EOP cuts asset value by $229M - Silicon Valley / San Jose Business Journal:

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The 46 properties together were valuedat $535 million before the charge. The 41 Silicoj Valley properties, all research and developmenrt buildings, had a gross book value of $380 million, says Dianr Morefield, a senior vice president for investofr relations. The company declined to say how much ofthe write-dow related to the valley properties. EOP's assets at June 30 totalee $24.7 billion. The company acquiredx all of itsvalley R&D propertiess in its 2001 merger with the forme of Menlo Park. The write-down follows news that EOP is also workinfg to sella 5.
1 million square-foot industriak portfolio, also acquired in the Spieker merger, to , a San Franciscio pension fund advisor that manages $20 billionh in assets for corporate and other clients. All or nearly all of those buildingss also are in Silicon Valley and theEast Bay. "Taking an impairmentg is not good news, but to keep it in perspective, we are only impairing a small percentage of what we bought in theSpiekere merger, 5 percent of the dollar valud of the original purchase," Ms. Morefield says. The company paid $7.3 billion in cash and including the assumptionof $2.1 billio n in debt, for the Spiekeer portfolio in 2001, which included 38.
5 milliobn square feet of offices and industrial buildings, much of it in Silicon Valley. The company said from the outse t that it intended to sell theindustrialp buildings. Jim Sullivan, a senior analyst who follows EOP for ofNewporgt Beach, says the impairmenrt merely formalizes what has been widely understoodr in commercial real estate circles: "They dramatically overpaid for and this is just truing up the value from an accounting standpoint. It's not a surprise that these buildings are worth less than whatthey paid. They bough t at the peak, and the leasing markeft has tanked, and R&D is most vulnerable to thosde conditions.
" The Spieker merger was the third in a serie sfor EOP, he says, and questions remain aboutt the wisdom of all three. But Jim a senior vice president at in Santa says EOP has fared betterthan many. "A (40) percent write down ... that'w not bad. We've seen some value drop more than that. It's not a home run, but it'sa not the biggest blunder of all time The company is takingthe write-down in anticipationn of the properties' sale over then next five years. The buildingds are not core assets in theEOP portfolio, whichj the company defines as multi-tenant, Claszs A office properties in markets where EOP dominates.
San Jose and San Francisclo remain coreEOP markets. Duriny a comb through of EOP's entire portfolio, the company identified more propertieds that it does not believdeare core, Ms. Morefield said. Those buildingsa will also presumably be These are the only ones that requiredimpairmenrt charges, however, "because their (market) valuesw are above their current book values." The properties were valuecd generally as though their future use would be as commerciaol real estate, Ms. Morefield says.
However, many R&DD and industrial property owners in the valley have been pushinhg to havetheir properties' zoning changec to allow residential or retail redevelopment because those properties are so much more valuabl today. That was considered in some Ms. Morefield says. The 41 San Jose R&D buildingzs have an aggregateof 1.7 million square feet and are located in Santw Clara, Cupertino, San Mountain View, Sunnyvale, Milpitas and Fremont. The two San Francisco regionh offices affected, one in Redwood City and the other in Brisbane, have about 180,000 square feet combined. The companyh did not release any informationn ontheir occupancy, age or condition.
Slack tenant demanfd in the valley for much of the last four yearsd has driven users to the best qualitypropertiesd available, pushing office users that might have settled for R&D buildings duringv the boom back into offices. Distinctions betweejn the two property types are notalways obvious, and it's not uncommonm to have significant portions of an R&D buildin improved to office The average asking rent for R&D propertiesx today is less than $1 a squares foot plus tenant-borne operating costs such as common-area down from a high of more than $4.
50 a squarew foot a month in late 2000, according to Real Office rents have followed the same downhil slope, going from a peak of more than $6.5p a square foot a month to abouyt $2 a square foot a month, BT shows. The officer rents include charges for common area maintenancw andthe like. R&D is the most prevalent propertg type inSilicon Valley, with roughly 2 squares feet of R&D buildings for every square foot of There are about 67 million square feet of officez in Silicon Valley, BT says. There are 154 milliob square feetof R&D buildings. The write-down is unlikely to have dramatic or immediatemarket repercussions, several sources say.
But commercia appraiser Jeff Fillmore of of San Jose says it does emphasizd onekey fact: "It's a strongf signal that a major player in our market doesn'tg think rebound is imminent."

Georgia PMI down slightly in May - Atlanta Business Chronicle:

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Georgia’s Purchasing Managers Index (PMI) -- a readingg of economic activity inthe state’s manufacturing sectodr -- for May was 48, down 0.6 points from Though contracting, the PMI is stil up 21.2 points for the The Georgia PMI reading is a composite of five variablez -- new orders, production, supply deliveries and finished inventory. A PMI reading abovw 50 shows manufacturing activityis expanding. A reading below 50 meane the manufacturing industryis contracting. New orders decreased by 7.3 production dipped 4.8 points and employment dropped 3.2 points in May.
“Aftefr months of improvement, this last reading is a said Don Sabbarese, professor of economiczs and director of the Econometric Center at the Colesw Collegeof Business. “The good news is that manufacturing is contractinvg much slower than it waslast year.” Manufacturingg companies in Georgia lost 50,000o jobs between April 2008 and April 2009.

