Boston Globe's Casey Ross on the Financial District
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Tami Luhby, CNN MoneyTami Luhby, CNN Money
out there. All my family is out and Antarctica there in -- hockey players all these Bruins players that you love -- -- where you think they're from either from you figure from Massachusetts. What -- -- the American players on the crossed amber is here now so why. Why did you leave. My dad a transfer okay Kampman you'd still be their -- guys that are not facts you'd go back tomorrow -- if you. The problem is I'm not a good enough occupier he it to be. Saskatchewan. Produces more hockey players per capita than any other place in the world to -- a -- paid attention the past couple weeks. But supposedly the number one hockey player in the world it turns out. He's not that Iraqi player you know he is that it is just that the other Canadian playing against -- is a better player. -- birdie is a better player than Sidney Crosby . When he doing and you look at the game of hockey -- get ready looks at the offensive side of hockey chemicals that yet now it's a two -- game you gotta be of the play defense Sidney Crosby can't play defense he sucks and the defense he's he's he's a wimp. And he doesn't play. That's an uncle Chris Chelios . Give me a belt made him but he running each. Is. Like rich rich this is embarrassing to to stop that knowing that Jack and Roenick now. Wage on the island -- got your -- -- these. Players I sound yet I've actually her -- The hall of famers I mean it the best like Bobby or he's from Canada and -- now he's from Saskatchewan. Wayne Gretzky he's from -- In isolating it like that's your national sport that you didn't see any baseball players made it in the -
Casey Ross, Boston Globe, on PriceWaterHouseCooper's
Casey Ross, Boston Globe, on PriceWaterHouseCooper's
right now are taking a look at the waterfront -- the new real estate option. Then moving to a different officers bank put you know they want to establish -- -- exciting new abandoned building and so. The seaports and interest and opportunity that drawing a lot of companies trying to. Why I think I like the financial district to that what's the big attraction of the seaport area you name it may be a mess it's. Poll. It's cheap and it's that's the main thing is that you know right up there looking around at look at okay -- and I moved to and another office building downtown and I stay put. You know that the currently rate or should I mean he moved to the seaport there's a -
Shawn Kravetz, Esplanade Capital
Shawn Kravetz, Esplanade Capital
been and then. We'd like to buy the whole company and then negotiated transaction . Do you own any shares in the company now. We do we heard the second largest outside shareholder. The family owns roughly 90%. Of this company. DE Shaw. Very very large hedge fund in New York City is the largest outside shareholder and we are number two. Why panel why they're why they hesitating to solitude they must feel that the shares are worth Maurizio I think I can conclude. Well. I don't wanna speak for them but I suspect you're right on the money. They had no idea that and they know there's a lot of value there. And I guess they're confident that someday they will get that we would like to help shareholders get that values sooner rather than later. Because. We thought the assets -- well. You made the statement that you feel the -
What's Up On Wall Street - Andy Cinko, Bloomberg News
What's Up On Wall Street - Andy Cinko, Bloomberg News
we asked a question of the day which had to do with Social Security And collect your Social Security for retirement age or are you going to collect literally. 73%. Of Americans collect their Social Security early in the vast majority of cases I think that's a mistake but people do it for any reasons. When I came up with June and I think is a good idea for us to talk about is you know we're sitting here and and and acting all high and mighty. As it relates to this discussion about Social Security in the back the matter is we have access to tremendous resources on this topic whether the courts are now ski. Who worked for the departments of security for 37 years or whether it's Chris Farrell was a reporter for Bloomberg we have access to a lot of data. What I would like to do is make this information on Social Security Tips to maximizing -- worst Social Security benefits I'd like to make it available to our listening. I think it's they I think it's important. You know people refer to it I think some 97 -- as areas of securities of Ponzi scheme this. I disagree with you respectfully -- disagree with you but you know -- more importantly. Please educate yourself on Social Security Call this phone number it's 508591. 5444. Asked for the guide about Social Security tell the I would pay -- wanna learn more about Social Security Barry seems to know a lot you know why I read a -- I studied this stuff every day it's what I do for a living. 5085915444. Is the number you should call. Call them. Tell -- you're listening to the financial exchange and you want to learn more about how he can maximize your benefits. Out of Social Security I think you'll be glad you made the call I know I was glad when I read the report on Social Security Maybe a more informed consumer. 5085915444. Up next Sean Kravitz he's the president of a hedge fund. That has been trying for
Automatically Generated Transcript (may not be 100% accurate)
