Daily Business Report: Thursday, Sept. 30, 2021
Ranked: The Top 10 Richest People on the Planet
Visual Capitalist
The top 10 richest people on the planet have a combined net worth of $1.4 trillion. For some context, that’s roughly the same size as Australia’s GDP.
Who are these ultra-wealthy individuals, and what’s the source of their wealth?
Here’s a look at the top 10 richest people on the planet, and how they’ve made their billions.
TOP PHOTO: canstock photo
Connector project completed at One Paseo development
One Paseo, the mixed-use development in San Diego’s Carmel Valley neighborhood, has recently completed an office connector project to bridge its existing holdings along El Camino Real with the two newly constructed office buildings on the One Paseo campus. With businesses and employees returning to offices, the connector creates a designated path to tie the office elements of One Paseo to the retail and residential element.
The two new class A office buildings join the existing Kilroy Realty-owned complexes, now totaling 600,000 square feet of office space in five buildings.
The connector includes several amenities and outdoor spaces including: an updated outdoor dining area in the middle of three prior existing office buildings, a pedestrian friendly walkway connecting to One Paseo’s residential units (608 luxury apartments), curated retail and the new office buildings, a rotunda gym update featuring high end gym equipment and a yoga studio for office tenants, an updated fountain feature for wellness walks, an outdoor amphitheater, landscaping, as well as a new art piece by Japanese artist Jun Kaneko.
The office spaces are 100 percent leased with tenants including: ACADIA, Bank of America, Boxer Capital, Compass, Cushman & Wakefield, Deloitte, Fish & Richardson, JP Morgan, Kinnate, PWC, and Withers Bergman.
Forever Balboa Park group to conduct
national search for president and CEO
Forever Balboa Park, the nonprofit organization created from the July merger of Friends of Balboa Park and the Balboa Park Conservancy, announces the launch of its national search for a new resident and CEO. Forever Balboa Park’s new leader is expected to shepherd the organization into its next stage of development.
The search will be conducted with the help of the national search firm, Potrero Group.
The position’s main roles include raising the park’s national profile, enhancing the visitor experience, and establishing a sustainable operations model to support the City of San Diego in fostering a best-in-class 21st-century botanical garden and cultural park.
Forever Balboa Park hopes to finalize its selection in early 2022.
Sunrise Management takes over day-to-day
management of 23 San Diego County properties
San Diego-based Sunrise Management, which has specialized in managing multifamily properties since 1978, has taken over day-to-day management of 23 San Diego County multifamily communities totaling 632 units. The apartment portfolio is owned by Positive Investments Inc. of Arcadia, Calif.
According to Sunrise CEO and President Joe Greenblatt, his company will assume the marketing, leasing and day-to-day operations of the properties – located in San Diego, National City, Spring Valley, El Cajon and Lemon Grove – all owned by Positive Investments.
Mesa College President announces retirement
Mesa College President Pamela T. Luster announced that she ill retire on June 30, 2022 from the position she has held since 2011.
Under her leadership, Mesa has successfully launched equity programs, a bachelor’s degree, the addition of multiple academic programs, won multiple athletics titles, integrated Guided Pathways, issued Mesa2030, the College Educational and Facilities Master Plan, and successfully completed the accreditation process multiple times.
In her Retirement and Appreciation letter, Luster stated, “It has been the absolute professional pinnacle and joy of my life to serve as president.”
Luster said her plans after retirement are to continue work in diversity equity, justice, and inclusion. “In particular, I am committed to contribute to the research and practices that lead to racial equity, meeting students’ basic needs and in the end creating more inclusive higher education institutions.”
Salk neuroscientist Kay Tyle receives
national award for brain research studies
Salk neuroscientist Kay M. Tye has received the 2021 Blavatnik National Awards for Young Scientists for brain research she’s done which could ultimately help revolutionize mental-health treatment.
Established in 2007 through a partnership with the Blavatnik Family Foundation, $250,000 Blavatnik cash grant awards are given annually to selected faculty and postdoctoral researchers age 42 years and younger. Awards are presented to researchers throughout the United States, Israel, and the United Kingdom who work in the life, physical sciences, and engineering fields.
“Kay Tye is a trailblazing investigator who studies the neural circuits underlying emotions, which are among the most complicated and fascinating circuitries in the brain,” said Elaine Fuchs, chair of the 2021 Blavatnik National Awards Life Sciences Jury. “Kay is not only a superb neuroscientist but a superb speaker who has the clarity of explaining her science in a way that dazzles her audiences and a strong advocate for women in science, serving as a role model for many.”
$15 NIH award bolsters SDSU health disparities research
San Diego State University is embarking on a $15 million effort to bolster Latinx health disparities research and strengthen the pipeline of scientists focused on the subject. Funded by a five-year grant from the National Institutes of Health, SDSU FUERTE (Faculty Unified towards Excellence in Research and Transformational Engagement) plans to hire a cohort of 11 faculty focused on Latinx health disparities research and provide them with thoughtful career development and mentoring. Three of the new faculty will be hired at SDSU Imperial Valley.
The program is led by public health professor and Interim Associate Vice President for Research and Innovation Mark B. Reed and social work professor María Luisa Zúñiga, and supported by a team of interdisciplinary scientists and administrators.
