Triangle

Projects transforming downtown Durham

February 5, 2015

(The News & Observer, Raleigh)

Austin Lawrence Partners began site work last week on a 27-story tower in downtown Durham. The Aspen, Colo.-based developer also plans to renovate the adjacent Jack Tar Hotel and five historic buildings.

Morrisville digital-marketing company plans IPO

February 4, 2015

(The News & Observer, Raleigh)

Morrisville-based MaxPoint Interactive plans to raise as much as $75 million in an initial public offering, according to an SEC filing. The company makes and sells software that helps companies identify consumers who live in neighborhoods with particular demographics.

FBI investigates Chapel Hill shootings

February 13, 2015

(The News & Observer, Raleigh)

The FBI has launched an investigation into the killings of three Muslim-American students in Chapel Hill earlier this week. Police said the shootings may have been the result of a parking dispute, but the victims' families believe it may have been a hate crime.

First Carolina Bank to open Raleigh office

February 3, 2015

(The News & Observer, Raleigh)

Rocky Mount-based First Carolina Bank plans to open a loan-production office in Raleigh later this year. Formed in July 2012, the community bank previously known as First Carolina State Bank has three N.C. branches in Greenville, Reidsville and Rocky Mount.

Rex ends contributions to employee pensions

February 3, 2015

(The News & Observer, Raleigh)

Rex Hospital will stop contributing to pensions of its employees who still have the retirement savings plans. The Raleigh hospital eliminated pensions for new hires in 2009. About half of its 5,600 employees – roughly 2,800 – have pensions.

Biogen Idec adding 100 jobs in Triangle

January 30, 2015

(The News & Observer, Raleigh)

Biogen Idec plans to add 100 jobs in Durham and Morrisville to meet demand for its products, which include treatments for multiple sclerosis and hemophilia. The Cambridge, Mass.-based biotech company employs 1,300 in the Triangle.

Citrix to lay off 900 workers

January 30, 2015

(The News & Observer, Raleigh)

Citrix Systems plans to lay off 900 of its 9,500 workers worldwide, though it's unclear whether any of the software company's 600 workers in Raleigh will be affected. Santa Clara, Calif.-based Citrix acquired Raleigh-based Sharefile in 2011 and opened a new, 170,000-square-foot office in the city's warehouse district last fall.

Duke Realty selling Triangle office buildings for $1.1B

January 29, 2015

(The News & Observer, Raleigh)

The Triangle's second-largest landlord will sell all 23 of its local office buildings as part of a $1.1 billion portfolio sale that includes 62 properties in four states. Indianapolis-based Duke Realty will sell the properties, including Morrisville's Perimeter Park, to a joint venture led by Starwood Capital Group.

SAS revenue reached $3.09 billion in 2014

January 29, 2015

(The News & Observer, Raleigh)

SAS' 2014 revenue totaled $3.09 billion, up from $3.02 billion in 2013. Revenue from the Cary-based software company's cloud business rose 24% in 2014. SAS added 193 workers last year at its headquarters, where it employed 5,353 at year-end.

IBM layoffs have begun at RTP

January 29, 2015

(The News & Observer, Raleigh)

Job cuts are underway at IBM locations across the nation, including at Research Triangle Park. The company previously confirmed it would lay off thousands of workers, though it declined to provide details. For the last several years, IBM has refused to disclose how many workers it has at RTP or details of past layoffs.

IBM union reports job cuts to begin Wednesday

January 28, 2015

(WRAL TechWire)

Many IBM employees have told a workers' union that layoffs related to a restructuring will begin Wednesday. The Armonk, N.Y.-based technology company confirmed Monday it plans to cut 10,000 jobs worldwide, though it is unknown how many will be in the United States.

Cree LED bulbs to light up the Super Bowl

January 28, 2015

(The News & Observer, Raleigh)

When the New England Patriots face the Seattle Seahawks at Sunday's Super Bowl XLIX , 44,928 Cree LED bulbs will light up Arizona's University of Phoenix Stadium. The Durham company's 312 LED fixtures are 75% more energy efficient and provide double the illumination of traditional fixtures.

IBM calls report of massive layoffs 'baseless'

January 27, 2015

(The News & Observer, Raleigh)

IBM denied a Forbes report that said it planned to lay off one-fourth of its workforce, or more than 100,000 people. The Armonk, New York-based tech company employs several thousand people in Research Triangle Park.

Yadkin Financial reports net income of $14.7M

January 27, 2015

(The News & Observer, Raleigh)

Raleigh-based Yadkin Financial reported $14.7 million in fourth-quarter net income. The parent of Yadkin Bank, which was formed in July when Raleigh-based VantageSouth Bank merged with Elkin-based Yadkin Bank, added $332.6 million in new loans and commitments in the fourth quarter.
Related: Read Yadkin Financial CEO Scott Custer's latest BankNotes blog post: Remaining Community

Staffing firm to cut 319 jobs at Cree manufacturing site

January 27, 2015

(The News & Observer, Raleigh)

A Raleigh-based staffing agency plans to lay off 319 contract employees working at a manufacturing plant for Durham-based Cree. The jobs being eliminated are temporary positions. The LED-lightbulb manufacturer employs more than 2,600 in the Triangle; those jobs are unaffected by the layoffs. 

Rooms to Go's Dunn distribution center to open in August

January 26, 2015

(The Fayetteville Observer)

Rooms to Go plans to open its second-largest U.S. distribution center in August along Interstate 95 near Dunn. The 1.45-million-square-foot center will create about 225 jobs. 

Raleigh ranked among 50 fastest-growing economies

January 23, 2015

(The News & Observer, Raleigh)

Raleigh ranked No. 41 on a list of the world's 50 fastest-growing economies. The Capital City was one of only four U.S. cities included in the report, released by the Brookings Institution. Austin, Texas (No. 38), Houston, Texas (No. 39) and Fresno, Calif. (No. 49) also made the list, which was led by the China's Macau.

Durham's Square 1 Bank reports record net income in fourth quarter

January 22, 2015

(The News & Observer, Raleigh)

Square 1 Financial reported net income of $9.5 million in the fourth quarter, compared with $8.8 million in the previous quarter. The Durham-based bank, which lends money and provides other banking services to venture-capital firms, said net income for 2014 rose 54% compared with 2013, to $34.1 million.

Chapel Hill's Milton Julian dies at 96

January 22, 2015

(The News & Observer, Raleigh)

Milton Julian, who owned the iconic Milton's Clothing Cupboard in downtown Chapel Hill from 1948 until 1992, died Saturday. He was 96. 

Report: Salix hires investment firm to explore potential sale

January 21, 2015

(The News & Observer, Raleigh)

Salix Pharmaceuticals has hired Centerview Partners to explore options for the Raleigh-based drugmaker, including a possible sale, according to a Reuters report. Salix CEO Carolyn Logan announced her retirement earlier this month, leading to speculation that the company was looking to be acquired.