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Updated: 3 hours 19 min ago

Pasadena-Based Western Asset Mortgage Expects $50.7 Million from Stock Offering

Thu, 2019-05-16 05:50

Pasadena-based Western Asset Mortgage Capital Corporation is expecting total estimated gross proceeds of approximately $50.7 million from its previously announced public offering of 5,000,000 shares of common stock.

The figure does not accounting deductions on underwriting discounts, commissions and estimated offering expenses.

On May 14, the company announced commencement of the public offering and expressed the intention to use the net proceeds for general corporate purposes, including investment in its target assets.

The exact investment of the proceeds will depend on prevailing market and investment conditions at the time its manager, Western Asset Management Company, LLC, invests the net proceeds, according to a company statement.

Western Asset Mortgage has also granted the underwriter a 30-day option to purchase up to an additional 750,000 shares of common stock on the same terms and conditions. The offering is expected to close May 17, the company said.

JMP Securities LLC is acting as the book-running manager for the offering.

Prospective investors can obtain copies of the shelf registration statement, including a prospectus and related prospectus supplement, that the company filed with the Securities and Exchange Commission, by visiting www.sec.gov.

Alternatively, they can also obtain a copy of the final prospectus supplement and accompanying prospectus by contacting JMP Securities LLC, at 600 Montgomery Street, 10th Floor, San Francisco, CA 94111, attention to the Prospectus Department, or by calling (415) 835-8985.

To learn more about Western Asset Mortgage Capital Corporation, visit the company website, www.westernassetmcc.com.

Pasadena Company Launches Earthquake Response Tool for Hospitals

Thu, 2019-05-16 05:44

Pasadena-based Kinemetrics, Inc. has installed OasisPlus, a technology platform that provides tools and information needed during the aftermath of significant earthquakes at Seattle Children’s Hospital.

The health care facility is the first private healthcare organization to implement the technology was provides real-time tools before, during, and after a temblor.

Kinemetrics said the introduction of the OasisPlus solution at West Coast hospitals represents a logical expansion to areas that are, or will be, served by the USGS ShakeAlert earthquake early warning system.

The technology is designed to respond to questions of what to do during and after an earthquake within occupied structures.

The company has deployed OasisPlus at Burj Khalifa, the world’s tallest building, and the Dubai World Trade Center in the United Arab Emirates.

OasisPlus allows mission-critical facilities to prepare response teams and occupants more effectively before an earthquake. It further aids in the avoidance of unnecessary evacuations and business process interruptions, while immediately securing ongoing critical operations following a seismic event.

The result should be better-informed decision-making that permits continuing operations and ensures a coordinated response, said a Kinemetrics statement.

“Not all earthquakes require extreme response or full evacuation, and many times the ability to keep patients under care in place – especially those in ICU settings – can lead to better overall outcomes,” Ogie Kuraica, president and CEO of Kinemetrics.

Seattle Children’s Hospital is considered an innovator in pediatric health and wellness and is expected to play a critical role in regional recovery after an earthquake.

Kinemetrics said OasisPlus is comprised of four major components: an advanced earthquake sensing technology that acquires essential data during shaking, performance-based engineering analyses guided by international standards, a command console that serves as the system’s two-way information hub for decision-makers and response coordinators, and iOS and Android mobile app capability that delivers the functionality needed by occupants and response teams, including information on recent earthquakes, response information and building exit routes.

Response teams can view and perform safety checks via the app that show up immediately on the command console to improve response coordination and timing.

For pre- and post-earthquake use, OasisPlus enables administrators to schedule drills that train and test their emergency procedures, and the system provides after-action reporting (AAR) for the practice.

After an earthquake, OasisPlus provides detailed reporting of what happened, so administrators could assess the effectiveness of emergency procedures; data from the platform will also help speed recovery for the organization and local municipalities.

For more information about OasisPlus, visit www.oasisplus.kmi.com, or contact Kinemetrics’ Open Systems and Services Division at sales@kmi.com, or by calling (626) 795-2220. Kinemetrics Inc.’s corporate headquarters are at 222 Vista Avenue in Pasadena. To know more about the company, visit www.kinemetrics.com.

Pasadena’s Alexandria Real Estate Equities Buys GE’s Boston Headquarters Site for $252 Million

Tue, 2019-05-14 05:43

A 2016 rendering of GE's then-proposed headquarters in Boston. (Courtesy of GE)

General Electric, the iconic conglomerate that provided jobs to thousands of Americans from the 1940s through the 2000s but has struggled in recent years, has sold its would-be headquarters at Fort Point in Boston’s Seaport District to Pasadena-based Alexandria Real Estate Equities for $252 million.

GE had envisioned a new $200 million, 12-story headquarters facility on the 2.7-acre property. In February, the company said it will not follow through on the plans, and will instead sell the property and reimburse the state of Massachusetts for an $87 million investment in the company’s new headquarters.

GE is reportedly planning to move its executive team and 250 employees into the pair of smaller buildings on the Necco Street site under a 12-year lease for 95,000 square feet.

The balance of the property, including a roughly one-acre land parcel and permits for a 297,000-square-foot tower, are considered prime candidates for a life science development by Alexandria Real Estate.

Alexandria is partnering with National Development and Charles River Realty in the acquisition, a Boston Herald report said.

The report added the quasi-public state agency MassDevelopment will get almost $98M from the deal.

Ann Klee, GE’s vice president for Boston development and operations, said the company is “fully committed to Boston and proud to call it home.”

Alexandria has not announced what it intends to do with the property but the company is best known for its Alexandria Center at One Kendall Square in Cambridge, as well as major life science facilities in Manhattan, San Francisco, Maryland and elsewhere.

In December 2018, Alexandria opened Alexandria LaunchLabs at the Alexandria Center, which is now home to 13 new member companies rigorously selected from a deep pool of applicants based on the quality of their science, leadership teams and business strategies.

“This site offers a tremendous opportunity to continue to expand our presence in the top life science cluster in the world and to deliver an inclusive, collaborative and vibrant development,” an Alexandria spokesman said in a statement about the new Boston acquisition. “We are excited to have GE’s headquarters onsite.”

Alexandria has acquired other properties in South Boston, and it has proposed a 210,000 square-foot lab building at 99 A Street, along with Anchor Line Partners.

Alexandria and National Development reportedly purchased a parking garage at 10 Necco St. in March for $81.1 million.