Care.com shares skyrocket to $24.30

Shares of Waltham-based Care.com shot up yesterday, marking a successful first day of trading for the Boston area's first tech IPO in a year and a half.

Care.com shares closed at $24.30, up nearly 43 percent from the IPO price of $17 per share. Coming out of the SEC-mandated quiet period, Care.com founder and CEO Sheila Lirio Marcelo said the company will continue to expand its membership and grow as a company.

"We're targeting 42 million households in the U.S. alone," Marcelo told Bloomberg TV after ringing the opening bell at the New York Stock Exchange. "We barely touched the surface."

Care.com, an online service that connects professionals with people who need family care, has 9.7 million members around the world.

Marcelo said her company would use the IPO to "raise the overall awareness (of Care.com) to help families and to take advantage of acquiring companies."

The company has made a number of significant acquisitions already, including German care site Besser Betreut. Marcelo said the family care industry is "fragmented," so acquisitions make sense going forward.

"There's ways for us to enhance our products and services so we can deliver more for our members," Marcelo said. "We're definitely interested in continuing to expand our overall offerings."

Right now, care.com users can find child, adult and senior, pet and home care.

Yesterday's closing price gave Care.com a market cap of $722.83 million.

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New Danvers condo has rosy view, fine finishes

This new 71-unit condo complex in Danvers offers high-quality finishes and lots of space for prices ranging between $299,000 and $400,000.

Off Route 114, Residences at Rose Court features condos with kitchens that have 42-inch cabinets, granite countertops and large peninsulas, and entryways and bathrooms lined with porcelain tile. The 35-unit first phase is just opening, and the 36-unit second phase will be done by early summer. Half of the one- to three-bedroom condos have been sold already.

When completed this summer, the 10-acre development will include a playground, gazebo, community garden and central rose garden visible from the front balconies of all condos. A community center, now used as a sales office, is complete with a large function room and full granite kitchen that condo owners can reserve for the price of cleanup. The developer will add a business center with a conference room, and a fitness area in the phase 1 building will open soon.

Rose Court is next to conservation land along the Ipswich River watershed, and is fronted by the community center, behind which two buildings curve around the central rose garden.

We took a look at Unit 2102, a three-bedroom, two-bath condo on the first floor of the phase 1 building. With 1,459 square feet of living space and a front balcony, it has a high-end granite kitchen, large open living/dining area and master bedroom suite.

It's on the market for $377,499.

The gabled building has beige Hardiplank siding with red shutters, and the lobby has beige porcelain tiles and contemporary lighting overhead.

Unit 2102 is a front-facing corner condo at the end of a carpeted hallway with chair-rail wainscoting and sconce lights.

You enter the condo into a beige porcelain-tiled foyer with two closets, one a coat closet and another holding a washer and dryer hookup.

To the left is the 
porcelain-floored kitchen, with 20 white, 42-inch cabinets above and below Bianco Sardo granite counters, including a large peninsula that seats four with contemporary pendant lighting overhead. Stainless-steel appliances are Frigidaire Gallery and include a refrigerator, dishwasher, wine cooler and an electric stovetop and oven.

The kitchen flows into a large open living/dining area with golden teak laminate flooring and 9-foot ceilings. There are two windows and a glass door that opens to a private front balcony that will look out onto the central rose garden. A utility room off the balcony holds the home's gas-fired heating and central air-conditioning systems.

The condo's bedrooms are on wings off the living spaces. One wing is a master bedroom suite with a large bedroom, two closets including a large walk-in closet, and an en-suite porcelain bathroom. The bedroom has two windows, golden teak laminate floors and contemporary lighting overhead. The closets have built-in wire shelving. The large en-suite bathroom has a beige 
porcelain-tiled floor and porcelain tile surround for a walk-in shower. There's a wood vanity, a white solid-surface counter, sconce lighting and chrome fixtures.

On the other wing, the second bedroom has three windows on two sides, golden teak laminate floors and a large walk-in closet. The small third bedroom is also a corner room.

