Boston Properties to launch $2B joint venture

first_img Tags Email Address* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Boston Properties CEO Owen Thomas (iStock, Thomas by Axel Dupeux)Boston Properties is making a $2 billion bet on the office market.Executives at the real estate investment trust announced during its first quarter earnings call that it will team up with two sovereign wealth funds to invest in office real estate.The investors, which the REIT said it would identify once the joint venture paperwork was finalized, will put in about $1 billion worth of equity, which will work out to about $2 billion in purchasing power.“It will be investment-by-investment,” said CEO Owen Thomas, “and if it goes well, it could be bigger.”Boston Properties also announced on the call that it launched three new life sciences labs in Boston and South Francisco totaling almost $1 billion in investment.ADVERTISEMENTThe life sciences and biotech sectors are closely watched by the investment and brokerage communities, which see them as a source of demand for space with a long runway for growth. The top 14 markets across the country are expected to add 36 million square feet of lab space.In New York City, projects by Taconic Partners and Silverstein Properties, Alexandria Real Estate Equities and Georgetown Properties have experienced recent success.On Park Avenue South, Enterprise Asset Management is looking to sell its interest in a 450,000-square-foot property that could be converted to a life sciences hub across the street from medical fund manager Deerfield’s hub at 345 Park Avenue South.But Boston Properties executives said their largest markets are in the areas surrounding Boston and San Francisco, and that there wasn’t even a close third.The REIT reported net income of $91.6 million for the first three months of 2021, down from $497.5 million during the same period last year.Boston Properties executives said they’re seeing a strong increase in tenants touring spaces, but they’re not yet signing large leases in the same numbers as before the pandemic.Correction: A previous version of this article said Boston Properties’ new joint venture would be focused on life sciences. The JV is focused on all office developments, not just life sciences.Contact Rich Bockmann Share via Shortlinkcenter_img Message* Full Name* Boston PropertiesCommercial Real EstateReal Estate Investmentlast_img read more

BYU Men’s Basketball Reconvenes in Rivalry With UNLV

first_imgDecember 13, 2018 /Sports News – Local BYU Men’s Basketball Reconvenes in Rivalry With UNLV Tags: BYU Men’s Basketball/Kris Clyburn/Marvin Menzies/Shakur Juiston/T-Mobile Arena/UNLV Men’s Basketball/Yoeli Childs FacebookTwitterLinkedInEmailLAS VEGAS-Saturday, BYU men’s basketball faces UNLV, a former Mountain West Conference rival, just blocks away from the Thomas & Mack Center at the T-Mobile Arena as part of the Neon Hoops Showcase.This is a 6:30 pm tip-off and can be heard on KSVC-FM 100.5.The Cougars and Rebels have a storied rivalry with UNLV leading narrowly 18-16, but this is their first meeting since the 2010-11 season.BYU is 8-4 on the season, having won their last three games to quell a three-game losing streak prior to that.The Rebels enter this game at 4-4 having lost their last three games.The Cougars are led by the reigning March Madness NCAA National Player of the Week and the West Coast Conference Player of the Week, junior forward Yoeli Childs (22.8 points, 10.9 rebounds per game).BYU averages 84.7 points per game and gives up 74.8 points per contest.The Rebels average 70.9 points per game and give up 66 points per outing. Head coach Marvin Menzies’ squad is led by senior guard Kris Clyburn (11.3 points, 3.8 rebounds per outing) and senior forward Shakur Juiston (10.8 points, 8.8 rebounds per game). Written by Brad Jameslast_img read more

