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Wheels of fortune: Industry players are rethinking what a residential brokerage is worth

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CORE’s Shaun Osher, Brown Harris Stevens’ Hall Willkie and Elliman’s Dottie Herman
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Citi Habitats David Maundrell
Realogy CEO Richard Smith
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From the New York September issue:  W hen the venture-backed brokerage Compass secured a cash infusion of $75 million last month, the response from industry rivals was fast and furious. The valuation being bandied about — more than $1 billion — did little to silence critics who claimed Compass’ math was lofty enough if it was deeming itself a tech startup, but downright artificial for a residential real estate brokerage. But could there have been a hint of jealousy among the firm’s detractors? Few firms, if any, in New York City have a valuation that matches the figure Compass  hit roughly three years after launching. In fact, residential brokerage is a notoriously thin-margin business, especially in New York. Still, firm valuations have been thrust into the limelight in recent years amid an increased pressure for profitability that’s led to a wave of new mergers and acquisitions. The mega-developer Related Companies kicked...
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Maxxam Enterprises doubles down on Arts District with live-work projects

The two development sites at 676 Mateo and 1100 5th
Maxxam Enterprises doubles down on Arts District with live-work projects Beverly Hills developer filed plans for 390 units in two complexes September 29, 2016 11:30AM By Cathaleen Chen The two development sites at 676 Mateo and 1100 5th Forget 90210. Beverly Hills-based Maxxam Enterprises is getting serious about the Arts District, where the developer recently filed plans for two live-work complexes. The first project, filed Tuesday, calls for the construction of 172 live-work units in a mixed-use complex on the corner of Imperial and Mateo Streets. The project will also include 23,025 square feet of commercial space. Spanning just over one acre, the site at 676 South Mateo Street is occupied by a warehouse, which would be demolished before the project breaks ground. In addition to a vesting zone change, Maxxam, under the entity District Centre, LP, applied for an alcoholic sales permit and a 20 percent density bonus. If the...
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Continental Carbonic Products To Locate Liquid Carbon Dioxide Facility In Clearfield County, Pennsylvania

Related Research Continental Carbonic Products, Inc., a producer and distributor of solid and liquid carbon dioxide and dry-ice blasting machines, will establish a facility in Clearfield County, Pennsylvania . The move is expected to create 60 new, full-time jobs during the next three years. The company plans to construct a 45,000-square-foot liquid carbon dioxide facility as well as purchase equipment to operate a dry ice manufacturing facility in Clearfield, Clearfield County. According to state officials, Continental Carbonic will enter into a long-term land lease from Pennsylvania Grain Processing, which will transfer the carbon dioxide gas through a dedicated pipeline from its ethanol fermentation process to Continental Carbonic. “Pennsylvania Grain Processing is exactly the type of high quality, high integrity strategic partner we look for when we expand our business,” said John Funk, President of Continental Carbonic. “They have an outstanding record of operating their plant safely, reliably, and...
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Where Should Aerospace Companies Invest? Evaluating Aerospace Manufacturing Hubs

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The manufacturing environment for aerospace companies is constantly changing. The commercial aviation industry has been booming, with new large aircraft production increasing by more than a third in the past four years, with nine years of backlog at current production rates, and further production increases expected. In order to keep up with demand, many companies are looking to invest to expand capacity. But where should companies invest? To address this issue, PwC recently released the 2016 Aerospace Manufacturing Attractiveness Rankings, the third consecutive year of analyzing the key attributes of countries and U.S. states. The report is meant as a guide to help executives optimize their supply chain, streamline costs, and plan for the future . For the 2016 rankings, PwC enhanced the methodology. Specifically, the tax category now includes unemployment and property tax. Also, the cost category removed general employment statistics and increased the weighting of...
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Velocity Resource Group relocates Headquarters To Tampa, Florida

Related Research Velocity Resource Group, a global talent acquisition services provider, will relocate its corporate headquarters to Tampa, Florida . The relocation will create 50 new jobs and invest $375,000 in the local community. The company will move into its new corporate headquarters at 501 E. Kennedy Blvd. in downtown Tampa on November 1, 2016. The company is leasing 2,000 square feet to start, but plans to move into a larger space within twelve months. John Fortino, Co-Founder/Senior Managing Partner of Velocity Resource Group, said “After visiting many times to meet with clients here, we fell in love with Tampa and the surrounding areas. Tampa offers us a much friendlier business climate than Chicago, a lifestyle that helps us to recruit top talent, and an outstanding airport that makes it easy for us to travel to our clients across the country. We can’t wait to settle in and...
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McKesson Corporation Expands Greater Phoenix, Arizona, Regional Headquarters