There's a second full bathroom with beige porcelain-tiled floors, a wood vanity with a white solid-surface counter and a one-piece Fiberglas shower.

The condo comes with two deeded outdoor parking spaces. Buyers can get a covered parking space behind the building for $7,500 extra and a good-sized private storage room one floor below for an extra $3,000.

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Experts: Care.com IPO shows Hub’s Web savvy

The long-awaited initial public offering of Boston-based Care.com shows that consumer-oriented startups can find success locally and offers a boost to other such companies in the region, experts said.

"I think it's a fantastic example of how to build great Internet companies here in Boston," said investor and entrepreneur Andy Palmer. "It validates that it is not only possible, but advantageous to do consumer Internet companies here in Boston."

Founded in 2006 and launched in 2007, Care.com helps people find caregivers for kids, seniors and pets. Available in the U.S., Canada and much of Europe, Care.com, which is headquartered in Waltham, has more than 9.5 million members, the company says, and has 350 full-time employees.

"We don't have a lot of consumer companies that have seen these kind of companies," said Sarah Hodges, founder of entrepreneur training firm, Intelligent.ly. The last venture-funded company to go public in Boston was automotive software firm Exa Corp. in June 2012.

IPO tracker Renaissance Capital said Care.com is "joining a group of strong performing, category leading Internet properties."

Palmer said a big public company can be a pillar for other startups.

"It gives people confidence that if they do a startup and it doesn't work out that they can go work for a larger public company that is still cutting-edge cool — this is what Google, Yahoo!, Cisco, LinkedIN, Oracle provide out in Silicon valley," Palmer said.

The company priced shares at $17 last night, above the expected range of $14 to $16 per share. Care.com is expected to raise more than $90 million. A spokeswoman for Care.com declined comment, citing an SEC mandated quiet period for IPOs.

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Mass. jobless rate dips, but trails U.S.

Massachusetts added more than 10,000 jobs last month as the unemployment rate dipped slightly, but the gap between the state's and the nation's jobless rate continued to widen.

"We're just staying the same and the U.S. has been going down," said Elliot Winer, former chief economist for Massachusetts and chief economist for the Northeast Economic Analysis Group.

The state unemployment rate was 7 percent last month, down from
7.1 percent in November, according to the Executive Office of Labor and Workforce Development. For the second month in a row, the national rate was lower — 6.7 percent — than the state jobless rate.

Still, the jobs added were a positive sign, Winer said.

"The job numbers are somewhat encouraging, but it's not extraordinary growth," Winer said.

More jobs were added from December 2012 to December 2013 than any other December to December period since 1999, the labor and workforce development office said. The state added 55,500 jobs during that time.

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Chain targets part-timers

Target's decision to move its part-time workers from its own insurance program to Obama­care likely marks the opening of the floodgates for other com­panies to do the same, potentially pushing tens of thousands of Bay State part-timers onto government-sanctioned health care by this summer, experts said.

"Before June of this year, you're going to see a migration of 100,000 to 200,000 Massachusetts residents" said Bill Fields, an employer consultant, describing the expected shift from employer-sponsored insurance to the state Health Connector.

Target announced this week it will no longer provide health insurance for its part-time employees.

"Health-care reform is transforming the benefits landscape and affecting how all em­ployers, including Target, administer health benefits coverage," said Jodee Kozlack, Target's executive vice president of human resources, in a statement. "Our decision to discontinue this benefit comes after careful consideration of the impact on our stores' part-time team members and to Target, the new options available for our part-time team, and the historically low number of team members who elected to enroll in the part-time plan."

Target says fewer than 10 percent of its 361,000 part-timers are enrolled in its plan. The statement said if Target continued to offer health in­surance for part-time em­ployees, some workers could be disqualified from Obamacare subsidies they might otherwise be entitled to receive.

Fields predicted there could be a ripple effect.

"Once they see their neighbor doing it, you're going to see a lot of copycats," Fields said about companies that employ part-timers.

Jon Hurst, president of the Retailers Association of Massachusetts, said Romneycare prompted a similar trend.