Wintershall Dea secures exploration licenses in Norway

first_imgThe awards are the first since Wintershall and DEA merged in 2019 Wintershall received nine licenses on the Norwegian Continental Shelf. (Credit: Wintershall Dea GmbH) Wintershall Dea Norge has secured interests in nine new exploration licenses in Norway, including three as operator. In the Awards for Predefined Areas (APA) 2019 licensing round, Europe’s leading independent gas and oil company received participating interest in one license in the Barents Sea, four in the Norwegian Sea, and four in the North Sea.The awards are the first since Wintershall and DEA merged in 2019 and signal a confidence that the combined company can make the most of new acreage and deliver value for Norway.“We have been awarded licenses in all three areas on the Norwegian Continental Shelf, both near existing fields, and in under-explored areas.  The licenses have varied geology and are widely spread geographically, providing us with very good exploration opportunities. This also shows that the authorities have faith in our ability to turn new discoveries into production. We look forward to satisfy their expectations,” said Alv Solheim, Managing Director of Wintershall Dea Norge.Wintershall Dea Norge is one of the largest license holders on the shelf. This latest award will grow the portfolio to over 100 licenses, and underpins that Norway is one of Wintershall Dea’s core areas for growth.Merged company“Both of our legacy companies have a long history exploring and producing oil and gas on the Norwegian Continental Shelf. With the merger, the country has become even more important for us and will continue to be a crucial area for exploration and investment for the years and decades to come. Having a share in exciting exploration acreage is the cornerstone of our organic growth strategy in the country,” said Hugo Dijkgraaf, CTO and Member of the Executive Board of Wintershall Dea.Strategic fit in key exploration areasOne of the newly awarded licenses is in the Q35 Area of the North Sea, where Wintershall Dea already operates the Vega field and is currently developing the Nova field as operator. Both fields are subsea tiebacks to the Gjøa field, in which Wintershall Dea has a 28% interest. The other North Sea licenses are located close to the Wintershall Dea operated Brage field, the Snorre field, where Wintershall Dea has an 8.6% interest, and the Edvard Grieg field, where Wintershall Dea has a 15% interest.In the Norwegian Sea three of the new licenses support Wintershall Dea’s exploration strategy in the Vøring Basin, where the company has a 24% interest in the Aasta Hansteen field and is operator of the Balderbrå discovery in PL 894. The other Norwegian Sea license is located in a newly opened area in the Møre Basin in the southwestern part of the sea.In the Barents Sea Wintershall Dea has been awarded a 30% interest in the PL 609 D license, which secures the full extent of the Alta oil and gas discovery in PL 609.“In applying for these licenses, we have taken a holistic approach to our operations on the shelf, seeking out acreage with promising prospectivity, and with the potential to add value to our existing portfolio. The awarded licenses increase our footprint on the Norwegian Continental Shelf, creating opportunities for exploration in areas where we believe we can turn discoveries into producing fields,” said Michael Zechner, Senior Vice President for Exploration at Wintershall Dea.The Ministry awarded a total of 69 licenses to 28 companies in the APA 2019 licensing round. The round comprises blocks in predefined areas in the North Sea, the Norwegian Sea and the Barents Sea. In total, 33 companies applied for blocks. Source: Company Press Releaselast_img read more

Westmoreland Coal files for bankruptcy

first_imgWestmoreland Coal files for bankruptcy FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):Westmoreland Coal Co. filed for Chapter 11 bankruptcy protection on Oct. 9 after years of attempting to deliver its balance sheet.Westmoreland entered into a restructuring support agreement with an ad hoc group of lenders that hold about 76.1% of the company’s term loan, 57.9% of its senior secured notes and 79.1% of its bridge loan, according to a company release. The company’s U.S. and Canadian operations are “cash flow positive.” Given its operations’ liquidity and its Debtor-In-Possession financing, Westmoreland anticipates continuing to operate its mines as normal without affecting output levels or reducing staff.Under its restructuring support agreement, “Westmoreland launched a business transformation aimed at significantly increasing cash flow for all operational and support areas of the business,” according to the release.The coal producer, which has focused on a mine-to-mouth strategy some thought immune to the problems affecting the rest of the coal industry, had been working to downplay the possibilities of a bankruptcy since its former CEO Kevin Paprzycki stepped down in November 2017.On April 2, Westmoreland notified investors that it may seek Chapter 11 bankruptcy protection or be subject to involuntary petition for bankruptcy and that its auditors have expressed “substantial doubt” about the company’s ability to continue as a going concern.The Nasdaq Stock Exchange halted trading of the company’s shares in late April after its share price and market value fell below listing thresholds for more than 30 days.More ($): Westmoreland Coal files for Chapter 11 bankruptcy protectionlast_img read more