Related Research McKesson Corporation, a healthcare services and information technology company, will expand its existing workforce in the company’s regional headquarters in Greater Phoenix, Arizona . The firm will occupy a 271,000-square-foot twinned office complex in the Salt River Pima-Maricopa Indian Community. The facility is currently under construction and is expected to be complete in early 2018. Upon completion, the new building will be home to McKesson’s existing Scottsdale-based workforce of more than 1,400, with room to accommodate nearly 2,200 total jobs over the next five years. “Our company’s tremendous growth has presented us with the unique opportunity to move our team into a state-of-the-art facility, designed with McKesson’s commitment to employee wellness, engagement, creativity and collaboration in mind,” said Bill Nolan, VP/GM, McKesson Specialty Health. “We’ve had excellent success attracting and retaining strong talent in Arizona and are very proud to be part of the state’s thriving...
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Royal DSM Opens Research and Technology Center In Troy, Michigan

Related Research Royal DSM, a global science-based company active in health, nutrition and materials, opened its expanded $5 million research and technology center for DSM Engineering Plastics today in the Detroit suburb of Troy, Michigan . According to company officials, the opening of the Troy Research & Technology Center strengthens DSM Engineering Plastics' product development and application development capabilities in North America, and will enable it to collaborate more closely and efficiently with its customers. DSM is dedicating part of the lab to application testing in partnership with its customers. It also will develop novel test set-ups to drive a better understanding of the performance of DSM materials under field conditions. DSM already anticipates expanding the Tech Center in 2017. The lab has additional floor space available to allow for increasing capacity of its current testing activities, and for introducing further capabilities, including flammability testing and secondary operations...
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Lecheek Nutrition Expands Harrison, Arkansas, Operations Center

Related Research Lecheek Nutrition, a manufacturer and distributor of nutritional supplements, is expanding its operations in Harrison, Arkansas . The comapany plans to move into a $6.7 million, 437,000-square-foot facility. The company plans to hire 100 new associates over four years. “It is my passion to help others in Harrison succeed and bring job opportunities to the town I have lived in for 23 years,” said Dustin LeBleu, Owner/Founder of Lecheek Nutrition. “Coming from a lower income family myself, I truly value and respect our employees and all the leaders that help grow this company on a daily basis. I have also learned so much from my amazing wife Katie who operates two local businesses, and has done so for the last 12 years with great success. This is just the beginning for the company, and our growth will far exceed even our own expectations.” According to state...
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ELTA Expands Howard County, Maryland, Production Facility

Related Research Defense giant and Israel-based ELTA Systems’ U.S. affiliate, ELTA North America, signed a lease for 21,500-square-foot facility in Annapolis Junction, Maryland . The company plans to move next month, tripling its footprint in Howard County. ELTA, which opened a 7,500-square-foot facility in Howard County’s Maple Lawn in 2012, also plans to add up to 50 new associates over the next two to three years. ELTA North America leverages state-of-the-art technology from ELTA Systems Ltd., the world’s 4th largest radar company and a subsidiary of Israel Aerospace Industries. The firm produces the components for Israel’s state-of-the-art anti-missile system, as well as border surveillance radars for the U.S. Department of Homeland Security. “We are proud to headquarter our company in Maryland,” said Eric Womble, CEO/President of ELTA North America. “The support of the county and state, especially from Governor Hogan’s office, has been outstanding and an important factor...
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Fay Servicing Locates Southeast Regional Headquarters In Tampa, Florida

Related Research Fay Servicing, a diversified mortgage services firm, will locate its new Southeastern regional headquarters in Tampa, Florida . The expansion will create 100 new jobs and invest more than $1 million in the local community. Ed Fay, CEO of Fay Servicing said, “Florida is the perfect location for our company as it prepares for another significant expansion. The workforce here in Tampa is exceptional in terms of the skills we require, and the area provides many advantages when it comes to recruiting talented individuals. We are excited about expanding in Tampa and thank the state and local government for the support and warm welcome they have given us.” The project was made possible through strong partnerships between the Florida Department of Economic Opportunity, the Tampa Hillsborough Economic Development Corporation, Hillsborough County and Enterprise Florida . Governor Rick Scott said, “I am proud to announce Fay Servicing...
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Avadim Technologies Inc. Expands Buncombe County, North Carolina, Operations Hub

