Daily Business Report-Jan. 6, 2020
Rendering of The Boardwalk, a Torrey Pines life science complex to be built by Healthpeak Properties.
Healthpeak Properties to develop $164 million
lab and office complex in Torrey Pines
Construction will start this month on The Boardwalk, a $164 million Class A laboratory and office complex in Torrey Pines that will be built by Irvine-based Healthpeak Properties, a real estate investment trust, for lease to life science tenants.
Located at 10265, 10275 and 10285 Science Center Drive, The Boardwalk will feature three buildings that total more than 195,000 square feet. Amenities will include a gourmet café, conference center, 5,000-square-foot fitness center and a one-acre park with outdoor meeting and collaboration spaces. The property is located just west of I-5 and is within walking distance of University of California, San Diego
According to Healthpeak, occupancy will begin as early as the second quarter of 2021.
The campus will combine three adjacent Healthpeak holdings, activating two land sites through 110,000 square feet of ground-up development that will flank both sides of an existing 85,000-square-foot property that will also be redeveloped.
CBRE’s Jed Stirnkorb, Rich Danesi and Andrew Huggett are the leasing agents for the project. Healthpeak Properties, owns more than 25 million square-feet of R&D and office buildings throughout the U.S.
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Upcoming Major Events
San Diego Convention Center
• The American Correctional Association | Jan, 9-14 | 2,000 attendees
• Geotab Connect 2020 | Jan. 14-16 | 1,100 attendees
• International Meeting on Simulation in Healthcare | Jan. 18-22 | 4,200 attendees
• The Scoop-Spring 2020 | Jan 23-25 | 3,175 attendees
• Society for Laboratory Automation & Screening Annual | Jan. 25-29 | 5,500 attendees
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Prediction Consensus: What the
Experts See Coming in 2020
Visual Capitalist
Visual Capitalist analyzed more than 100 articles, white papers and interviews to create a big picture look at what experts are predicting for the coming year.
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Illumina, Pacific Biosciences abandon
$1.2 billion acquisition deal
genomeweb
Illumina and Pacific Biosciences announced Thursday after the close of the market that they have “mutually agreed” to terminate their merger agreement.
The deal, announced in November 2018, would have seen Illumina acquire PacBio for $8 per share — approximately $1.2 billion in cash. Per their agreement, Illumina will pay PacBio a termination fee of $98 million; Illumina will also make continuation payments totaling $34 million over the next three months.
In a joint statement, the firms cited a “lengthy regulatory approval process” and “continued uncertainty of the ultimate outcome” in their decision, which they said “is in the best interest of their respective shareholders and employees.”
“We believe this proposed combination would have broadened access to Pacific Biosciences sequencing technology, significantly expanded and accelerated innovation, and ultimately increased the clinical utility and impact of sequencing,” Illumina CEO and President Francis deSouza said in a statement.
“We are disappointed that our customers and other stakeholders will not realize the powerful advantages of integrating the sequencing capabilities of our two companies,” PacBio CEO Michael Hunkapiller added. “With that said, we are confident in the future of Pacific Biosciences as we continue to pursue improved sequencing accuracy and throughput that can be utilized in an ever-expanding number of applications.”
The regulatory pressures that ultimately collapsed the deal came from both the UK Competition and Markets Authority (CMA) and the U.S. Federal Trade Commission (FTC.) The first cracks showed in June 2019, when Illumina pushed back its expected close of the deal upon news that CMA was moving its investigation into a second phase. But in September 2019, the firms extended their agreement and Illumina began making monthly cash paymentsto sustain PacBio’s operations.
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Society of Women Engineers sponsors career
fair for women interested in STEM jobs
The Society of Women Engineers is holding a two-day meeting for Southern Californian residents interested in science, technology, engineering and math careers at the San Diego Convention Center Jan. 31 to Feb. 1, 2020.
