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Blockbuster lease will keep Bank of America at 555 California

J.K. Dineen[1] Reporter- San Francisco Business Times Email[2] | Twitter[3] | Google+[4] Vornado Realty Trust[5] has signed a blockbuster new lease with the Bank of America[6] at 555 California St., a deal that will ensure that the financial institution will remain the anchor tenant in the tower that has long bore its name. The Bank of America lease totals 260,000 square feet, 205,000 of which is in the tower with another 55,000 in the adjacent historic 315 Montgomery building. While the deal is far smaller than the 600,000 square feet the BofA has had under lease for decades, it actually represents an expansion as most of the BofA space has been sublet to other tenants since 1998 when the bank merged with NationsBank Corp and its headquarters moved to North Carolina. The BofA will move some of its private wealth management executives to the tower, but the bank will give up its two-story, 60,000 square-foot flagship retail branch. Instead bank will likely establish a much smaller retail branch at 315 Montgomery St. BofA, which was represented by Mark MacGranahan[7] and Mark Anderson of Cushman & Wakefield[8], had looked at a slew of options, including buildings that are under construction like nearly-complete Foundry Square III and 222 Second St. Bill Cumbelich of CBRE, who handles leasing in the building with Tom Poggi[9], Angus Scott[10], and Patrick Devinger[11], said that 418,000 square feet of leasing were completed in 2013, bringing occupancy to about 98 percent. In addition to the BofA deal, Morgan Stanley[12] did a deal for 41,000 square feet (a renewal and expansion), and UBS[13] agreed to a 41,000 square foot renewal. And the most high-profile deal in the building, reported here in early December, was a $97 a square foot lease at the top of the tower by Supercell, a…
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RBS Citizens selling Chicago branches to U.S. Bancorp

Louis A. Corsaro[1] Assistant Managing Editor- Pittsburgh Business Times Email[2] | Twitter[3] | Google+[4] | LinkedIn[5] RBS Citizens Financial Group is getting out of the retail banking business in Chicago. The company announced Tuesday it reached a deal to sell its retail branches, small business operations and select middle-market relationships in the Chicago area to U.S. Bank National Association[6]. U.S. Bank NA is the lead bank of U.S. Bancorp[7] (NYSE: USB). Commercial business lines and several consumer business lines will be maintained in Chicago by RBS. BruceVan Saun[8], RBS Citizens chairman and CEO, said the transaction allows the company to focus on its "primary Citizens Bank and Charter One markets where we have stronger market positions and better long-term growth prospects." The transaction will have to meet regulatory approval and is expected to close in the middle of the year. It was reported back in October[9] that RBS Citizens was shopping its Chicago operations, with U.S. Bancorp identified as one of the potential suitors. Citizens Financial Group[10], based in Providence, R.I., is the parent of Citizens Bank, the second-largest financial institution serving Pittsburgh. Lou Corsaro is assistant managing editor at the Pittsburgh Business Times[11]. Contact him at This email address is being protected from spambots. You need JavaScript enabled to view it.[12] or 412-208-3822. References^ Louis A. Corsaro (feeds.bizjournals.com)^ Email (feeds.bizjournals.com)^ Twitter (twitter.com)^ Google+ (plus.google.com)^ LinkedIn (www.linkedin.com)^ U.S. Bank National Association (www.bizjournals.com)^ U.S. Bancorp (www.bizjournals.com)^ BruceVan Saun (feeds.bizjournals.com)^ reported back in October (www.bizjournals.com)^ Citizens Financial Group (www.bizjournals.com)^ Pittsburgh Business Times (pittsburgh.bizjournals.com)^ This email address is being protected from spambots. You need JavaScript enabled to view it. (feeds.bizjournals.com)...
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Austin insurance software firm completes $1.2M financing round

Business Wire ProspX Inc. CEO Steve Gold Christopher Calnan[1] Staff Writer- Austin Business Journal Email[2] | Twitter[3] Software maker ProspX Inc. has completed a $1.2 million round of funding. The Austin-based company collected the capital from 10 investors, according to a Friday filing [4]with the U.S. Securities and Exchange Commission[5]. ProspX, founded in 2005, develops software designed to enable commercial insurance agents, brokers and carriers to communicate. The company, which employed 59 workers in 2011, operates in Austin, Chicago and the Ukraine. In May 2013, ProspX raised $8.2 million[6] of a planned $9.2 million funding from 39 investors. In April 2011, it reported receiving $1.5 million of a planned $10 million financing. The report came two months after company officials said they completed an $8 million Series B funding round with investors that included Pittsburgh-based Adams Capital Management[7] and Austin-based HPI Real Estate Services[8] and Investments Inc. Last year, Prospx said it had hired former American International Group Inc. (NYSE: AIG) executive[9] Steve Gold[10] as its new CEO. Technology, Finance, Clean Energy. Subscribe to the Energy Inc. newsletter[11] References^ Christopher Calnan (feeds.bizjournals.com)^ Email (feeds.bizjournals.com)^ Twitter (twitter.com)^ according to a Friday filing (www.sec.gov)^ U.S. Securities and Exchange Commission (www.bizjournals.com)^ raised $8.2 million (www.bizjournals.com)^ Adams Capital Management (www.bizjournals.com)^ HPI Real Estate Services (www.bizjournals.com)^ said it had hired former American International Group Inc. (NYSE: AIG) executive (www.bizjournals.com)^ Steve Gold (feeds.bizjournals.com)^ Subscribe to the Energy Inc. newsletter (www.bizjournals.com)...
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At inauguration, de Blasio reiterates liberal agenda

