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Riverside Center is sold again

The Riverside MBTA terminal in Newton. Boston-based real estate firm Greatland Realty Partners and Barings, an investment manager and subsidiary of life insurance giant Massachusetts Mutual Life Insurance Co., have purchased the three-building collection adjacent to the Riverside MBTA Green Line station for $117.5 million.Chavez, Dominic Globe Staff


Riverside Center is sold again

Newton’s Riverside Center office complex has again changed hands. Boston-based real estate firm Greatland Realty Partners and Barings, an investment manager and subsidiary of life insurance giant Massachusetts Mutual Life Insurance Co., have purchased the three-building collection adjacent to the Riverside MBTA Green Line station for $117.5 million, according to a Middlesex County deed. That purchase price is half of the $235 million former owner Alexandria Real Estate Equities paid to acquire 275 Grove St. in January 2020. Alexandria had planned to convert the offices to a lab campus, but earlier this year announced plans to sell the property, citing a deteriorating macroeconomic environment. The three-building campus is home to tenants including Siemens, TechTarget, Atrius Health, and Parexel. — CATHERINE CARLOCK



Author Help raises $115 million

Author Help, a Boston-based startup that helps Medicare Advantage recipients access mental illness and substance abuse-related care, said Wednesday it raised $115 million in funding from General Atlantic and Flare Capital Partners. Humana, a health insurance company based in Kentucky, was the first to launch the service in coordination with CenterWell Senior Primary Care in South Florida. Author Help said it is the first of its kind to offer a platform connecting Medicare recipients with mental health services. According to the announcement, the startup aims to assist the social needs of America’s aging population. A study by the Substance Abuse and Medical Health Services Administration found that mental health issues affect one in four Medicare recipients. “Author Health is primed to meet the growing demand for psychiatric care on a national scale,” said chief executive Katherine Hobbs, a former health insurance executive, in a press release. The company plans to expand its services to include Medicare’s Special Needs Plan recipients in other locations by next year. — ARUNI SONI


Rates inch up after three-week decline

Mortgage rates in the United States climbed, breaking a three-week streak of declines. The average for a 30-year, fixed loan rose to 6.71 percent from 6.6 percent last week, Freddie Mac said in a statement Thursday. Buyers have been confronting a housing market with limited inventory as many homeowners, reluctant to give up their low-rate loans, resist selling. The lack of existing homes for sale is pushing up prices in some areas and driving sales of newly built houses, which rose at the fastest pace in more than a year. — BLOOMBERG NEWS


US Secretary of Agriculture Tom Vilsack, right, checks out the meat counter at Rustic Cuts with co-owner Jake Driver, left, on July 9, 2021 in Council Bluffs, Iowa. Staff photo/Joe Shearer/Associated Press


Processors to get $115 million in federal money

Smaller meat and poultry operators in 17 states will receive $115 million in grants, the US Department of Agriculture announced Thursday. The USDA grants are the latest in a series of awards the Biden administration has made that are intended to increase meat and poultry processing, benefiting farmers and providing more job opportunities in largely rural areas. The funding includes 10 awards to recipients in 12 states totaling $77 million through a program that finances the start-up or expansion of meat and poultry processing plants. — ASSOCIATED PRESS


Italian hotel named the best in the world

The 94-room Belmond Hotel Cipriani has a storied history. It was opened in the 1950s by the inventor of the Bellini, with a bar that continues to be legendary to this day. It has an Olympic-sized outdoor swimming pool at the edge of the Canale di San Giorgio Maggiore, apparently the result of confusion between feet and meters during construction. And on Thursday it was named the best hotel in the world by a new list that gives properties a composite score based on information that’s compiled from a wide array of sources. The list, called Top 1,000 World’s Best Hotels, is by French company La Liste. — BLOOMBERG NEWS



Fender to open its first store in Japan

Fender, the guitar of choice for some of the world’s biggest stars from Jimi Hendrix to Eric Clapton, is opening what it calls its “first flagship store” in its 77-year history. The American guitar manufacturer has chosen for its location Tokyo’s Harajuku, a hot spot for Japanese youngsters who love animation, outlandish fashion, and, of course, American music. The store was unveiled to reporters Thursday ahead of its official opening Friday. Asia-Pacific is on track to become the biggest music market in the world by 2030, and more stores are planned for the region, Fender says. The company’s revenue in Japan has recorded double-digit percentage growth each year since 2015. — ASSOCIATED PRESS

The atmosphere at the Jimmy Choo Phipps Plaza store opening on June 21, 2023 in Atlanta, Georgia. Carol Lee Rose/Getty Images for Jimmy Choo


Jimmy Choo latest to come under EssilorLuxottica umbrella

EssilorLuxottica, the world’s biggest eyeglass maker, will produce Jimmy Choo Eyewear under a 10-year licensing deal starting in 2024, adding another luxury name to its vast brand portfolio. The new license adds to the long list of well-known brands produced by French-Italian EssilorLuxottica. The company already makes eyewear for fashion mainstays Armani and Dolce & Gabbana. It also has eyewear deals with Brunello Cucinelli and Swarovski. The Armani deal, which paved the way for later moves in the fashion world, dates back to the late 1980s when Luxottica founder Leonardo Del Vecchio teamed up with Giorgio Armani to market eyewear as a must-have accessory. — BLOOMBERG NEWS



Overstock.com to take Bed Bath & Beyond name

Soon, Overstock.com will become Bed Bath & Beyond — at least in digital form. Overstock, which last week paid $21.5 million to acquire the bankrupt retailer’s intellectual property, said on Wednesday that it would start operating its website under the Bed Bath & Beyond name. The change will roll out in Canada in early July. Starting in August, about a month after the final Bed Bath & Beyond stores in the United States close, customers in the country who visit overstock.com will be redirected to bedbathandbeyond.com. Overstock’s mobile app and its rewards program will also be rebranded. Company executives plan to eventually bring back Bed Bath & Beyond’s popular wedding registry. — NEW YORK TIMES


DoorDash to offer drivers minimum wage

DoorDash said on Wednesday that it would begin giving its delivery drivers the option to be paid an hourly minimum wage, instead of earning money for each delivery. The significant shift in compensation could be an answer to concerns that some delivery people are not paid fairly. It could also add an incentive for drivers to pick up smaller orders that don’t pay as well and that they would typically avoid. Drivers will be able to choose whether they earn money for each order — usually a few dollars in base pay plus compensation for miles driven — or receive a flat hourly amount, DoorDash said. The hourly rate includes only active time, meaning time between accepting and dropping off an order, and does not include the period when drivers are waiting for the next order. Drivers will be able to toggle between the two payment methods. Tips would be applied on top of the hourly base pay, the company said. — NEW YORK TIMES