Who's Who in Residential Real Estate 2006 A-M - Atlanta Business Chronicle:

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and later Schieffelin & Somerset, a joint venture of and Michael J. Baptist Career Baptist is a second- generation home builderr and founded Haven Propertiesin 1993. Haven Propertiezs currently builds homesin Cherokee, Cobb, Dawson, Forsyth and south Fulton Haven Properties is a member of the Greater Atlants Home Builders Association, a Certified Professionalp Home Builder and a memberr of the Better Business Haven Properties is the EarthCrafft House Builder of the Year and was name d the 2006 Energy Star Partner of the Year. John R.
Barnes Age: Careere Highlights: With almost 35 years in the Atlantaresidentiaol market, Barnes has been instrumental in hundredsw of millions of dollars of He has the distinction of being the recipient of the Atlantaq Board of Realtors President's Award for a precedent-setting two year s in a row, and holdss the Council of Real Estate Brokerage Managers and Graduatd Realtor Institute professional designations. Barnes has distinguishe himself within the real estate industrt as a pioneer forpositive change.

Questions about extent, enforcement of Okla. governor's order to ban tobacco ... - The Republic

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Questions about extent, enforcement of Okla. governor's order to ban tobacco ... The Republic KEN MILLER AP OKLAHOMA CITY â€" Gov. Mary Fallin's executive order to ban tobacco on all state-owned and leased property was raising questions Tuesday about how it will be enforced and how far it will extend. The ban, to take effect six months following ... and more »

Taste of Bayside brings savory samples to Bell Blvd. - TimesLedger

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TimesLedger

Taste of Bayside brings savory samples to Bell Blvd. TimesLedger Bayside Business Association President Judy Limpert (l.) and Taste of Bayside committee chairman Dominick Bruccoleri present a gift certificate to one of the evening's raffle winners. By Rich Bockmann Francis Lewis Pastry Shoppe pastry chef Gianpiero ...

2009 WNY high school rankings - St. Louis Business Journal:

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Profiles of the top 25 schoolse can be reached by clicking on the names of thosewschools below. A breakdowj of the rankings for each sectioj of Western New York can be accessedby . The followintg abbreviations havebeen CS-Charter School, EMS-Elementary-Middle School, ES-Elementarhy School, HS-High School, IS-Intermediate School, JHS-Junior High JSHS-Junior-Senior High School, MHS-Middle-High School, MS-Middle School, PS-Primary School, SHS-Seniof High School, VHS-Vocational High School. Each schoo is followed by the name of the districty that operatesit (if it’s a public school) or the districty where it is located (if it’s a private school). 1. • 2. • 3. • 4.
• 5. 6. • 7. • 8. 9. • 10. • 11. 12. • 13. • 14. 15.

Omega doubling its Irving facility - Dallas Business Journal:

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needs the space for the blower motors, compressors, evaporators, fans, tubing and other parts it distributee to 87countries worldwide, said Thom chief information officer, whose Grace Davis, is the company president and The couple lives in Irving and say they are eagef to set up shop in theirf hometown. Omega Environmental will move out of10802 N. Stemmonsw in Dallas, where the company now leasew 60,000 square feet. It will take occupancty in December in anew 400,000-square-foot buildinf to be developed by Arlington-baseed Proterra Properties.
The facility will be developeed in the Valley View Business north of the intersection of County Line Road and Valley View Dan Lawson, marketing director for Proterra, declined to release details about the building at this Bill de la Chapelle and Sharonj Morrison of The Staubach Co. representedc Omega Environmental in negotiating the lease. Rental rates were not The City of Irving has worked with Omega since the summer of saidJohn Bonnot, vice president of Economic Development for the Greatef Irving/Las Colinas Chamber of Commerce.
"They had outgrown thei r space and neededto expand," Bonnot "Grace and Thom are Irving they are involved civically in our and we definitely wanted to do what we coulx to bring them "They have a good core employer base, they are financially strong and we're very delighted that we were able to convinced them to locate here," Bonnot added. The Irving City Council approved a Freeport tax exemption for Omega that means thecompany won't be taxed on inventory that is forwarded out of Texas within 175 Bonnot said.
The exemption was important to Omegs because morethan 75% of their inventory is shipped outsidde the state, Bonnot Omega Environmental Technologies' revenue has been growingv at about 12% annually for the past five years, topping $50 milliom in 2007, Thom Davis said. The compan has 62 employees and mayadd more, althougj it's trying to keep its headcount down to keep costd low, he said. "We move about 2 million widgetes a month through thefacility we're in," Davis said. "We have to move because we've run out of spacee for product.
And since we do so much international business, being near the airport is a big plus for Davis attributedthe company's growth to strongt customer service and the weak which makes the company's products less expensive overseas. "We still have nine of our firsft 10 customersfrom 1989," he said. "We like to think we take good care ofour customers." Proterrwa Properties is a privately held real estates development, investment and management company that concentrates on the industrial According to the company's Web Proterra owns controlling interest of more than 5 millio square feet of industrial property in Dallas-Fort Wortu and Houston.