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CBRE’s 2020 earnings down 8%

first_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink CBRE CEO Bob Sulentic. (CBRE, Getty) “Asset-light” is the buzzword trending in the flex-office space — and at CBRE, too.Bob Sulentic, the commercial real estate giant’s CEO, said that was a big factor in CBRE’s decision to buy a 35 percent stake in the flex-office provider Industrious.“They have an asset-light model. That means that they provide flex space as a service,” Sulentic said on the company’s fourth quarter earnings call Tuesday. “They are not taking long-term leases and then turning around and doing short-term leases with occupiers.”Earlier this week, CBRE announced it paid about $200 million to purchase the stake in Industrious, valuing the company at more than $600 million ahead of a potential IPO later this year.When it comes to future M&A deals for service companies, Sulentic said CBRE will eye other platforms that similarly are not very capital-intensive.“We’re mostly pretty asset-light. And I’m going to say it again, one of the things we like so much about Industrious: very asset-light,” he said.As for CBRE’s performance, the company posted earnings for the fourth quarter of $753 million, an increase of 9 percent over the same period last year. Earnings for 2020 ended up at $1.89 billion, down more than 8 percent from 2019.During the call, Sulentic also touched on CBRE’s $350 million SPAC, which he said is targeting companies in areas like construction services, smart buildings and data centers.“We’re very differently situated than most SPAC sponsors,” he said. “We’re not really thought of as a financial sponsor. We’re thought of as a strategic sponsor, and the way the SPAC is financially structured — where our upside comes only when the company that we would ‘de-SPAC’ grows in value — speaks to our confidence that we can find a target partner and help them grow their business.”Contact Rich Bockmann Email Address* Message*center_img Full Name* Tags Housing MarketResidential Real Estatelast_img

Extensive dissolution of live pteropods in the Southern Ocean

first_imgThe carbonate chemistry of the surface ocean is rapidlychanging with ocean acidification, a result of human activities. In the upper layers of the Southern Ocean, aragonite—a metastable form of calcium carbonate with rapid dissolution kinetics—may become undersaturated by 2050 (ref. 2). Aragonite undersaturation is likely to affect aragonite-shelled organisms, which can dominate surface water communities in polar regions. Here we present analyses of specimens of the pteropod Limacina helicina antarctica that were extracted live from the Southern Ocean early in 2008. We sampled from the top 200m of the water column, where aragonite saturation levels were around 1, as upwelled deep water is mixed with surface water containing anthropogenic CO2. Comparing the shell structure with samples from aragonite-supersaturated regions elsewhere under a scanning electron microscope, we found severe levels of shell dissolution in the undersaturated region alone. According to laboratory incubations of intact samples with a range of aragonite saturation levels, eight days of incubation in aragonite saturation levels of 0.94–1.12 produces equivalent levels of dissolution. As deep-water upwelling and CO2 absorption by surface waters is likely to increase as a result of human activities2,4, we conclude that upper ocean regions where aragonite-shelled organisms are affected by dissolution are likely to expand.last_img

Ice melt influence on summertime net community production along the Western Antarctic Peninsula

first_imgThe Western Antarctic Peninsula (WAP) is a highly productive marine environment that is undergoing rapid change, with consequences for productivity and total ecosystem carbon cycling. We present continuous underway O2/Ar estimates of net community production (NCPO2Ar) in austral summer 2012, 2013 and 2014 at sub-kilometer horizontal resolution within the Palmer Long-Term Ecological Research (Pal-LTER) grid region of the WAP. Substantial spatial variability is observed with NCPO2Ar ranging from 0 to 790 mmol O2 m−2 d−1 and considerable interannual variability with mean values in the grid region of 54.4±48.5, 44.6±40.5, and 85.6±75.9 mmol O2 m−2 d−1 in 2012, 2013 and 2014 respectively. Based on a strong correlation (r2=0.83) between residence time integrated NCPO2Ar and NCPDIC derived from seasonal DIC drawdown, we find the observed NCPO2Ar spatial and interannual variability to be consistent with the December–January NCPDIC magnitude. Seeking to explain the mechanistic drivers of NCP in the WAP, we observe a linear relationship between NCPO2Ar and meteoric water content derived from δ18O and salinity. This correlation may be due to Fe supply from glacial melt and/or strengthening of stratification and relief of light limitation. Elevated surface Fe availability, as indicated by Fv/Fm and measurements of surface water dissolved Fe and Mn (a rough proxy for recent potential Fe availability), and shallower, more stable mixed layers are present where meteoric water and/or sea ice melt is high near the coast. Light limitation is evident in the WAP when mixed layer depths are greater than ~40 m. Additionally we document hotspots of NCP associated with submarine canyons along the WAP. While it is difficult to predict how the physical-biological system might evolve under changing climatic conditions, it is evident that NCP, and potentially carbon flux out of the mixed layer, along the WAP will be sensitive to shifts in meltwater input and timing.last_img

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