PHOENIX- For the first time in its 162 year history, Massachusetts Mutual Life Insurance Company (MassMutual) has established a corporate presence in the western United States to better serve its policyowners and customers.

The company officially opened its Phoenix, AZ, location today with a special event attended by company, government, and community officials. The 11001 North Black Canyon Highway location houses employees of the company’s U.S. Insurance and Retirement businesses, as well as enables the geographic expansion of the company’s customer service operations.

MassMutual occupies nearly 60,000 square feet of the office space in the 26-year-old building. The new location diversifies the company’s U.S. footprint, allowing for enhanced service to all U.S. policyowners and customers while further mitigating operational risks.

MassMutual plans to employ approximately 400 people at the Phoenix location by the end of 2014. A variety of professional financial services roles will be offered including customer service, sales, operations, underwriting, claims, and technology opportunities.

“This is an exciting time for MassMutual as we continue to grow and rise to the challenge of helping more people secure their future and protect the ones they love,” said Michael Fanning, Executive Vice President and head of the company’s U.S. Insurance business. “Phoenix is the right location to enable us to provide exemplary service to all financial professionals, policyowners, and customers – regardless of where they live.”

The company’s U.S. Insurance business includes the development, marketing, distribution, and servicing associated with MassMutual’s core whole life insurance product and its comprehensive portfolio of insurance and accumulation products sold in the U.S.  It also includes the technology, compliance, and finance functions associated with those products, which include life insurance, disability income insurance, long term care, and annuities.

MassMutual’s Retirement Services business will build on an existing Phoenix team acquired through the company’s recent purchase of The Hartford’s Retirement Plans business. The Hartford Retirement Plans business had a team of 70 employees in the area before the acquisition closed on Jan. 1, 2013.

“The beauty of this transition is that we already have established relationships and expertise in the Phoenix area,” said Elaine Sarsynski, Executive Vice President and head of the company’s Retirement Services business.  “Our move to this facility and the integration of additional MassMutual business lines in Phoenix has been a major undertaking, and it would not have been possible without the help and cooperation of numerous people – from public officials to employees to contractors – who worked hard to help us meet our business needs.”

MassMutual’s Retirement Services business offers a full range of products and services for corporate, union, nonprofit and governmental employers’ defined benefit, defined contribution, and nonqualified deferred compensation plans.

In addition to the corporate presence in Phoenix, MassMutual has long served the greater Phoenix area locally with MassMutual Arizona, one of its 82 agencies across the country. The Scottsdale field office, run by General Agent Jeff Dollarhide, has helped to financially protect more than 25,000 clientslocated throughout Arizona and parts of New Mexico since 1953.

In order to provide additional support to the community in 2010, MassMutual opened another office in Scottsdale – Integrated Financial Strategies – run by General Agent Vlasta Duffy.

Both general agencies are active in their communities, supporting organizations like Junior Achievement and working with area non-profits to offer MassMutual’s Lifebridge program, a free term-life insurance program for eligible families designed to help protect children’s educational aspirations. MassMutual will be the title sponsor for the 2013 Junior Achievement Stock Market Challenge in the greater Phoenix area, an event that brings financial literacy and life skills to thousands of young people across the region.

“MassMutual is excited to build upon these relationships with the community and contribute to the well-being of Phoenix citizens going forward,” said Michele White, Vice President of Client Services and site lead for MassMutual’s U.S. Insurance business in Phoenix.

In addition to its Phoenix move, MassMutual is also in the midst of an over $80 million construction and renovation plan at its Springfield, Mass., headquarters and Enfield, Conn., location, reaffirming its commitment to economic growth and development in those regions.  That project is expected to be completed by 2014.

For more information, visit https://www.massmutual.com/ or find MassMutual on Facebook, Twitter, LinkedIn, YouTube and Google+.

PHOENIX, AZ – Cushman & Wakefield announced Gregory B. Valladao, Senior Director of Cushman & Wakefield’s Retail Capital Markets Group, has been named Senior Managing Director and Market Leader of the company’s Phoenix operations. In his new role, Mr. Valladao will oversee the firm’s overall business objectives, day-to-day activities, and strategic growth initiative for the Phoenix market.

Valladao, who has been active in the Phoenix commercial real estate market for more than 15 years, has been with Cushman & Wakefield of Arizona since May 2011. He has been involved in the development, purchase and sale of more than 110 commercial properties totaling more than nine-million-square-feet valued at more than $1.15 billion.

Mr. Valladao currently advises institutional clients on site analysis, underwriting, acquisition and disposition for retail shopping centers and commercial land. He will assume his new management role with the company at the end of this month.

“I am delighted to announce Greg’s promotion from within our own ranks to lead Cushman & Wakefield’s Phoenix organization,” said Jim Underhill, CEO of the Americas for Cushman & Wakefield. “He exudes our entrepreneurial and collaborative culture and has demonstrated the leadership skills to leverage our competitive strength and execute on our strategic growth plan for the region.”