Pete Marovich | Bloomberg In this file photo then-New York Mayor-elect Bill de Blasio, center, speaks during a news conference with a group of newly-elected mayors from across the country at the White House in Washington, D.C. Staff New York Business Journal Upon being sworn in as mayor of New York City, Bill de Blasio[1] reiterated a series of campaign pledges that, if enacted, would represent a significant liberal shift away from the policies and politics of the city’s last two mayors. In his inauguration speech[2], the new mayor promised, explicitly, to “expand the Paid Sick Leave law,” to “require developers to build more affordable housing,” and “ask the very wealthy to pay a little more in taxes so that we can offer full-day universal pre-K and after-school programs for every middle school student.” In repeating those promises, de Blasio echoed the rhetoric of President Barack Obama[3] when he said, “We know that we must invest in our city, in the future inventors and CEOs and teachers and scientists, so that our generation -- like every generation before us -- can leave this city even stronger than we found it.” In its report, the Wall Street Journal warned that de Blasio faces a balancing act[4] between satisfying the constituencies that swept him into office by an overwhelming majority and other, still-powerful, more conservative groups that nervously await to see how he will govern. But de Blasio’s agenda has already received public support from Democratic party stalwarts, including Bill Clinton[5], who conducted the swearing-in and was quoted by Bloomberg News saying[6] that income inequality, the mayor’s signature issue, is one that “bedevils the entire country”. References^ Bill de Blasio (feeds.bizjournals.com)^ In his inauguration speech (www.nytimes.com)^ Barack Obama (feeds.bizjournals.com)^ de Blasio faces a balancing act (online.wsj.com)^ Bill Clinton (feeds.bizjournals.com)^ was quoted by…
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A tale of two bowls: AT&T Cotton Bowl Classic, Heart of Dallas Bowl vie for fans

Courtesy of the AT&T Cotton Bowl Classic Oklahoma State University warms up this week in North Texas as the team prepares to take on Missouri at the sold-out AT&T Cotton Bowl Classic on Friday. Candace Carlisle[1] Staff Writer- Dallas Business Journal Email[2] | Twitter[3] | Twitter[4] | Google+[5] As North Texas prepares for its two college bowl games this week -- the Heart of Dallas Bowl and the AT&T Cotton Bowl Classic -- the Dallas Business Journal took a look at some of the bowl game statistics. After all, college bowl games aren't always as profitable[6] as some universities and conferences would hope them to be. According to USA Today, discounted tickets often undercut the price of university-allotted tickets to fill stadiums, leaving universities and conferences holding the bag. The price of bringing a team to a bowl -- from team practices to selling tickets to fans -- can get costly, but it's about building a fan base, right? Here's how the two North Texas bowls measure up: Heart of Dallas Bowl Play time: 11 a.m., Wednesday, Jan. 1Where: The Cotton Bowl at Fair ParkTeams: The University of North Texas[7] vs. University of Nevada, Las VegasLast year’s attendance: 48,313Projected annual economic impact: $20 millionTickets: AvailableBenefits: Metro Dallas Homeless Alliance, CitySquarePrimary sponsor: PlainsCapital BankAT&T Cotton Bowl Class Play time: 7 p.m., Friday, Jan. 3Where: AT&T Stadium in ArlingtonTeams: Oklahoma State University vs. The University of Missouri[8]Last year’s attendance: 87,025Projected annual economic impact: $30 millionTickets: Sold outBenefits: Nearly three-quarters of every dollar goes to the participating universities and conferences. Each team will receive $7.45 million for participating in the game.Primary sponsor: AT&T Inc.Candace covers commercial and residential real estate and sports business. References^ Candace Carlisle (feeds.bizjournals.com)^ Email (feeds.bizjournals.com)^ Twitter (twitter.com)^ Twitter (twitter.com)^ Google+ (plus.google.com)^ college bowl games aren't always as profitable (www.usatoday.com)^…
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The year in review: More good news than bad on jobs front

Mark Sutter[1] Editor- The Business Journal Email[2] | Twitter[3] | Facebook[4] | LinkedIn[5] Here’s a recap of some of the major jobs-related stories that The Business Journal reported on in 2013. We’re happy to report that the “pluses” far outnumber the “minuses,” a sign that the Triad’s economy is gaining traction. That wasn’t the case last year when we did a similar article and there was almost an even split between pluses and minuses. We hope the momentum continues in 2014. The list doesn’t include, by the way, some pretty major job gains announced in previous years that are still unfolding. Deere-Hitachi, for example, announced in Oct. 2012 it would expand its Kernersville operation and add 340 jobs. Work on that facility is ongoing. January PLUS — The new year starts out with good news: Advanced Home Care, a High Point-based home health products company, tells The Business Journal it has immediate plans to add 100 positions companywide — including 55 in the Triad — to keep up with growing demand. MINUS —Energizer Holdings files notice it will lay off 80 to 100 employees across its facilities in Asheboro as part of a work force reduction plan to begin in March. MINUS — A Henredon Furniture plant in Mount Airy will close, leaving more than 100 without jobs. The plant’s operations will be moved to a facility near Hickory. February PLUS — UnitedHealthcare[6] says it will create 573 new jobs in North Carolina — with most of them located in and around Greensboro — to help support its growing business. PLUS — Cleaning products manufacturer Awesome Products Inc. says it will open a manufacturing and distribution hub in Mount Airy, investing $22 million and creating up to 140 jobs over five years. (In August, owner Loksarang Dinkar “L.D.” Hardas pleaded…
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