Luna Grill names Tony Reaman
as its new chief financial officer
Luna Grill has named Tony Reaman as the company’s new chief financial officer. Reaman’s 20 years of diverse experience leading strategic and financial functions at founder led, private equity and Fortune 500 companies will be key to the company as it continues to expand.
Most recently, Reaman spent five years as senior vice president of strategic planning at Corner Bakery Cafe.
As a member of the executive team, he was responsible for developing strategic and financial goals through initiative design, execution and monitoring systems for the company.
Specifically, he was tasked with pricing recommendations across multiple markets and productivity tracking, forecasting and modeling for the company’s operations — including acquisition strategies, expertise essential to Luna Grill as it continues its growth trajectory, according to Pinnella.
Reaman also served as both vice president and director of financial planning and analysis at Georgia-based McAlister’s Deli.
City of San Diego hires architect and general
contractor for the new Torrey Pines Fire Station
The City of San Diego has hired The Miller Hull Partnership LLP as architect and Level 10 Construction as general contractor for the new Torrey Pines Fire Station, a facility that will improve emergency response services in the area.
The fire station would be located on the border between the UC San Diego campus and the surrounding residential and life sciences communities it will serve.
The Torrey Pines Fire Station will provide a greatly improved emergency response to the surrounding community and an energy-efficient facility consistent with the City of San Diego Climate Action Plan, according to the general contractor.
The new structure will incorporate on-site renewable energy and target low-carbon-emissions construction and operations. This includes carbon emissions associated with building construction and carbon emissions from building operations.
California’s top utility regulator resigns
CalMatters
California’s top utility regulator is resigning from Gov. Gavin Newsom’s administration as the state struggles to rein in massive wildfires and ensure its electrical grid keeps power flowing to residents’ homes.
Marybel Batjer, president of the California Public Utilities Commission, announced Tuesday that she will leave her post at the end of December — a little more than two years after Newsom appointed her to the role and more than five years before her term ends. She is the latest top official to depart Newsom’s administration: Since August 2020, the governor has lost his director of public health, the head of the state prison system, the director of the state unemployment department, the leader of the state’s Department of General Services, his communications director (twice), his chief of staff and three top aides.
Governor vetoes Lorena Gonzalaz bill
to expand Paid Family Leave benefits
Gov. Gavin Newsom has vetoed Assembly Bill 123 by Assemblywoman Lorena Gonzalez (D-San Diego), which would have increased the amount of income California workers would receive while using the state’s Paid Family Leave program to bond with a newborn, or care for a sick loved one.
“It’s a shame that workers who pay into our state’s Paid Family Leave program can’t reap the benefits because the program doesn’t provide enough income to live on,” Gonzalez said. “Until we make reforms to the program, low- and middle-income families will continue to be left behind, while their tax dollars subsidize paid family leave for higher-income workers.”
In his veto message, Newsom said: “This bill would create significant new costs not included in the 2021 Budget Act and would result in higher disability contributions paid by employees.”
BioAtla announces private placement
of 2.7 million shares of common stock
BioAtla Inc., a global clinical-stage biotechnology company, announced that it has entered into stock purchase agreements with a group of institutional investors in connection with a private placement of its common stock. The company will issue 2.7 million shares of common stock for a purchase price of $28 per share.
The transaction is expected to result in gross proceeds to the company of $75 million, before deducting placement agent fees and other offering expenses. The company plans to use the net proceeds from the private placement primarily to advance clinical development, medical affairs and commercial preparation, and for general corporate purposes.
Small and midsize business confidence
falls amid rising COVID-19 cases
Confidence among small and midsize business CEOs fell in the third quarter of 2021, erasing all gains recorded in the first half of the year, according to the latest CEO Confidence Index from Vistage, a San Diego CEO coaching and peer advisory organization.
The Confidence Index, which measures sentiment on various economic and business topics among SMB leaders, was 97.1, down from 108.8 in the second quarter, with 40 percent of CEOs of small and midsize businesses reporting the increase in cases related to the Delta variant has impacted their businesses. In addition, 41percent have made changes to their masking policies as a result, but 56 percent say they will never mandate vaccines for employees.
For now, the pandemic continues to impact employment with 67 percent of leaders saying they are struggling to operate at full capacity given staffing challenges, and 66 percent reporting they are planning on hiring in the next year.
Two USB advisors in San Diego named to
Forbes/SHOOK Top Next-Gen Wealth Advisors list
UBS Wealth Management USA announced that two financial advisors in San Diego have been named to the Forbes/SHOOK Research Top Next-Gen Wealth Advisors list for 2021. Kalyn Maher Walker, based in the Carmel Valley branch, and Stephen LaFata, based in the La Jolla branch, were named to the list.
As a private wealth advisor, Stephen LaFata advises affluent families and successful business owners with their financial planning and investment needs. This is the third year that Kalyn Maher Walker has been named to the Forbes/Shook Next-Gen list.
The 2021 Forbes/SHOOK Research Top Next-Gen list includes 500 rising advisors who help manage over $1 trillion in client assets. Each advisor was nominated by their firm, then vetted and ranked by SHOOK Research.
