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Friday, Dec 8, 2023

Briefs: Tutor Perini, Ceres, Valencia Lease

A subsidiary of construction firm Tutor Perini Corp. was awarded contracts valued at $319 million for three projects in Wisconsin and Minnesota. Lunda Construction Co., in Black River Falls, Wis., will complete the projects announced Sept. 12 in. Lunda is owned by Tutor Perini in Sylmar. The projects involve the construction of bridges, retaining and noise walls, and miscellaneous structures at the interchange of Interstate 94 freeway and the highway US 45 in Milwaukee; constructing a 22-span bridge over Little Lake Butte Des Morts and miscellaneous structures near Menasha, Wis.; and constructing nine bridges, three miles of four-lane highway, an interchange, and frontage road in Maple Grove, Minn. The project is scheduled for completion in 2016. Shares closed down 21 cents, or nearly 1 percent, to $28.97 on the New York Stock Exchange. Agricultural biotech Ceres Inc. has appointed Cheryl Morley as its chairwoman. The appointment comes about a month after the company’s co-founder Walter De Logi died unexpectedly. He was 63. Morley has served on Ceres’ board since August 2011. In addition to Ceres, she currently serves on the boards of Mercy Health System, Fleming Pharmaceuticals and the Missouri Botanical Gardens. From 2003 to 2009, she was senior vice president of corporate strategy with Monsanto Co., having previously led Monsanto’s animal agricultural group. “Her familiarity with the company and her extensive experience in the plant science and health sectors will continue to benefit Ceres and its stockholders,” said Ceres Chief Executive Richard Hamilton in a statement. PPG Aerospace has signed a lease renewal in Valencia worth $6.5 million. The company, which manufactures transparencies, sealants, coatings and window systems, will remain at its 83,000-square-foot facility at 24811 Avenue Rockefeller for seven more years, according to Andrew Berk, vice president at the Los Angeles office of Avison Young. “As PPG had made highly specialized improvements to the property, we negotiated lease terms with the landlord by leveraging PPG’s stability and creditworthiness,” he said in a statement. “We also successfully negotiated some out-of-the-box landlord concessions in order to achieve a cost-saving rental rate that shaved significant dollars off our client’s bottom line.” PPG aerospace is a unit of PPG Industries Inc. of Pittsburgh, Pa., a Fortune 500 aerospace firm. Avison Young Principal Mark Evanoff also represented PPG. The landlord, Krausz Co., represented itself.

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