Related Research Avadim Technologies Inc., a life sciences company delivering Pathogenesis Based Therapies , will launch a nearly $20.4 million expansion at its operations in Buncombe County, North Carolina . The company plans to create 551 jobs over the next five years. The company will expand its product development, manufacturing, distribution and corporate headquarters operations. Among its new hires will be sales and marketing personnel, customer service representatives and I/T specialists. “As a lifelong resident of Buncombe County, it was important to me that our business expansion happen right at home,” said Stephen Woody, Chairman/CEO of Avadim. “Avadim will not only contribute to the health and well-being of individuals by addressing gaps in global health including infection, neuromuscular disorders and wound care, but also this expansion will contribute to our economy by continuing to cultivate a vibrant life sciences sector and spur jobs in western North Carolina.” Avadim’s...
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Dow Chemical Opens Pack Studios In Ringwood, Illinois

Related Research Dow Chemical Company’s Packaging and Special Plastics division business opened its first Pack Studios focused on laminating adhesive in North America in Ringwood, Illinois . The Ringwood plant is aimed at accelerating a range of plastics applications including laminating adhesives projects through a global network of laboratories, technical experts and testing equipment. “Pack Studios Ringwood gives our customers an opportunity to leverage Dow’s global network of expertise, broad product portfolio and application testing capabilities with Nordmeccanica’s equipment excellence to accelerate the development of game changing laminating adhesives solutions for the packaging industry,” said Karen S. Carter, North America Commercial Vice President for Dow Packaging & Specialty Plastics. “Our collaboration with Nordmeccanica will bring benefits to our customers and advance solutions for the entire laminating adhesives industry.” Pack Studios Ringwood will serve as an innovation and technology training center for North America, equipped with a collaboration room...
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Linde Expands Industrial Gases Plant In Claymont, Delaware

Related Research Linde LLC will spend over $100 million to increase the production of its industrial gases plant in Claymont, Delaware . According to company officials, the expansion project includes installing a new air separation unit which will produce gaseous products to serve Linde customers along the Delaware River via pipeline and liquid oxygen, nitrogen and argon for customers in the Delaware Valley. When completed in 2019, the plant will become Linde's largest liquid merchant plant in the U.S. It will produce 1200 tons per day of liquid oxygen, nitrogen and argon, as well as 400 tons per day of gaseous products, serving customers across the Delaware Valley and beyond. "As a company, our top priority remains to safely and reliably deliver our products and services to meet customer needs and fuel their growth," said Pat Murphy, President of Linde Americas. "This new plant represents Linde's continued commitment...
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State Officials Offer Lockheed Martin Incentives To Expand In Stratford, Connecticut

Related Research Lockheed Martin, a global leader in security and aerospace, reached an agreement, subject to legislative and union approval, to retain and grow approximately 8,000 jobs at Sikorsky Aircraft in Stratford, Connecticut . According to Governor Dannel P. Malloy's office, the company also pledge to keep Sikorsky headquarters in Connecticut, and increase investments with in-state suppliers. Sikorsky, which has been in Connecticut for more than 85 years, was purchased by Lockheed Martin from United Technologies in November 2015. Under the deal, Sikorsky will build nearly 200 CH-53K King Stallion Helicopters in Connecticut for the United States Navy until at least 2032, the Governor’s Office said. However, the agreement will require state legislative approval via special session in the coming weeks. It will also require an affirmative vote by the local union. "This deal represents a significant first step in the three-way partnership among Sikorsky, the state and...
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Italy-Based UNOX Establishes Corporate Headquarters In Lincoln County, North Carolina

Related Research Italy-based UNOX, Inc., a producer of professional commercial ovens sold worldwide, will relocate its U.S. Corporate Headquarters to the Airlie Business Park in Lincoln County, North Carolina . Michael Conway, President/CEO of UNOX, Inc. said, “We are very excited to be relocating our U.S. Corporate Headquarters to Lincoln County as we continue our tremendous growth. From the beginning of our search process, everyone involved has been extremely helpful and has worked very hard to ensure that we found a site that didn’t just meet our needs but exceeded our expectations." According to the Lincoln Economic Development Association, UNOX will purchase the Airlie I shell building plus an adjacent site to create a headquarters and future manufacturing campus at its Lincoln County location. UNOX expects to be operational in Lincoln County during the second quarter of 2017. The Airlie Business Park was an initiative created by the...
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Georgia-Pacific Completes Expansion At Gurdon, Arkansas, Lumber Facility