"Around 2008 or 2009, we recommended to all of our members that they drop coverage for part-timers. It rapidly happened," Hurst said.

But Fields said he advises his clients to keep insurance for part-timers, and he said companies that do not are making a cold, fiscal decision.

"It's a bottom-line argument," Fields said. "You don't have the morals you normally have in these situations."

The total number of part-time employees in Massachusetts was not immediately available.

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Website woes seen months before launch

State officials overseeing the Health Connector website knew as early as February 2013 — some nine months before launch — that parts of the $69 million Obamacare gateway would probably be delayed, public records obtained by the Herald last night revealed.

"It opens another whole can of worms of questions about how early did these issues start," Joshua Archambault of the Pioneer Institute said about the Commonwealth Health Insurance Connector Authority Board. "At what point did they know it was not going to work on Oct. 1 and still decided to go live?"

University of Massachusetts Worcester spokesman Mark Shelton said the memos reveal just how closely the state has been monitoring the performance of CGI, the website's developer.

"The university, the Connector and the commonwealth have been actively managing this process since work began on this immensely complex project in 2010," he said. CGI declined to comment last night.

The latest documents reviewed by the Herald indicate that as early as February last year, state officials and CGI discussed "deferring some scope" of the website after the Oct. 1 launch, according to a memo from Dr. Jay Himmelstein of UMass Medical School to Peter Ihrig of CGI.

By late April, "CGI expressed concerns that it could not meet the February Plan timelines for code development, testing completion and go-live for October 1, 2013," according to the memo. On June 21, CGI was "at least two weeks behind and up to seven weeks behind its projected code development pace," the memo said.

The July 1 memo concludes "there is a substantial and likely risk that CGI may be unable to deploy into production the scope of HIX/IES functionality on October 1, 2013."

Since launching on Oct. 1, the disastrous site has frustrated customers trying to enroll. Several key deadlines have been pushed back or bypassed with stopgap fixes. State officials, who have stopped paying CGI, have been forced to create manual workarounds to enroll Bay Staters by March 31.

But a later memo from Himmelstein dated Oct. 25 — three-and-a-half-weeks after the embarrassing launch — revealed exactly how consequential state officials feared the website failures could be. Himmelstein complained to CGI's Ihrig that the state had "already incurred substantial costs to develop and implement operational workarounds" for the site. He also warned CGI's failures could prevent Bay Staters from accessing Obamacare, "suffer harm" to the state's reputation and "incur additional costs."

Gov. Deval Patrick insisted on Nov. 14 the state site "gets better every day" and called the bugs and glitches "nothing unexpected." He also said the site's slow speed was "because there's been just a lot of demand for it."

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WeWork to rent desks to startups

A new collaborative office space for startups is coming to Boston, and organizers say it can add a sense of community to start-ups in Boston.

"WeWork is going to bring the most amazing startup community in Boston," said Hunter Perry, a Boston startup veteran who will lead WeWork's two Boston locations when they open early next month. "We're creating a place where people within all of Boston can have access to various ways to grow."

WeWork, which has locations in New York, San Francisco, and Seattle, among other cities, targets small, early stage companies that do not need large office space. The average size of WeWork's companies is five people, Perry said.

What separates WeWork from other "co-working spaces" is the sense of community they build, Perry said. There is a sports lounge in the basement of WeWork Seaport in Fort Point, complete with arcade games, a pool table and kegs. Members also get access to WeWork companies across the country for possible partnerships.

WeWork Seaport will have nearly 700 desks, and WeWork South Station will have more than 300.

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Builder bets on Eastie waterfront

Gerding Edlen is betting on a turnaround for East Boston waterfront development and prospects for a stalled New Street project.

The Portland, Ore., developer paid $7.27 million for the 3.9-acre parcel at 6-26 New St., near LoPresti Park on the inner harbor.

The firm is now looking at approved plans for the site and any changes needed to make it more appealing in today's market, according to president Kelly Saito.

"We are excited about the future and the potential for East Boston, especially the waterfront … so we wanted to invest in what we think will be a really interesting, desirable place," Saito said.

