From the archives

Office tower on hold

Completion of a $300 million two-tower office and retail space project on the heel of San Bruno Mountain was postponed due to leasing problems, it was announced the week of Jan. 3, 2014.

San Francisco-based Myers Development made the postponement announcement days before the 12-story tower, which began development in April 2008, was set to be complete. Postponing construction of the second tower was prudent in the economic climate, said Jack Myers, chairman and CEO of Myers Development Company.

With lease negotiations, our progress is slower than we would like, he said. Building a second building without leasing the first seemed like a bad decision, Myers said.

Visa moves headquarters to S.F.

Foster Citys largest employer, Visa USA Inc., signed a 10-year lease to move its headquarters to San Francisco, it was announced the week of Jan. 3, 2009.

Visa was moving its headquarters into the top three floors at 595 Market St. in San Francisco. The move meant the companys administrative offices were moving to San Francisco but other employees were to remain in Foster City.

Manufacturing index drops to 28-year low

The week of Jan. 3, 2009, signs grew that the economy could turn even weaker, as an index of December manufacturing activity sank to its lowest point in 28 years. Every corner of the sector was down, from bakeries to cigarette-makers to aluminum smelters.

The Institute for Supply Management, a trade group of purchasing executives, said on Friday of that week that its manufacturing index fell to 32.4 in December, a greater-than-expected decline from Novembers reading of 36.2. Wall Street economists surveyed by Thomson Reuters had expected the reading to fall to 35.5.

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From the archives