Northeastern U. expands homeland security division with $33 million purchase
This story first appeared in the Boston Business Journal.
Northeastern University has bought an office building in Burlington for $33 million, expanding the school's presence in that town.
The purchase, which closed Monday, gives Northeastern a four-story, 109,000-square-foot building just over a mile from a cluster of buildings it has in Burlington. The existing campus includes Northeastern's George J. Kostas Research Institute for Homeland Security as well as innovation and technology labs.
Northeastern spokeswoman Renata Nyul said the new building will add to the university's capabilities.
Read more: Smith College graduation speaker plagiarized speech, gives back honorary degree
'Focused primarily on homeland security and defense research, Northeastern's expanding Burlington campus is a critical piece of the university's global research enterprise,' she said in a statement. 'The new building will expand the footprint and capabilities of our world-class faculty researchers.'
The sale of the Burlington BioCenter, as the building is called, was arranged by the real estate firm Newmark. The seller was an entity affiliated with MetLife Investment Management.
The building, with office and lab space, was most recently assessed by the town at just under $20 million.
Northeastern is doing far more construction at its main campus in Boston. The university plans to replace Matthews Arena, which it says is the world's oldest multipurpose sports facility. The building, which opened in 1910, has reached the end of its useful life, according to the school, which wants to build a new facility on the same site.
Northeastern has also won approval for a 23-story, 1,400-student residential tower on Columbus Avenue and for the conversion of part of Back Bay's Sheraton hotel into housing for more than 800 students.
'Now is the time': Harvard calls for donations amid wave of federal cuts
Congressional committees accuse Harvard of working with Chinese Communist Party
Smith College graduation speaker plagiarized speech, gives back honorary degree
Trump admin cuts another $60 million in grants from Harvard University
MIT, Harvard scientists make important breakthrough in Alzheimer's research
Read the original article on MassLive.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 minutes ago
- Yahoo
UK economy contracted sharply in April after Trump's tariffs
The UK economy shrank more than expected in April as the worst of President Trump's tariffs hit, according to the latest official figures. The standard measure of economic output (GDP) contracted a sharp 0.3% in April, data from the Office for National Statistics (ONS) showed. During the month, Mr Trump's so-called "Liberation Day" applied steep tariffs to countries around the world and sparked a trade war with China, the world's second-largest economy. It's worse than expected by economists. A contraction of just 0.1% had been forecast by economists polled by the Reuters news agency. Bad news for Reeves It's bad news for Chancellor Rachel Reeves, who has made the push for economic growth her number one priority. Additional costs on businesses were also levied during the month, as higher minimum wages and employer national insurance contributions took effect. When looked at over a three-month period, however, the economy grew. The expectation of trade upset looks to have pushed business activity forward to the first few months of the year. This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version. You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.
Wall Street Journal
12 minutes ago
- Wall Street Journal
U.K. Economy Shrinks on Tariff Hit
The U.K. economy contracted more than expected in April as the uncertainty created by President Trump's evolving trade policy brought a halt to a surprising surge in activity. Gross domestic product was 0.3% lower than a month earlier, the country's Office for National Statistics said Thursday. Economists had expected the economy to contract less sharply, by 0.1%, according to a poll compiled by The Wall Street Journal ahead of the release.
Yahoo
19 minutes ago
- Yahoo
Lockheed Martin shares sank as much as 7% after a report that the Pentagon is halving F-35 requests for the Air Force
Lockheed Martin shares initially fell 7% after a report that the US is reducing its F-35 requests. The Defense Department has reportedly dropped its ask from 48 fighters for the Air Force to 24, The request isn't final, but it could signify changing priorities within the Pentagon under Trump. Lockheed Martin shares dropped as much as 7% on Wednesday after news that the Pentagon is asking for half of the F-35s it initially forecast for the Air Force. The defense contractor's shares recovered to $456 at market close, or about 4.2% lower from $476, the price at the end of Tuesday's trading day. Bloomberg reported on Wednesday that a procurement document sent to Congress indicated the Defense Department is requesting only 24 F-35 Lightning II Joint Strike Fighters for the Air Force, down from 48 that officials projected in the last fiscal year. Per the outlet, the document also proposed 12 F-35s for the Navy and 11 for the Marine Corps, down from 17 and 13 fighters, respectively. Business Insider could not independently verify Bloomberg's report. The Pentagon did not respond to a request for comment sent outside regular business hours. The US is by far Lockheed Martin's biggest customer for the F-35, with plans to buy 2,456 of the aircraft over several decades. The Air Force is supposed to eventually receive 1,763 of that total. When asked to comment on a possible reduction of local F-35 purchases this year, a Lockheed Martin spokesperson told BI in a statement that the fighter is "combat proven, offers the most advanced capability and technology, and is the most affordable option to ensure the US and allies remain ahead of emerging threats." "We will continue to work closely with the Administration, Congress, and our customers to deliver this game-changing capability as the budget process continues in the months ahead," the spokesperson added. A reduced ask for F-35s can potentially be changed by Congress, which is still deliberating on official defense funding for the 2025 fiscal year ending on September 30. Lawmakers have shown they're willing to fund the advanced stealth fighter beyond the Pentagon's requests. When the Air Force requested 48 F-35s from Congress last year, it was instead offered money for 51 of the planes. Doubling the requested budget, however, would be a huge jump from that smaller boost. The reported change could also signify an internal reshaping of the Pentagon's spending priorities under the Trump administration. In February, Defense Secretary Pete Hegseth asked officials to slash 8% of expenses from existing programs over the next five years so the money could be directed to Trump-favored initiatives. His announcement highlighted 17 categories protected from cuts, and the F-35 was not one of them. All of this comes as those in Trump's circles have publicly criticized the F-35 for its cost and relevance amid the rise of drone warfare. Right-wing commentator Laura Loomer, for example, slammed the F-35 program in April as a "scandal that's been quietly draining our nation's resources." And last month, Florida GOP Rep. Matt Gaetz posted on X that the fighter program was a "$1.7 trillion disaster." While some, like Elon Musk, have suggested that drones make crewed fighters obsolete, the US military says it wants to marry the two concepts instead of abandoning the latter. The Air Force has said combining crewed fighters with drone wingmen is a key priority for the F-47, its next-generation air dominance fighter. Lockheed was in the running to produce that fighter, but lost out to Boeing. However, Lockheed CEO Jim Taiclet has said that his firm wants to enhance the F-35 using the tech it created for the failed bid. Taiclet said that plans include automating the sixth-generation fighter and juicing it up to provide most of the capabilities of the F-47 for a fraction of the cost. Read the original article on Business Insider