According to SWE research in 2017, less than 30 percent of women with a bachelor’s degree in a STEM discipline entered STEM occupations. Of those, only 8 percent worked in engineering occupations, whereas 19 percent of men with similar education obtained worked in engineering occupations.
To help address this shortage, the Society of Women Engineers (SWE) is holding a local scaled-down version of its annual conference at the San Diego Convention Center . This local conference allows residents and visitors to network with likeminded engineers and technologists learn life and work skills and celebrate local women and organizations who are contributing to the field.
The career fair features engineering and technology organizations recruiting talent on-site for both professionals in all stages of their careers and collegiate about to enter the workforce. Individuals interested in a career in science, technology, engineering or math (STEM) should attend the career fair on Saturday, Feb. 1 from 9 a.m. to 1 p.m. at the San Diego Convention Center.
At WE Local San Diego, attendees in engineering and technical fields as well as students studying engineering have access to educational breakout sessions, workshops and several networking opportunities programmed to attract, educate and retain women in STEM fields.
“The objective of WE Local is to provide a local atmosphere of comradery and professional development for women engineers,” said Cindy Hoover, president of SWE and vice president and chief engineer for Operations at Spirit AeroSystems in Wichita, Kan.
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San Diego ranks No. 1 best metro
for the stock market in 2019
CNBC’s Power City Index ranked the three best U.S. metros for the stock market, with San Diego claiming the top spot. In the region, 12 of the largest publicly-traded companies were up a combined average of more than 65 percent in 2019.
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Wilson Turner Kosmo law firm elevates
James Leonard and Katherine McCray to partner
The San Diego‐based firm of Wilson Turner Kosmo, one the largest certified women‐owned law firms in California, has elected to partner James Leonard and Katherine McCray. The business and employment law litigators began their new roles Jan. 1.
A member of the firm’s Employment Law, Business Litigation and Warranty practice groups, Leonard’s practice is multifaceted. He represents major automotive manufacturers in a host of breach of warranty claims brought under the Song-Beverly Act and Magnusson-Moss Act. Leonard also represents employers in every area of employment litigation.
Leonard joined the firm in 2012. He began his legal career with the First Amendment Project litigating free speech and anti-SLAPP cases. Leonard later joined a local firm representing employers in state and federal employment-law matters — a skill he’s further honed at WTK. He earned his J.D. from the University of San Francisco, School of Law and B.A. at the University of California, San Diego.
McCray, a member of the firm’s Business Litigation and Employment Law practice groups since 2011, represents clients ranging from small businesses to large corporations in complex disputes at the state and federal level. She defends clients in disputes arising out of the Petroleum Marketing Practices Act and against unfair business practice, unfair competition, breaches of contract, antitrust and franchise issues.
Outside of her legal practice, McCray serves on the Commercial and Business Litigation Committee of the American Bar Association and has held a leadership role with the Association of Business Trial Lawyers’ (San Diego Chapter) Leadership Development Committee. She earned her J.D. from Yale University and B.A., magna cum laude, from Harvard University.
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Swearing-in ceremony for 2020 Board
of Port Commissioners is Thursday
The Port of San Diego Board of Port Commissioners will swear in its 2020 officers at a luncheon ceremony taking place on Thursday at Intercontinental San Diego. Officers to be sworn in are Ann Moore, chair-elect; Michael Zucchet, vice chair-elect; and Dan Malcolm, secretary-elect.
At the ceremony, current Board Chairman Garry Bonelli will present his outgoing speech, in which he will recap the Port of San Diego’s accomplishments during 2019. Moore will share her theme for 2020, “Port of the Future,” to drive the Port’s focus and efforts for the year ahead. Her priorities include making significant advancements in the Port Master Plan Update effort, and celebrating groundbreakings and ribbon cuttings for various projects as part of the transformation of the Chula Vista Bayfront.
The luncheon and ceremony are open to invited guests. Following the ceremony, the public is invited to attend the first Board of Port Commissioners meeting of 2020, which will take place in the Port Administration Building.
