Daily Business Report: Dec. 22, 2023
Local developer has big plans for a prime Downtown
property: Combined hotel, retail and residential project
J Street Space, a San Diego-based real estate investment and development firm, has acquired Tower 180, the 25-story tower building and 8-story midrise annex building in Downtown San Diego, and intends to convert the property into a combination of hotel, retail and residential units. The price was not disclosed. The project currently comprises office space and ground-floor retail. Completion is targeted for mid-2026.
The tower was originally built in 1963 as the United States National Bank Building, and the annex was added in 1973. The project has had multiple owners over the years, most recently having been purchased in June 2016. It subsequently underwent a full building facade and lobby renovation, a full mechanical systems upgrade, and the retail spaces in the annex building were leased.
“This was a unique opportunity to acquire a Class A office building in a highly desirable location in Downtown San Diego,” said Saj Hansji, president of J Street. “With all the improvements along San Diego’s Broadway corridor, from IQHQ to the Horton Plaza redevelopment, Tower 180’s presence will bring continued growth and life to the area with its conversion. We look forward to ushering in its exciting next chapter.”
Photo: The Tower 180 complex in Downtown San Diego. (Courtesy J Street Space)
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Viasat introduces Business Choice internet service
plans with up to 100 Mbps coast-to-coast
Viasat Inc., a global leader in satellite communications, introduced its Business Choice internet service plans, offering small-to-medium businesses coast-to-coast access to high-speed and reliable connectivity, allowing business customers, even in the hardest-to-reach locations where terrestrial-based internet is unavailable, to take advantage of critical business tools.
Viasat’s new business-grade plans will deliver quality, high-speed internet service that empowers business owners to embrace the latest digital technology to help competitively position their business, including those located in rural America. Viasat Business Choice plans offer faster speeds than any of the company’s previous business plans including download speeds up to 100 Mbps coast-to-coast and up to 150 Mbps in select areas. Viasat’s Business Choice internet service plans are available today.
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California is raising the minimum wage
for 2 industries. Others could see pay hikes, too
By Levi Sumagaysay and Shreya Agrawal | CalMatters
Californians in two industries are set to get new minimum wages just for them next year, and that could lead to pay bumps for other workers, too. Gov. Gavin Newsom this year signed two union-backed bills that will boost fast-food and health care workers’ minimum wages.
California-based fast-food workers for chains with 60 or more locations around the nation will earn at least $20 an hour beginning in April, $4 higher than the overall state minimum wage of $16 that will be effective Jan. 1.
In June, health care workers will earn a minimum of $18, $21 or $23 an hour, depending on what type of facility employs them and where they work.
The two new laws are expected to trigger pay increases for about 900,000 Californians, some of whom are earning more than minimum wage today. They are going into effect in a competitive labor market that has seen employers, especially small businesses, struggling to hire and retain workers. California’s unemployment rate is at 4.8 percent, which is higher compared with the federal unemployment rate of 3.7 percent but is near a historic low.
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Groundbreaking research paves way for acne vaccine
By Sara Bock | UC San Diego
Photo: iStock/Yuliya, via UCSD
In a groundbreaking development in the field of anti-acne therapies, a team of researchers at University of California San Diego School of Medicine has created an acne vaccine that successfully reduces inflammation in a mouse acne model. The vaccine neutralizes a specific variant of an enzyme produced by an acne-associated bacteria, while leaving the healthy bacterial enzyme intact. This work was conducted in collaboration with colleagues at Cedars-Sinai Medical Center and University of California Los Angeles School of Medicine.
Approximately 70 to 80 percent of individuals develop acne at some point in their lifetime, most often during adolescence, with multiple factors—genetic, environmental and bacterial—to blame.
Through this new work, the scientists are now one step closer to helping drastically reduce the severity of this common condition with a more precise and less disruptive treatment than is presently available.
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Nonpartisan voters: What you need to know to vote for president
Note to all registered nonpartisan voters in San Diego County: If you want to vote for president in the March 5,2024 primary election, you must inform the Registrar’s office which crossover party ballot you want by Jan. 5 so it is included in the initial mailing of ballots going out the week of Feb. 4. Otherwise, you will automatically receive a nonpartisan ballot in the mail, and it will not show the presidential primary contest or candidates.
The Registrar’s office sent the county’s nearly 490,000 nonpartisan registered voters a pre-paid return postcard requesting their selection of crossover ballot for the March 5, 2024 primary election.
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Paul Rodriguez appointed San Diego County public defender
The County of San Diego has appointed Paul A. Rodriguez as the new public defender.
