Daily Business Report-Aug. 19, 2020
Image: Karolina Grabowska
San Diego life sciences market saw
venture capital funding topping
$1.2 billion during first 2 quarters of 2020
The San Diego life sciences market secured over $1.2 billion in venture capital funding during the first two quarters of 2020, accordingo to JLL’s LIfe Sciences Insight report.
This was a 124 percent increase from the first half of 2019.
Funding during the second quarter surged, with 24 deals generating over $875 million. Highlighting the second quarter investment activity was Erasca securing $200 million in April, followed by Poseida Therapeutics capturing a $110 million Series D round and CUE Health raising $100 million.
Capital events spark company growth and subsequent real estate decisions. During the past two years the average period of time for a company to sign a lease on new space after receiving funding is 115 days. The recent groundswell of funding during the second quarter has already yielded growth, with multiple companies signing leases to accommodate expansion needs.
The second quarter recorded over 585,000 square feet of total leasing among 18 completed transactions. This produced an increase of 149 percent in total square feet leased when compared to Q1 and growth of 40 percent from Q2 2019.
Activity was highlighted by two large deals that eclipsed the 100,000-square-foot mark. Mirati Therapeutics, a publicly traded company with a $5 billion market cap, signed a lease for 118,225 square feet in Torrey Pines. Element Biosciences, a company founded by former Illumina scientists that secured $80 million in funding in January 2020, signed a lease for 104,719 square feet. The company will be moving into a new build-to-suit in Sorrento Mesa.
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Amazon to create 3,500 new jobs in U.S. Tech Hubs
in San Diego, Dallas, Detroit, Denver, New York, Phoenix
Amazon announced plans to create 3,500 new tech and corporate jobs across six cities in the United States. The company will expand its Tech Hubs in San Diego, Dallas, Detroit, Denver, New York (Manhattan), and Phoenix. Amazon will invest more than $1.4 billion in these new offices, which will host teams supporting businesses across the company.
Amazon’s Tech Hub and corporate office expansions include:
In San Diego, an addition of more than 40,000 square feet of office space will allow for the creation of 200 new jobs. These new roles will join the 90,000 Amazon employees already working across the state of California. Since 2010, Amazon has invested more than $50 billion in California.
Teams in these cities will support various businiesses across Amazon, including AWS, Alexa, Amazon Advertising, Amazon Fashion, OpsTech and Amazon Fresh, among others. The company expects to hire for a variety of roles, from cloud infrastructure architects and software engineers to data scientists, product managers, and user experience designers.
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Construction officially starts at
SDSU Mission Valley stadium site
San Diego State University held a groundbreaking event Tuesday to celebrate the university officially taking ownership of the Mission Valley stadium site, commemorating the launch of a new era for the greater San Diego region.
In addition to the significant land development, the project will be transformational for the community. SDSU Mission Valley is projected to expand the university’s economic impact in the region by $3 billion annually.
Upon breaking ground, one of the first major construction projects to undergo development, in addition to the River Park, will be the highly anticipated Aztec Stadium, which is scheduled for completion in Fall 2022.
SDSU Mission Valley will create new educational experiences, foster research, advance technology, facilitate internships, and provide new educational opportunities. The outcome of this expansion will allow the university to gradually increase enrollment by up to 15,000 students.
Construction will begin in earnest by Clark Construction with grading and infrastructure work, the stadium, and the River Park. Clark Construction is expected to employ an estimated 3,500 to 5,550 workers through both the stadium and site development.
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Trigild forms partnership with IVL Group
Trigild, a San Diego and Dallas-based fiduciary services, commercial real estate, and hospitality firm, has formed a partnership with East Coast-based fiduciary firm, IVL Group. Trigild managing partners, Chris Neilson and Scott Head, welcome Ian V. Lagowitz and IVL Group to the Trigild team.
æIan is held in tremendous regard in the receivership industry, especially along the East Coast. We look forward to the industry knowledge and network that Ian and IVL Group will bring to our team,” said Chris Neilson. Scott Head added that, “IVL Group’s 25 years of experience paired with Trigild’s 40 years of experience will have a lasting impression on the commercial workout and court appointed receivership space. We welcome IVL Group as they join us in continuing a legacy of innovation and a track record of success for clients spanning coast-to-coast.”
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Ashford University announces formation
of new Master’s advisory committee
The Forbes School of Business & Technology (FSBT) at Ashford University has announced the formation of a new Masters of Business Administration (MBA) advisory committee. The advisory committee, comprised of industry leaders, innovators, and international entrepreneurs, will provide support and counsel to the academic leadership of the program, and offer expertise and experience by serving as advocates for the program.
“The MBA program is focused on providing practical, relevant, and applicable knowledge to its students,” says Bob Daugherty, dean of the Forbes School of Business & Technology.
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San Diego International Airport adds new
nonstop route to Norfolk on Southwest Airlines
San Diego International Airport will add nonstop service to Norfolk, Virginia via Norfolk International Airport (ORF) on Southwest Airlines beginning Jan. 5, 2021. The route will operate one flight daily, excluding Saturdays and will be the only year-round service offered between the two cities. The route also marks the only nonstop service to the West Coast from Norfolk.