Welcome back into the financial strains -- not a filling in for -- Armstrong with united. And we are joined now by Casey Ross. From the Boston Globe and Casey how large this morning carried on on doing well it's good to have you with us and let's talk a little bit about this article from this morning talking about some of the new businesses and stores going into the financial district. What types of businesses are moving into the space at this point. We're seeing a lot of them there's going to be -- communication technology companies. Partners how scared just -- a big release. And there's an engineering companies. And you're also seeing some -- online businesses business this is associated with. The Internet and development. Web site software talk technology. And this is really different because for the longest time this truly was all financial companies just about correct. Yeah I mean the financial district historically you know from a the perspective of the who is occupying -- are what companies are occupying it as though it's an economist stodgy boring place. Not a monolith that filled with. You know very large banks insurance companies law firms that occupied he used huge chunks of space and that's changing pretty dramatically. And so because of all these new types of businesses that are moving in. What are you seeing in terms of any movement on the vacancy front 'cause of this. Well you -- -- vacancy rate go down very significantly. It's not dropped four percentage points over the last a year but financial district really was. Apart of this commercial real estate market in Boston that suffered as a result of the recession and a lot of that financial companies. I shedding jobs and -- state. That left a lot of space on the market and in the last year that's really began to change in a lot of the companies that are moving yen. Our nontraditional -- the technology companies and and digital media companies and others that you used to moving in my opinion now. And is there any one company that you can really point to -- you know kicking off this trend and really starting. Well you know a lot of these other companies moving into this this district that previously. Had really been just financial companies. Is the police by PayPal PayPal signed pretty substantial lead at one international place. Which has always been that our dominated by financial services companies. They moved in and really changed the -- pretty dramatically in the way that. Companies started to think about the financial district it just it got other business is nontraditional and looking at the area and a different way. And one other effect of all of this is. 'cause of all these different types of companies moving in there you've also seen a lot of retail and restaurants moving into the area as well so what are what are you seeing. From these tenants in terms of why they're moving in potentially any new ones that are moving in. Well I think basically I younger workforce now workforce that's a little bit more willing to. Stay out at night go to restaurant go to our. You know try. Different places. For -- for meals to shop says there. There's a kind of an enthusiasm about the financial district right now and in the city of certain. Certainly encouraging more retail entity to open their press them on. The owner of late he Belmont in the -- district which is a pretty popular restaurant is opening. Another restaurant on high street the palm is moving into international place which is a steak house that a lot of people know and patronize so you're seeing a lot of different. Does. Well it retailers excited by what they see happening in the area. And it seems like there are a lot of neighborhoods in Boston that really are undergoing. Quite a bit to change at this point we've talked before about the seaport district -- that's really picking up a lot of restaurants as well some new office and residential towers that are going in down there. You've also seen a lot of development in more traditional south be where you're seeing a lot more younger folks moving into that neighborhood so how long do you expect to see this trend continue and is this something. That we can also see stretching into some other neighborhoods that possibly have been no more restrictive in terms of the types of businesses that operate in them. Yeah I mean I'd say we're in the midst of a pretty fundamental may be permanent shift. Toward it. It's bringing a lot of businesses that a lot of residents back into the city there was this time period you know maybe the last. -- thirty years forty years where. A lot of the companies in the people employed by them moved out to the suburbs and you're just seeing the population shift toward urban centers that's not just -- embarrassment happening. All across the country and that's changing the neighborhood that's why you see a lot of building at Boston right now which is one of the two or three. I that's real estate market in the country. So so that's something that a lot of real estate specialist with today's. You know real fundamental shift in the market that that is not an -- in the foreseeable future. And so do you see this kind of starting to spread out from. Really the center of Boston because a lot of these changes they've they've taken place you know towards that financial district in south the really towards the waterfront do you see this pushing out. Possibly beyond that you know towards back pay eventually Alston -- seeing some developed development as well. Well I mean absolutely there's you know for example -- balance is planning a very large in the sixties complex in Brighton you're gonna see that kind of development that we're gonna be opposite the hotel. Our new residences of retail shops. I think you are gonna see that happen and certainly it's already happening in the that way. The back -- the very. Tight neighborhood intent they're not being a lot of space available for development it's certainly seat of their style. I do expect it to migrate outward as. As the economy improve even more. Already looked Casey I appreciate you coming all with us this morning and certainly. Left people got to Boston four a lot of this development that is going on CL a continues over the course of the year. -- -- -- -- -- -- -- All right that was Casey Ross from the Boston Globe in that article is -- on boston.com as well as in today's globe. Coming up getting back to our text question of the day text does at 68680. Let us know. What are you expecting to get. For a tax refund this year or are you expecting to get a big bill from the IRS let us know again at 68680. Right here on the financial exchange.