Great Smoky Mountain National Park to begin opening on Saturday

first_imgPhoto from Getty Images This Saturday, Great Smoky Mountain National Park will begin a phased reopening when many roads and trails open to visitors once again. “The health and safety of employees, partners, volunteers, visitors, and local residents remains the highest priority in park reopening decisions,” the park said in a press release. Outdoor Revival, a new podcast created by “seasoned outdoor industry professionals,” aims to help anyone and everyone who loves the outdoors better understand how they can safely and responsibly recreate during the pandemic, their website says.  The park will implement new safety measures to help prevent the spread of COVID-19. Campgrounds, picnic pavilions, visitor centers and many secondary roads will remain closed during the first reopening phase. Park officials ask the public to follow health orders, avoid crowding, practice Leave No Trace principles and avoid high-risk outdoor activities.  “Even though we are a band of seasoned outdoor professionals, we could not make sense of all the information and mis-information we were getting from the mainstream media,” the podcast creators said on their website. “So we decided to take it upon ourselves to seek out the top figures in the outdoor industry and create a resources for all who love the outdoors but want to keep themselves as well as everyone around them safe and healthy.”  West Virginia anglers can fish for free through May 31center_img Great Smoky Mountain National Park to begin opening on Saturday The waiver applies only to fishing licenses but includes a waiver for trout and conservation stamps. All requirements for hunting licenses remain.  Governor Jim Justice has announced that West Virginia residents can fish for free for another month. The requirement to possess a fishing license to fish in state-regulated waters has been waived for state residents through May 31, West Virginia Department of Natural Resources said in a press release. New podcast aims to help outdoor lovers during the pandemiclast_img read more

Targeted marketing and fair lending concerns

first_imgHappy Friday, Compliance Family!Advertisements are everywhere: in our physical mailboxes, our email spam folders, our social media feeds, the apps on our phones, EVERYWHERE. In this age of non-stop marketing and pushes to buy the best or newest products, some of our other priorities can get lost in the shuffle. Let’s take a moment to remember some of our fair lending obligations, which matter even before a credit application is received.To start, here is a refresher on some of the major fair lending laws. The Equal Credit Opportunity Act (ECOA) and its accompanying Regulation B generally prohibit discriminatory practices in lending. The provisions broadly apply to “any aspect of a credit transaction.” The Fair Housing Act (FHA) prohibits discrimination “in making available a [residential real estate related transaction]” based on a prohibited factor.  NCUA’s nondiscrimination rule prohibits denial or discouragement of an application for a real estate related transaction based on any prohibited basis. There is a great deal of overlap in these regulations, as they all include race, color, religion, national origin, and sex as prohibited basis for making credit decisions. In short, lending fairly means treating members consistently from the very beginning of the lending transaction, including marketing. Keep in mind states have their own nondiscrimination laws that may govern more financial products or name other protected groups. Consult with local counsel to determine how these laws affect your credit union’s marketing strategies. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img read more

Spend more money to secure our schools

first_imgCategories: Letters to the Editor, OpinionAs we all know, a mass shooting at a school occurred again. What we hear is the same old drumbeat of banning some types of guns by the left vs. our Second Amendment rights by the right. If this debate continues, you can be sure nothing will be accomplished.What will work is to harden our schools like we do airports, ballparks, courthouses and other venues where large numbers of people gather. What is common to all of them is a limited point of entry, with metal detectors and guards. Our government buildings and the Smithsonian museums in our nation’s capital are secured in this manner with great success.We have 100,000 schools in our country, so it would be expensive to secure them all. But to do nothing at this point would be unacceptable. The good thing about this approach is that once the funding issues are resolved, the plan would sail through our legislative bodies.Ron BelliSchenectadyMore from The Daily Gazette:Schenectady man dies following Cutler Street dirt bike crashFoss: Should main downtown branch of the Schenectady County Public Library reopen?Schenectady High School senior class leaders look to salvage sense of normalcySchenectady department heads: Budget cutbacks would further stress already-stretched departmentsSchenectady NAACP calls for school layoff freeze, reinstatement of positionslast_img read more

