate in a range of in-game activations during the 2017-18 season, including courtside and LED signage and branding. The Kingston unit also announced a sponsorship of esports franchise Team Dignitas, which was acquired by the 76ers last year and operates as Harris Blitzer Sports & Entertainment. The venture includes the New Jersey Devils of the NHL and its stadium.
— Chris Casacchia
Transportation
Southwest Airlines will have a second year of passenger cuts at John Wayne Airport after county supervisors approved its 2018 seat allocation request. It’s likely to remain the facility’s largest carrier by passenger volume, but its percentage of traffic should decline from about 45% to about 35%. Where in the past it had surpassed its nearest competitor by a margin of 3-to-1 in seat allocations, next year it will top the recipient of the next-largest allocation, American Airlines, by about 2-to-1.
— Paul Hughes