In 2010, the Boston Redevelopment Authority approved a $90 million project pitched by Billerica's New Street Realty Trust, which sold the site to Gerding last week. With Boston's Cresset Development, it planned to raze two buildings, add seven stories to a nine-story one for 165 residential units, and erect a new six-story building for 59 residential units or 106 hotel/extended-stay rooms.

But those plans and other approved Eastie waterfront projects — save Roseland's Portside at Pier One, which broke ground last year — never got off the ground.

"A lot of it was timing," Saito said. "The economy kind of stalled ... things." But it's since rebounded and been robust for development in other parts of the city, he said, and "East Boston feels like it's bound to come around soon."

But East Boston Project Advisory Committee President Bob Strelitz said he doubts it will be soon.

"I think they're really buying it with a very long-term perspective," he said. "Why would they start before there's some credibility on the waterfront?"

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West Coast firm buys One Kendall Square for $395M

San Francisco's 
Divco­West increased its Boston-area holdings last week with the $395 million purchase of the One Kendall Square office, lab and retail complex in Cambridge.

The San Francisco real estate investment firm bought the nine-building, 670,000-square-foot campus and a 1,500-car garage in two separate sales that closed Thursday, according to Registry of Deeds documents and a source familiar with the transaction.

Representatives from DivcoWest and the sellers, Related Beal and Rockwood Capital, could not be reached for comment.

Beal Cos. and Rockwood bought One Kendall Square for $210.5 million in 2006 and made 
$64 million in improvements.

They put the property up for sale in December 2012 but pulled it from the market in March, according to published reports.

One Kendall Square is 91 percent leased, with tenants including Twitter, Semprus BioSciences, Staples and Merrimack Pharmaceuticals. It encompasses the nine-screen Kendall Square Cinema and restaurants/bars including the Blue Room, West Bridge, Cambridge Brewing Co. and Belly Wine Bar.

DivcoWest, which manages more than $2.5 billion of equity, made the purchase under its newest investment fund, 
DivcoWest Fund IV, which is targeting real estate including properties in technology-oriented growth markets such as in-demand East Cambridge.

DivcoWest acquired One Winthrop Square, a 114,000-square-foot Boston office building, for $36 million in December.

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Drone bill headed to State House

A bill that would restrict how police in Massachusetts can use drones — requiring warrants and banning weapons — goes to a Transportation Committee hearing on Beacon Hill tomorrow.

"I just want to ensure we don't have a major intrusion of our privacy rights, mainly by law enforcement," state Sen. Robert Hedlund (R-Weymouth) told the Herald.

The Drone Privacy Act, filed by Hedlund, would prevent drones from carrying weapons, and would require warrants before they can be deployed, except in emergency situations.

The bill also seeks limitations on the kind of information that police departments collect, and would require data accidentally collected to be deleted within 24 hours.

In a statement, Suffolk Country District Attorney Daniel F. Conley said the bill would be a needed update to the state's decades-old wiretapping laws. "The Legislature should make the most of this opportunity to update our surveillance laws," Conley said. "We're not opposed to drone use or regulation but, frankly, our most urgent needs are much more down-to-earth."

Still, there are some who think it is too early to regulate an emerging technology.

"I'm really opposed to knee-jerk legislation but particularly in response to technology that's rapidly evolving," said Missy Cummings, a drone expert and professor at MIT. "I'm all for privacy, but if we jump the gun too early we're either going to have to repeal laws or they're going to be too weak."

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Chestnut Hill attracts hip Back Bay shops

Newbury Street has long been the marquee address for posh brands to make their Boston debut. But lately a stretch of Boylston Street in Chestnut Hill is giving the Back Bay a run for its money with a slew of chic retailers opening new, bigger spaces.

The Street, 55 Boylston St.

Jonathan Adler

Slated to open in March, the new boutique is twice as big as the brand's original store on Newbury (2,600 square feet). The full collection of home decor from the offbeat designer will be available.