BHS Receives Grant To Enhance STEM Education

first_imgThe grant will be used to to support the engineering curriculum at Batesville High School.Batesville High School recently announced that it is the recipient of a $10,000 grant from Project Lead The Way (PLTW), the nation’s leading science, technology, engineering, and math (STEM) program. The grant was made possible by a generous donation from Bemis Company. Funds from the grant will support the enhancement of the PLTW engineering curriculum, including the purchase of materials and equipment that will be used in the hands-on, activity-, project-, and problem-based courses that are a distinguishing characteristic of PLTW’s curriculum.“The grant provides necessary funds to expand our Engineering curriculum beyond normal PLTW practices to further develop work readiness skills,” said Batesville High School Principal Andy Allen. “Mr. Hughes creates a student-centered learning environment that enables all students to develop necessary skills to enter the engineering field.”Batesville High School has offered PLTW’s Pathway To Engineering (PTE) program since 2008, a program in which students engage in open-ended problem solving, learn and apply the engineering design process, and build strong teamwork, communication, critical-thinking, and problem-solving skills. Throughout the PTE courses, students use the same industry-leading technology and software as the world’s top companies. In many cases, students have the opportunity to earn college credit, further setting them up for postsecondary and career success.The PLTW grant application process is highly competitive for schools. To receive a grant, schools go through a rigorous application process, which includes demonstrating that the school meets specific requirements and eligibility criteria to be awarded grant funds. The requirements include district and community support, teacher professional development, technology acquisitions, a program sustainability plan, and many other factors.“Project Lead The Way is committed to providing the highest quality STEM education to prepare today’s students for the global economy,” said PLTW President and CEO Vince Bertram. “We were pleased to receive so many quality grant applications, and we look forward to continuing our partnership with Batesville High School to prepare our nation’s next generation of innovators. Finally, we’d like to thank our generous industry partners who made this grant possible.”PLTW inspires and engages students in STEM learning through four programs which span from kindergarten through twelfth grade: PLTW Launch, designed for students in grades K-5; Gateway To Technology for middle school students; and Pathway To Engineering and Biomedical Sciences for high school students. Each program emphasizes the integration of core math and science topics with skills such as problem solving, critical thinking, and teamwork – the top in-demand skills identified by business and industry leaders for success in the global economy.last_img read more

Eto’o: Barca should change name if Messi departs

first_imgRelatedPosts Suarez agrees Atletico terms Barca president Bartomeu says he won’t go to war anymore with Messi Messi scores twice in Barca friendly Samuel Eto’o insists Lionel Messi is so important to Barcelona the club will need to change their name if the Argentine departs this summer.Messi and Eto’o played alongside each other at Camp Nou between 2004 and 2009, winning six major honours including the historic treble of the 2008/09 campaign. But Barcelona’s fortunes have taken a turn for the worse over the last 12 months, with two managers sacked and the club failing to win any silverware during a season capped by a humiliating 8-2 defeat to Bayern Munich.The downturn in form has led to speculation Messi could depart this summer, and Eto’o believes such an exit would leave Barcelona devoid of identity.“I love Messi like he was my own son, I want the best for him. Barcelona is Messi, and I think if Messi decides to leave, we’ll have to change the name of the club,” Eto’o told Argentine broadcaster TyCSports.“We are lucky in that at Barcelona, we have the best player in the world and of all-time, we have to do everything possible to ensure he finishes his career at Barcelona.”Tags: BarcelonaCamp NouLionel MessiSamuel Eto’olast_img read more

Berbice cyclists to participate on Sunday in FACC `Track Attack’

first_imgCYCLISTS from the Ancient County of Berbice will engage in a `Track Attack’ day of cycling events organised by the Flying Ace Cycling Club of New Amsterdam, Berbice, set for Sunday at the Rose Hall Community Centre ground, beginning at 10:00hrs.Apart from the many cycling events planned for the day, there will also be several flat races (track) including 100- and 200-metre races.The activity is open to cyclists and track athletes from across Berbice including East and West Berbice.A number of businesses from Regions Five and Six have committed to sponsoring the various events on the day’s programme.The orghaniser of the event is cycling coach Randolph Roberts.last_img