The aim of the position is to ensure that people charged with a crime in state court who are financially unable to retain private counsel receive a rigorous defense.
Prior to assuming this position, Rodriguez served as the El Cajon branch supervisor of the Public Defender Office, where he provided support to more than 50 attorneys and staff.
He joined the Public Defender Office as an intern before graduating from the University of San Diego School of Law.
BAE Systems awarded $92 million contract for the Navy
BAE Systems has received a contract to continue supporting Air Traffic Control & Landing Systems Operations Onboard Navy Ship and Shore Based Sites (AOOSS). The five-year contract, valued at $92 million, was awarded by the U.S. Navy Naval Air Warfare Center Aircraft Division. BAE Systems will complete the work in Great Mills, St. Inigoes, and Patuxent River, Md.; Chesapeake, Va.; and San Diego.
Hillhurst Biopharma completes seed financingHillhurst Biopharmaceuticals Inc., a clinical stage biopharmaceutical company focused on developing liquid drug products containing therapeutic gases, announced the completion of a financing that, together with non-dilutive sources, funds Phase 2a clinical studies in sickle cell disease and in a second clinical indication. The financing was led by Friedman Bioventure Fund with participation from new and existing investors.
ChemDiv helps advance Viriom’s influenza treatment
ChemDiv Inc., dedicated to partnering in discovery and development of breakthrough therapies based on its unique chem-bio platforms, announced the successful completion of Phase I clinical trials for AV5124, an innovative influenza virus replication inhibitor being developed by Viriom Inc. AV5124 is an extremely effective inhibitor of influenza virus RNA processing that is potent against all tested influenza types.
Sempra named to Dow Jones Sustainability Index North America
Sempra has been named to the Dow Jones Sustainability Index (DJSI) North America for the 13th consecutive year, earning recognition as a high performer in risk management, stakeholder engagement, policy influence, and information security/cybersecurity, among other areas. Sempra released its latest annual corporate sustainability report in May 2023, highlighting 25 years of advancing sustainable business practices.
QuidelOrtho receives FDA drug test clearance
QuidelOrtho Corporation has received clearance from the U.S. Food and Drug Administration for its Savanna PCR platform and Savanna HSV 1+2/VZV in vitro diagnostic test for the detection and differentiation of Herpes simplex virus type 1 (HSV-1), Herpes simplex virus type 2 (HSV-2) and Varicella-zoster virus (VZV) nucleic acids isolated and purified from swabs obtained from cutaneous or mucocutaneous lesion specimens obtained from symptomatic patients.
Katherine Bell-McGuinn named chief medical officer for 858 Therapeutics
858 Therapeutics has named Katherine Bell-McGuinn, M.D., as chief medical officer. The addition of Bell-McGuinn strengthens the 858 Therapeutics leadership team as the company prepares to initiate clinical trials in 2024. She joins the company from AbbVie, where she was vice president and head of oncology early development. Before that she held positions at Eli Lilly.
Power Digital acquires Endrock Growth and Analytics
Power Digital, a leading tech-enabled growth marketing firm, announced the acquisition of Endrock Growth and Analytics, with offices in the United States, Medellín, Cartagena and Quito. Endrock brings deep expertise in Conversion Rate Optimization (CRO), data analytics and empirically-backed growth experimentation to Power Digital’s existing offerings.
Biocytogen enters into antibody agreement with Neocrine Biosciene
Biocytogen Pharmaceuticals Co., Ltd. announced that it has entered into an antibody evaluation and option agreement with Neurocrine Biosciences Inc. The agreement grants Neurocrine Biosciences access to Biocytogen’s fully human antibodies against multiple specified targets, with an option to license selected antibodies for therapeutic product development, manufacturing and commercialization for all uses worldwide.
David Lyle named chief financial officer for Mitek Systems Inc.
Mitek Systems Inc., a global leader in digital identity and fraud prevention, has appointed David Lyle as chief financial officer. He will assume the CFO role on Jan. 2, 2024, currently held by Fuad Ahmad, Mitek’s current interim CFO, who will remain with Mitek during the next several months to ensure a successful transition. Lyle has 28 years of technology industry experience, 16 of which were spent leading public companies as CFO.
Enrique Ramirez Mena joins Jack in the Box Board of Directors
Enrique Ramirez Mena has joined the board of directors of Jack in the Box, effective Jan. 15, 2024. Ramirez Mena currently serves as president and chief financial officer of Buff City Soap, a franchisor offering handmade and plant-based personal care products with over 250 locations across the country. Before joining Buff City Soap, he spent 12 years at Yum! Brands in various executive leadership roles.