“We are happy to see that a nonstop route to Norfolk is being added to San Diego,” said Kimberly Becker, San Diego County Regional Airport Authority president and CEO. “We’ve been in discussion with Southwest for some time, requesting this route. I anticipate the flight being very popular due to the connection between San Diego’s Navy base and Norfolk’s Naval Station.”
The dedicated route will provide convenient and time-saving access for Navy personnel, their families and anyone else with connections to Southern California and the greater Hampton Roads area of Virginia. The new route is in response to robust demand after Southwest offered limited Sunday-only service last summer. Tickets are already on sale at southwest.com.
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St. Paul’s Foundation receives gift for its
Roving Clinic to serve local seniors
St. Paul’s Program of All-inclusive Care for the Elderly (PACE) recently introduced a Roving Clinic in the wake of the COVID-19 pandemic so that medical professionals can visit seniors with medical needs at their home. They’ve been using an older van with packages of equipment and a wheelchair for seating the seniors.
St. Paul’s Foundation received a $300,000 gift from Dorothea Laub to purchase the first of two new mobile clinics. The new St. Paul’s PACE Roving Clinics will be self-contained vehicles offering flexible and viable options for treating isolated and vulnerable seniors while minimizing risks.
They will include storage for equipment, have better lighting, a handwashing station, and they will be more comfortable for the seniors while they are being treated. PACE participants have chronic medical conditions, which require regular follow-up and care. St. Paul’s medical team provides exams, blood tests, wound care, and any medical care offered “in” the clinics without having the seniors leave their homes.
Ms. Laub’s donation will enable the foundation to purchase one mobile clinic, which will allow St. Paul’s medical team to care for an additional 10 homebound seniors, each day, five days a week. The St. Paul’s Foundation also received $120,000 towards the second needed mobile clinic.
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Public invited to join S.D. Port Tenants
Association in Operation Clean Sweep
The Port of San Diego and the San Diego Port Tenants Association invite the public to participate in the 30th annual Operation Clean Sweep on Saturday, Aug. 29, from 8 a.m. to 10 a.m. The event will be a socially-distant cleanup.
Volunteers are invited to participate by choosing an area in their own community to clean, whether that’s around San Diego Bay, or other parts of the county. Picking up trash throughout the area helps keep San Diego Bay clean because every piece of trash that isn’t disposed of properly runs the risk of ending up in the bay.
Participants are encouraged to invite family members to join in; bring their own bags, gloves and sunscreen; make sure to separate recyclables; and keep the mandatory six-foot distance from other participants.
Click here to register and/or donate and to sign a waiver.
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Sean Spear to join Community Housing
Works as its new chief executive officer
Sean Spear is joining Community HousingWorks as CEO in October to guide the organization as it fulfills its mission of creating opportunity through safe, stable, affordable homes.
Following current president and CEO Sue Reynolds’s decision to retire, which was announced in January 2020, the organization conducted a national search for candidates. Spear’s career in affordable housing – including extensive advocacy work – was a natural fit for Community HousingWorks, which provides and builds life-changing affordable apartment communities with resident-centered services for working families, seniors and people with disabilities to forge stronger futures.
Currently the assistant general manager for housing development at the Los Angeles Housing + Community Investment Department, Spear brings an expansive network both nationally and throughout California with lenders, housing sector leaders, and for-profit and nonprofit developers that will serve the organization’s residents and individuals throughout California in need of an affordable home.
Spear has served as a local and state government leader in successive community development roles in the cities of New York, San Francisco, Los Angeles and in Sacramento for the State of California. At the Los Angeles Housing + Community Investment Department, Spear was responsible for leading its housing production efforts and directing the operations of its Housing Development Bureau. He also served as the executive director of the California Debt Allocation Committee from 2009 to 2015, administering the $3.8 billion private activity bond program for California, in addition to his work at Fannie Mae and Hunt Mortgage Group.
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S.D. Women’s Week Leadership Conference Goes Global
New virtual format with no boundaries features Daymond John, Linda Cureton, Ed Smart, Amy Trask
San Diego Women’s Week, celebrating 11 years of inspiring, empowering and connecting women is now virtual with leadership events for all ages and professions. Attendees enjoy virtual networking, keynote speakers, panel discussions, and more, all wrapped around creative solutions to everyday issues affecting leaders in the workplace and in their daily lives.
WHEN: Wednesday, Aug. 26 – Friday, Aug. 28, 2020
WHO: Keynotes for 2020 Leadership conference include:
- Daymond John from Shark Tank: Powershift, Transform Any Situation, Close Any Deal, and Achieve Any Outcome.
- Linda Cureton, Former CIO – NASA: Managing and Leading in a Tough Environment.
- Ed Smart, Father of Elizabeth Smart: Two Miracles, and Standing up for Yourself.
- Amy Trask, Former NFL Team Executive – Los Angeles Raiders: Leadership Vulnerabilities.
WHERE: Wednesday – Virtual Women and Wine 6-7:30 p.m.
Friday – Virtual Leadership Conference 8:30 a.m. – 6:30 p.m.
Click here for complete list of speakers and additional details.