Exclusive Chestnut Hill perk: Custom-designed rugs, pillows and throws — and if none of Adler's fabrics suit your fancy, bring in your own for a fully personalized creation. jonathanadler.com

Skoah

Stylize blogger Peter Dziedzic just opened his third outpost of Canadian "skin care gym" Skoah. After expanding to Newbury Street last year, the Chestnut Hill location rounds out the trifecta of prestigious Boston addresses. The 1,007-square-foot space has three treatment rooms and a brow bar.

Exclusive Chestnut Hill perk: Find a sink in the product area — you can try on a product, rinse off and try again!

Intermix

Intermix's Newbury Street store is already a haven for fashionistas to try on designer duds (the shop is a favorite of Bruins wives, including Krista Ference). The 2,000-square-foot Chestnut Hill store opened in mid-November to rave reviews.

Exclusive Chestnut Hill perk: The buyers tailor their merchandise to the neighborhood, so expect to find a preppy-chic mix of items from designers such as Rag & Bone, Yigal Azrouel, Helmut Lang and more.

200 Boylston St.

Equinox

Boston's best-looking folks are already members of this luxe health club, which has locations in the Financial District and Back Bay. But when the new 33,000-square-foot club opened last month, city gym rats got a reason to trek out to the 'burbs for the signature classes, the spa and the shop stocked with Kiehl's products.

Exclusive Chestnut Hill perk: The gym is home to the company's first-ever barre studio.

Sweetgreen

Two Georgetown University grads united in 2007 to open an affordable, sustainable, healthy salad eatery that would actually, you know ... taste good. Last year the pair opened a spot on the other Boylston Street in Back Bay, and now they make the move to Chestnut Hill later this spring.

Exclusive Chestnut Hill perk: The storefront has a retractable front wall (at 20 feet tall!) that will open for outdoor seating in warmer months.

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Boston company Global Rescue guarding U.S. skiers at Sochi

The U.S. Ski and Snowboard Association is relying on a Boston company to get its team members out of a tight spot in the event of a terrorist attack or other crisis at next month's Winter Olympics in Sochi, Russia.

"When something does happen, it's our personnel who are going to respond," said Dan Richards, CEO of Global Rescue. "We're helping them prepare for not only medical but security (services)."

A company that describes itself as "AAA for your body," Global Rescue has been providing medical services for USSA for eight years, but will be bulking up to deal with any potential security concerns during the Sochi games.

They will have "up to a half dozen aircraft" to assist with medical and security-related evacuations, the company said.

"A disruption will involve hundreds of thousands of people wanting to go from one place to another," Richards said of a terrorist attack. "We have created plans that would create a mechanism for doing that."

Global Rescue's security team, made up of Special Forces veterans, has been involved in the 2006 Winter Olympics in Turin, Italy, and 2010 Winter Olympics in Vancouver, Canada, as well as other major crises, including the Arab Spring and the Fukushima earthquake, but Sochi is unique, Richards said.

"You've got this challenging environment and you've got this geo-political environment," Richards said.

Global Rescue's plans include taking into account the mountains that surround Sochi, and the Black Sea to the west of the city, he said.

"Global Rescue is a great company and we've had a long and productive relationship," USSA spokesman Tom Kelly said in an email. He declined to answer questions regarding security or "any details of our relationship."

U.S. Olympic team officials did not return calls for comment.

Concerns over the safety of the Games have increased in recent weeks, due to an ongoing conflict between Islamic insurgents and Russian security forces in the North Caucasus region, roughly 340 miles from Sochi. A rebel leader has called on his followers to attack the Winter Olympics.

Mark Galeotti, an NYU professor and Russian security expert, said the chances of an attack are higher because of the political dynamic in Russia.

"The games have become such a pet project of (Russian President Vladimir) Putin's. Frankly, the insurgents would suffer a major blow to their morale and credibility if they didn't try to hit the games, whether directly or indirectly," Galeotti said.

Galeotti said he believes Russian authorities — who have committed as many as 63,000 police and military and $2 billion to increase security — will deter a direct attack on the Olympics.

"The greatest risk is probably in other southern Russian cities," Galeotti said. "I doubt the Olympic teams ought to have any special concerns."

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