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The Tampa Tribune

Published: February 2, 2008

TAMPA BAY AREA
Bridgeport Center Sold

Flagler Development Group of Jacksonville has acquired its first Tampa property, paying $29.5 million to buy the nine-story Bridgeport Center, 5201 W. Kennedy Blvd., from Boston-based AEW Capital Management. Mike Davis, senior director for Cushman & Wakefield, which brokered the deal, said Bridgeport Center is the area's first major office building to trade hands since the credit crunch hit Wall Street in November. Davis said the 170,924-square-foot building in the West Shore business district sold for nearly as much as Cushman & Wakefield estimated it would before the credit troubles. The deal proves buyers remain bullish about commercial properties in the Tampa Bay area, Davis said.

STATE

Miami Gets Biotech Grant

The University of Miami received an $80 million state grant Friday to expand its genetic research institute. The institute, established last year, focuses on human genome research to prevent, detect and treat human diseases. Money from Florida's Innovation Incentive Fund will help Miami's Miller School of Medicine add an estimated 300 research and technology jobs, 120 to be filled by year's end.

NATION

Recession Talk Lowers Oil

Oil prices fell Friday after dismal economic reports prompted fears that a possible U.S. recession could stunt oil demand. Also, OPEC said it will not boost oil output, fearing a weakening global economy. Light, sweet crude for March delivery dropped $2.79 on Friday to settle at $88.96 a barrel in New York trading.
Disney CEO Extends Deal

The Walt Disney Co. said Friday that it has signed Chief Executive Officer Robert Iger to a new five-year contract that will pay him an annual salary of $2 million plus bonuses and stock awards that could exceed $19 million a year, according to a document filed with the Securities and Exchange Commission.

WORLD

China Makes Aluminum Play

Alcoa and Aluminum Corp. of China jointly acquired 12 percent of the shares of global mining company Rio Tinto in a deal thought to be worth $14.05 billion, the companies said Friday. It is the largest overseas investment ever by a Chinese company, Aluminum Corp. of China said, and could very well obstruct a bid from Anglo-Australian mining giant BHP Billiton for Rio Tinto. Alcoa said it contributed $1.2 billion to the total investment.

A staff and wire report

Watch the Tribune's Business report at 5, 6 and 11 a.m. Tuesday to Friday and 9 a.m. Saturdays on WFLA-TV.

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