Tuesday, February 9, 2016

Archive: January, 2013

POSTED: Tuesday, January 29, 2013, 5:13 PM

Newmark Grubb Knight Frank's year-end Philadelphia Area Trends report -- higlights from Joseph Gibson, research manager:

- Center City: "Trophy assets continue to enjoy rent appreciation," rebouding to $37.05 "Full Service Gross," from the recent low of $33.01 in 2010. "Vacancy rates... below the 5% mark" for the high-end Liberty Place-Verizon-Mellon-Comcast skyscraper district. The GlaxoSmithKline consolidation punched a hole in the market; otherwise demand was "flat to somewhat higher."

- Suburban Pa.: "2012 marked the first year since before the last recession that the pharmaceutical sector added to occupancy." Shire's Atwater deal adds 200,000 sq ft+. Overall rents face 'only modest gains at best" in the Turnpike and 202 corridors, with better news in high-end Radnor and Conshohocken.

POSTED: Tuesday, January 29, 2013, 3:58 PM

Acme owner SuperValu is paying boss Wayne Sales and his three top lieutenants $23 million to go away as Cerberus Capital, Lubert-Adler and three other real estate investment firms take over the chain. More here from their hometown Minneapolis Business Journal.

POSTED: Monday, January 28, 2013, 2:14 PM
Ron Perelman

New Jersey Gov. Chris Christie's planned private outsourcing of the state-run New Jersey lottery - see my colleague Matt Katz's story here -- would benefit two big gambling companies controlled by out-of-state billionaires.

Christie's pick for the job, the Northstar lottery group, which already runs the struggling Illinois state lottery, includes:

- Gtech Holdings, based in Providence, Rhode Island, and owned by Lottomatica Group S.p.A., which runs the Italian national lottery and is majority-controlled by Italian billionaire Marco Drago's De Agostini S.p.A. investment group, with a 53% stake, worth more than $2 billion;

POSTED: Monday, January 28, 2013, 1:15 PM
A screen shot from weworkinphilly.com/companies/map

A cool quick-ref directory map of 318 Philadelphia-area tech start-ups, linking Web and physical addresses, has been posted at http://weworkinphilly.com/companies/map.

To get your shop listed, seek widget at http://phillystartupleaders.org/map/.

Thank Christopher Cera of Vuzit, who built the open-source, community-edited map, hosted through Indy Hall coworking space cofounder Alex Hillman's WeWorkInPhilly.com, at GetHub.

POSTED: Monday, January 28, 2013, 12:32 PM
FILE - In this Tuesday, Jan. 22, 2013, file photo, traders work in their booth on the floor of the New York Stock Exchange near the close of trading. Wall Street appeared headed for gains Friday Jan. 25, 2013 with Dow Jones industrial futures edging up on world markets. (AP Photo/Richard Drew, File)

Despite all the surveys of business owners this winter who say the economy is tanking (see for example First Niagara's Philadelphia-area sampler here), the stock market is up again, with the S&P 500 finally approaching its 2007 high.

What's up with that? "You should not worry about a collapse in consumer confidence when the reason for the change was politics-related," and same goes for "executive confidence," despite all the negative CEO polls late last year, writes Holland, Pa.-based economist (and sometime Inquirer columnist) Joel Naroff PhD in a note published by Conner Strong & Buckelew (whose boss, George Norcross, is an Inquirer owner).

"There were a lot of non-fundamental economic factors that were driving the business leaders’ responses. The government may have been creating uncertainty but the economy was still recovering nicely." See, for example, "the surge in durable goods orders in December. Even excluding both defense and civilian aircraft, demand was still up solidly.

POSTED: Monday, January 28, 2013, 10:45 AM

DiBruno Bros., the 73-year-old South Philly cheese shop where you can buy $30-a-pound gouda, which also boasts upscale satellite locations in Ardmore, Rittenhouse Square and the Comcast Center, has opened a new outlet at a Giant supermarket in Camp Hill, the Cumberland County, Pa. community that is Harrisburg's closest equivalent of the Main Line. If it works, the firm will start other supermarket locations. More from the Harrisburg Patriot-News here.

POSTED: Sunday, January 27, 2013, 9:30 AM

The Pennsylvania State Employees' Retirement System spends hundreds of millions of dollars a year hiring hedge fund managers, commodities dealers, venture capital and buyout and real estate artists, and it still faces a budget-busting long-term deficit. Ex-Phillies pitcher Larry Christenson, now a placement agent working for professional investors who want to manage state money, tells how he gets his piece in my Sunday Philadelphia Inquirer column here.

POSTED: Thursday, January 24, 2013, 11:35 AM

Bloomberg LP has produced a quick study guide showing (most of) the faces of the 100 richest people in the world, linked to a brief sketch of how they made their billions. Link to Bloomberg's Billionaires here.

No current Philadelphians (unless you count 13x billionaire, Elkins Park-raised conglomarateur Ron Perelman (72); or former Chester County resident and Synthes boss Hansgeorg Wyss (99), who sold his company and went home to be Switzerland's richest citizen a couple years ago, leaving four lieutenants to serve their prison sentences.)

Unlike the annual Forbes attempt to list the 400 richest, Bloomberg's list adjusts daily to account for changes in securities holdings.

About this blog

PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, 215.854.5194, @PhillyJoeD. Read his blog posts at http://www.philly.com/PhillyDeals and his Inquirer columns at http://www.philly.com/philly/columnists/joseph-distefano/. Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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