MIRA is asking businesses to affirm that immigrants help make the economy hum, and to reaffirm their own “commitment to creating an environment where all workers can contribute to their fullest potential.” Reibman and Phillips were among the first signatories, as was immigration law firm Fragomen and nonprofit lender BlueHub Capital. The hope is to share the list with state and federal leaders as MIRA pushes for policy changes (though the pledge doesn’t mention a specific policy).
Sweet has her hands full with the seemingly nonstop policy changes and crackdowns out of Washington. She took over at MIRA for Eva Millona four years ago, joining from HIAS, a Jewish humanitarian organization based in Silver Spring, Md. Since moving to Massachusetts, Sweet has been making inroads into the business community.
Lately, MIRA has regularly held “Know Your Rights” events for employers, schools, and bystanders of immigration enforcement.
Reibman’s chamber worked with MIRA on several such events. Reibman considered it a no-brainer to sign Sweet’s pledge on the chamber’s behalf, though he said some individual businesses may be reluctant.
“It’s important for us to signal as a community that these are values and concerns that matter to us, particularly in Massachusetts where so much of the economy is tied to immigrant labor,” Reibman said. “It’s the right thing for us to do, and it’s the right thing for our economy.”
Davis dives back into office market
Davis Companies has shied away from buying office buildings for nearly a decade. Not anymore.
First came an equity investment in a midtown Manhattan office building in October. Now, Davis has bought three office buildings and a parking lot in Boston, the developer’s hometown.
Davis completed the purchase of four properties on Farnsworth and Congress streets in Fort Point this month for $56 million from TIAA subsidiary Nuveen. Davis says 94 percent of the portfolio’s 150,000 square feet of office and ground-floor retail space is leased. (The largest tenant is JSI Research & Training, at 44 Farnsworth.)
Davis sees two factors that make the market attractive: rising leasing activity, and office building values that are still relatively low following the pandemic-induced shift to remote work.
President Stephen Davis said his firm focused on investing in other types of real estate instead of offices starting around a decade ago, such as hotels, labs, and apartments — plus a deal to redevelop an oil tank farm in Everett.
Lately, though, Davis is back looking for offices, in three strong local markets in particular: Fort Point, Back Bay, and Kendall Square. “We are starting to really see material improvements in the office business,” Davis said. “There’s adequate momentum and stability in the market here.”
Jack Morton changes hands, again
Like their colleagues at ad conglomerate Interpublic Group, employees at IPG-owned Jack Morton learned what it was like to work for a much bigger company after Omnicom acquired IPG late last year.
But now comes a twist: Boston-based Jack Morton will soon be independent, with Omnicom’s announcement last week that it will be spun off to private equity firm Riverside Co. Riverside will merge Jack Morton with Impact XM, and keep the Jack Morton name. Both Jack Morton and Impact XM specialize in events and experiences, not traditional advertising.
Impact XM chief executive Jared Pollacco, currently based in Ontario, will be chief executive of the newly expanded Jack Morton, while Jack Morton chief executive Craig Millon will be global president. Josh McCall, Millon’s predecessor as Jack Morton chief executive before retiring in 2022, will return as executive chairman.
The new Jack Morton will employ about 1,000 people across 20 offices, although the new headquarters hasn’t been decided, Millon said. (Jack Morton is currently at 33 Arch St., where about 75 people work.)
Among Jack Morton’s clients are tech giants Alphabet, Meta Platforms, and Nvidia. Millon said Nvidia and GSK are the only shared clients with Impact XM. The firms offer complementary services, Millon added, with Jack Morton specializing in strategy and planning and Impact XM focusing on fabrication and production.
“This partnership with Riverside and this merger with Impact will give us focus in the category,” Millon said. “That focus is what you need when you’re trying to grow a business [and] when you’re trying to grow careers. That can get diluted in other environments.”
Chamber makes energy a big issue
Housing and transportation have long been top issues for the Greater Boston Chamber of Commerce. But now, the high cost of energy in Massachusetts is in the mix.
Chamber chief executive Jim Rooney made energy bills a key topic during his annual business outlook, and delivered a prerecorded video to members last week — the day before Governor Maura Healey confronted the issue during her annual State of the Commonwealth speech. Leaders in the House of Representatives, meanwhile, have been meeting to work on their version of legislation to help with energy bills.
Massachusetts continues to be one of the most expensive states for electricity, at nearly twice the US average. Rooney is hearing residents and businesses complain more frequently about the issue.
Healey has come around to accepting natural gas as an important fuel source as part of what she dubs an “all of the above” strategy.
Rooney said in an interview he agrees with Healey’s approach, and that natural gas should remain a critical part of New England’s fuel mix for decades to come.
“One of the things we’ve fallen into in recent years as we’ve appropriately embraced the climate change/clean energy agenda is not paying enough attention to the cost implications,” Rooney said. “There’s been an imbalance and . . . cost has landed way behind in third place [behind climate and reliability] as a consideration.”
McDonnell lands spicy job with Ghost
Life is getting spicier for John McDonnell.
He just traded in one top spirits job, managing director of international business for Texas-based Tito’s Handmade Vodka, for another, executive chairman of Boston’s own Ghost Tequila, this month. Ghost is considerably smaller, and is based in the office of its largest investor, Jim Pallotta’s Raptor Group. But it has a growth story to tell because of the ghost pepper used in the tequila, tapping into the current demand for spicy spirits.
“Spicy is the hottest thing going right now,” said McDonnell, who will work with chief executive and cofounder David Gordon to lead the 12-person team.
McDonnell, who also chaired the Massachusetts Convention Center Authority board for Governor Charlie Baker’s eight years in office, is confident in the growth prospects for Ghost because the margarita is the most-ordered mixed drink in the United States today. Cofounder Chris Moran launched the business in 2016 after working as a bartender and noticing that muddling jalapeno peppers for spicy margaritas messed up the flow at the bar.
Now, McDonnell said, a number of regional restaurant operators are pouring Ghost, including Legal Sea Foods, Abe & Louie’s owner Tavistock, and Tavern in the Square. (The drink is manufactured in Mexico.)
Sure, the tequila market is saturated, with so many celebrities launching their tequilas (a list that includes Mark Wahlberg’s Flecha Azul). McDonnell said he believes Ghost has what it takes to stand out: “We have a long runway ahead of us.”
Jon Chesto can be reached at jon.chesto@globe.com. Follow him @jonchesto.