Related Research Georgia-Pacific completed an approximately $40 million expansion at its lumber operations in Gurdon, Arkansas . According to company officials, positioning the facility for long-term success, the expansion includes the installation of a new continuous dry kiln, a state-of-the-art planer mill, as well as related infrastructure improvements. The project expands the production capacity of the lumber mill by approximately 60 percent. "After a lot of hard work and dedication by our talented team in Gurdon, we are excited to celebrate the completion of our expansion project at our Gurdon lumber operations," said Fritz Mason, Vice President/General Manager for Georgia-Pacific lumber. "Our investment at Gurdon moves the facility to a top-tier asset and extends our ability to meet the growing needs of our customers. It also demonstrates our commitment to the building products industry, family forest landowners and other local wood suppliers, and to the Gurdon community,” he added....
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Ritz Instrument Transformers Expands Production In Hart County, Georgia

Related Research Ritz Instrument Transformers, the world’s largest manufacturer transformers in the 600V through 72KV range, will expand their current operations in Hart County, Georgia . The company will invest $8 million and create 50 full-time jobs within the next five years. Founded in Germany, Ritz now consists of seven facilities in Germany, Austria, Hungary, China and the U.S. The current plant is located in Lavonia, Georgia and was opened in 2010, producing low-voltage and medium-voltage instrument transformers and cast parts for the utility and OEM sectors. “The decision to re-enter the high voltage segment of our marketplace was in response to continued pressure to do so by the same electrical utilities that purchase our low and medium voltage instrument transformers,” said Dave Dearlove, CEO, Ritz USA. “While the design and manufacturing technologies are very different from current products, necessitating the construction of a new factory and electrical...
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Champion Home Builders Opens Manufacturing Facility In Benton, Kentucky

Related Research Champion Home Builders Inc., a recognized name in modular and manufactured housing, opened its $6.3 million production facility in Benton, Kentucky . The company plans to create 150-jobs. The company opened a 100,000-square-foot former home-manufacturing facility on Venture Lane in Benton, and installed state-of-the-art home-building equipment. As well, it refurbished existing equipment, including scaffolds, cranes and bridges. Keith Anderson, Champion CEO, credited the strong craftsmanship skills available in the Benton-area workforce as a chief reason for selecting the location. “At Champion, we’re driven to produce the highest-quality affordable housing in part because we understand the special feeling our customers have when they first move into their new home,” Anderson said. “This is a day we’ll cherish for years because we’re experiencing that same feeling here today in Benton. The heart and soul of today’s celebration is really about what this new location means for our customers:...
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Almac Group Expands Durham, North Carolina, Operations Center

Related Research Almac Group Inc. will invest $5.2 million to expand its operations in Durham, North Carolina . The company expects to create 79 new jobs over the next three years. Headquartered in Craigavon, United Kingdom, Almac Group is a privately-held, global contract development and manufacturing organization providing a wide range of services to the worldwide biopharma industry . Almac’s existing workforce in Durham totals 288. “Due to significant industry demand for our range of services it is essential we expand to ensure Almac can continue to compete at a global level,” said Alan Armstrong, CEO Almac Group. “Our presence in Durham has experienced tremendous success and we are excited to make a further commitment to the area signifying our confidence in the pool of talent and skill right on our doorstep. We appreciate the support provided by both the state of North Carolina and the City of...
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Looking to Canada to Satisfy Your Workforce Needs

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Qualified Engineers Availability Index
With the growing importance of a high-skills workforce, companies are feeling the pressure to tap into the brightest and savviest talent before their competitors. Adding to this pressure is the fact that it is no longer only typical technology companies that are seeking engineers, data analysts, and the like. Technology is disrupting every industry — in fact, in a 2016 PwC survey, 78 percent of U.S. CEOs expressed concern about the speed of technological change in their industry. Today, automakers are competing with technology companies like Apple and Google for the best autonomous vehicle technologies. Traditional defense contractors are competing with Silicon Valley giants and startups to advance in-demand technology ranging from data management to precision navigation and cybersecurity. Automation and big data are disrupting what we used to know about supply chain management and logistics. Related Research Foreign Investors Connect to the World from Canada Woodstock, Canada, Auto...
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