Daily Business Report-March 15, 2018
AbacusNext will occupy the entire Eastgate Summit at La Jolla UTC. (Photo credit: Irvine Company)
AbacusNext Cements Market Position
with Pending Move into Eastgate Summit
and Three New Key Acquisitions
AbacusNext, a company that provides tech services to the legal and accounting industries, has leased Irvine Company’s new 65,000-square-foot Eastgate Summit in La Jolla UTC — a move that will add to its increasing dominance in the tech field.
Besides moving onto one of the most visible hilltops in coastal San Diego, AbacusNext has fortified its position with key acquisitions over the past several months.
In November, AbacusNext acquired HotDocs, a global leader in document automation, making it the most complete technology provider to the professional services industry. In May, it acquired OfficeTools, makers of the industry-leading practice management software WorkSpace. And in February, the company acquired Cloudnine RealTime and Results Software – positioning it as the leader in technology solutions for accounting and other industries after three decades as the leading technology provider for legal professionals.
“Our new headquarters will enable us to bring over 400 new employees together, enhance our culture and propel our efforts to innovate, grow, recruit and retain the most extraordinary technology talent in San Diego,” said Alessandra Lezama, CEO of AbabusNext.
AbacusNext will move from La Jolla Gateway into a building with 22,000-square-foot, column-free floor plates, oversized windows for natural light and a lobby with Italian Travertine and limestone floors. It also includes open-air spaces with high-speed Wi-Fi, barbecues and facilities for outdoor meetings and social gatherings.
“We are thrilled that an ambitious, innovative and growth-minded company like AbacusNext has leased Eastgate Summit,” said John Turner, Irvine Company’s regional vice president. “We look forward to a long and mutually-rewarding relationship.”
Irvine Co. has invested more than $150 million in new office buildings in La Jolla UTC, including its 15-floor One La Jolla Center and its newest low-rise offices, Eastgate Terrace and Eastgate Summit. The company has also invested more than $40 million to enhance shared common areas with innovative new services and programmed events. Employees at Eastgate Summit also have access to KINETIC, the company’s fitness and wellness movement that include a state-of-the-art fitness center, modern conference center, putting green, running path and bocce, basketball and sand volleyball courts.
Hughes Marino represented AbacusNext in lease negotiations with Irvine Co. for Eastgate Summit.
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Elizabeth Fitzsimons Takes New Position
at Chamber Affiliate LEAD San Diego
The San Diego Regional Chamber of Commerce has appointed Elizabeth Fitzsimons vice president of leadership and engagement over chamber affiliate LEAD San Diego, a newly created position.
Fitzsimons joined the chamber in January 2015 as vice president of marketing and events. She took on the additional role of interim vice president of leadership when LEAD San Diego became a chamber affiliate last September. The newly created position combines the two roles and Fitzsimons will oversee the development and implementation of LEAD’s various programs and direct the chamber’s marketing and events programs, including digital marketing, earned media, and dozens of annual events.
Before joining the chamber, Fitzsimons held positions at Rady Children’s Hospital, the county of San Diego, and The San Diego Union-Tribune.
“LEAD has benefitted greatly from Elizabeth’s guidance over the past six months as interim vice president and I am confident her leadership and commitment to the organization will continue its successful progression,” said LEAD board co-chair Nikki Clay.
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Broadcom Terminates $117 Billion Offer to Buy Qualcomm
Broadcom has officially terminated its $117 billion offer to buy San Diego’s Qualcomm and withdrawn its slate of nominees for Qualcomm’s board of directors.
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Kim Coles: A Woman on the Move
Actress, comedienne, author, playwright and TV personality, Kim Coles is truly a renaissance woman. Best known for her zany characters and outrageous sense of humor, Coles began her journey to Hollywood when she was announced the runner-up in the “Big Beautiful Woman” pageant in Atlantic City, N.J.
She rode her beauty pageant success into a plus-size modeling career and as a stand-up comedienne. Coles will speak at the Leadership Conference March 23 as part of San Diego Women’s Week sponsored by the North San Diego Business Chamber. Women’s Week runs March 19-21-23.
Click here for the schedule.
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Tariff Increases Threaten to Make Many Construction
Projects Unaffordable, Contractors Group Says
Construction costs escalated in February, driven by price increases for a wide range of building materials including steel and aluminum, according to an analysis by the Associated General Contractors of America of Labor Department data released Wednesday. Association officials warned that newly imposed tariffs on those metals will create steeper increases that will squeeze budgets for infrastructure, school districts and commercial projects.
“Price increases have accelerated for many construction materials in the last two years, with additional increases already announced, and others on the way as soon as tariffs on steel and aluminum take effect,” said the association’s chief economist, Ken Simonson. “Contractors will be forced to pass these cost increases along in bid prices, but that will mean fewer projects get built. And contractors that are already working on projects for which they have not bought some materials are at risk of absorbing large losses.”
Construction officials said the new tariffs imposed by the Trump administration will raise costs for firms, many of which are locked into fixed-price contracts with little ability to charge more for their services. They said funding the president’s infrastructure plans would be a better way to foster demand for domestic steel and aluminum without harming contractors
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Sunrise Management Takes Over Newly
Completed Apartment Project in Chula Vista
3875 Main Street Investors, an affiliate of LaTerra Development, has completed construction on the new LaTerra Select Stone Creek — a 97-unit apartment complex in Chula Vista — and retained San Diego-based Sunrise Management to oversee all pre-marketing, lease up and day-to-day operations.
The apartment building is now open and units are for lease. Open living floor plans range in size from 743 to 993 square feet with one-bedroom/one-bath and two-bedroom/two-bath options. All units have a balcony, large master bedrooms with walk-in closets, full-size washer/dryer, appliances including a dishwasher, granite countertops and air conditioning. Enclosed garages are available for parking, and pets are welcome.
The community has a host of resort-style amenities, including an expansive outdoor living common area featuring a modern clubhouse with kitchen, California room with outdoor seating and fireplace, outdoor television, pool, playground, BBQ/picnic area and Internet café.
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Researchers Discover New Pathway
That Could Guard Against Disease
Scientists at The Scripps Research Institute have discovered a new pathway in cells that promotes mitochondrial function during times of stress, a response that can guard against disease as we age.
In response to stress, rather than churn out misshapen proteins, our cells activate protective pathways that take an even more dramatic response —shutting down protein production entirely. Researchers show that along with this shutdown comes an odd change in shape of organelles called mitochondria, which are responsible for generating cellular energy. Instead of looking like tiny lima beans, mitochondria start to stretch out like noodles.
“Just a couple hours of not making proteins seems to be enough to remodel the mitochondria, and they can stay that way for hours,” says Luke Wiseman, associate professor at TSRI and senior author of the new study, published this week in the journal Cell Reports. “That seems to be a protective way to promote mitochondrial function during the early stages of stress.”
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La Mesa Becomes Sixth City in County
to Adopt 100 Percent Clean Energy Target
La Mesa’s City Council voted unanimously to adopt a legally binding Climate Action Plan that commits to 100 percent clean energy by 2035. With this vote, La Mesa joins the cities of San Diego, Del Mar, Solana Beach, Chula Vista, and Encinitas in committing to 100 percent, and brings the total number of residents in the region who will benefit from 100 percent clean energy to over 1.8 million. That means that over half the region’s families will be served by fully renewable power within the next two decades.
The city will pursue Community Choice Energy to achieve the 100 percent clean energy goal, which will offer choice and local control while creating local jobs with local renewable development. In the motion to adopt the CAP, the council also committed to beginning a feasibility study for Community Choice in 2018. In addition, La Mesa will develop targets for the percent of commuters traveling by transit, walking, and biking.
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New Clean Energy Storage Project
to Save Water Authority $100,000 Yearly
The San Diego County Water Authority will save approximately $100,000 per year with commercial-scale batteries installed at the agency’s Twin Oaks Valley Water Treatment Plant near San Marcos, the agency reported Wednesday. The energy storage system is designed to reduce operational costs at the facility by storing low-cost energy for use during high-demand periods when energy prices increase.
The batteries were installed at no charge to the Water Authority as part of an agreement with Santa Clara-based ENGIE Storage, a division of ENGIE North America, formerly known as Green Charge. The system charges from either the grid or onsite solar energy production to store low-cost energy. ENGIE Storage’s GridSynergy software allows the Water Authority to use that low-cost energy for plant operations during high-demand periods when market prices typically peak. Onsite energy is generated by more than 4,800 existing solar panels at the Twin Oaks facility that produce an estimated 1.75 million kilowatt-hours of electricity each year.
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March 21 Class will Teach Realtors Self-Defense
The North San Diego County Association of Realtors will present “Safety Awareness and Self Defense for Realtors,” a class from 9:30 a.m. to noon, March 21 at the NSDCAR Escondido Service Center, 1802 S. Escondido Blvd., Escondido. Topics will include danger clues, situational awareness and how to analyze neighborhoods, as well as tools for self-defense and safety techniques. The class will be taught by retired Lt. Al Owens, Escondido Police Department. The former U.S. Marine with more than 20 years of experience in law enforcement has taught safety awareness, self defense and survival tactics to more than 4,000 people in his career.