Valladao has spent more than 30-years developing his extensive retail, sales, management and legal experience to become one of Arizona’s most well-respected real estate executives.

His business background includes the roll out of Bartles & Jaymes Wine Coolers with Gallo Sales Company in San Francisco and more than six years at Apple Computer in Cupertino, Calif. Valladao also practiced law at the Phoenix firm of Jones, Skelton & Hochuli and spent more than 10-years at the former Grubb & Ellis | BRE Commercial, where he was a perennial Top 10 Producer and was a Circle of Excellence Award winner.

“I am truly excited about the opportunity,” Valladao said. “The Cushman & Wakefield brand is second to none in the industry and we have a talented team of professionals in Phoenix working together every day to ensure we are exceeding our clients’ expectations. I look forward to bolstering our presence in the market as we continue to provide the most creative and innovative services on a consistent basis, adding meaningful value for our clients.”

Valladao earned his Bachelor of Arts degrees (double majors, Political Science and History) from Tulane University and his Juris Doctorate from the University of Arizona College of Law.

Valladao should be contacted at (602) 229-5907.

Business Buzz  is designed to give news snippets to readers that our (yet to be award winning) editors thought you could use to start your day. They come from various business perspectives, real estate, government, the Fed, local news, and the stock markets to save you time. Here you will find the headlines and what the news buzz for the day will be.

The Dow Jones industrial average ended the day down two points, or 0.01%, to 15,371.65. The Standard & Poor’s 500 index rose 11.61 points, or 0.7%, to close at 1,733.15 — a record close. The NASDAQ composite closed up 23.71 points, or 0.6%, to 3,863.15. Benchmark crude for November delivery slid as low as $100.03 before recovering a bit to close with a loss of $1.62, or 1.6%, to $100.67 a barrel on the New York

SHUTDOWN EMBARASSING BUT DAMAGE WON’T LAST
WASHINGTON – It’s going to take a lot more political bungling to do any permanent damage to America’s reputation or wreck its financial markets. The U.S. government’s partial shutdown and a near-miss with a debt default were a worldwide embarrassment that distracted political leaders and likely slowed the economy. Yet the world still runs on U.S. dollars. Foreign investors still see Treasury debt as the safest place to put their money. And foreign companies still view the United States as an ideal place to do business.

STONE CANYON DONUT HOLE APPROVED FOR 36-LOTS
Oro Valley, AZ – The Oro Valley Town Council, last Wednesday unanimously approved a conceptual plan for Stone Canyon Enclave, a medium density residential 36-lot single family subdivision in the Rancho Vistoso Planned Area Development. Fairfield Homes (Dave Williamson, managing member) handled the plan review. Jim Vincent and Mike Carlier of the Carlier Company brokered the transaction.

AVERAGE US 30-YEAR MORTAGE RATE AT 4.28 %
WASHINGTON – Average U.S. rates on fixed mortgages rose slightly this week, staying near three-month lows. Rates could fall next week now that lawmakers reached a deal to avert a possible government debt default and reopen the federal government. Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan increased to 4.28% from 4.23% last week. The average on the 15-year fixed loan edged up to 3.33% from 3.31%. Mortgage rates began falling last month after the Federal Reserve held off slowing its $85-billion-a-month in bond purchases. The bond buys are intended to keep longer-term interest rates low, including mortgage rates. And rates stayed relatively low during the 16-day partial government shutdown.

SUN LINK ON TRACK TO START CARRYING RIDERS NEXT SUMMER
TUCSON – Tests of the City’s first modern streetcar vehicle have gone well, according to TDOT officials. Tests of the second vehicle, delivered yesterday morning, are expected to begin next week. Delivery of a third vehicle is expected next month. All eight vehicles must be delivered and complete a comprehensive series of tests before the line can become operational. Project manager Joe Chase says the line is still on schedule to begin operating next summer.

SUGGESTION OF INTERSTATE BYPASSING TUCSON DRAWS CONCERNS
TUCSON – At an ADOT hearing on Interstate 11 last week, residents voiced opposition to a proposed route that would bypass Tucson through the Avra Valley area, west of the Tucson Mountains. The proposal has prompted one area resident to launch a petition against the proposal, which has now been signed by about 700 people. Russell Lowes, energy chairman for the Sierra Club Rincon Group, says the proposed bypass will lead to urban sprawl next to Saguaro National Park. “It would create new areas of population, destroying wild areas that don’t need to be developed at this point,” he said. Supporters of the plan include Pima County Administrator Chuck Huckelberry and TREO CEO Joe Snell. “That interstate will move goods and services from Mexico,” says Snell. “It allows Tucson to really play as an inter-modal facility, to further transfer those goods whether they be by rail, by truck or by air cargo to different places in the United States.”

PARTIAL GOVERNMENT SHUTDOWN PINCHED THE CORNERS OF US ECONOMY
WASHINGTON – The full economic effect of the 16-day partial government shutdown will take months to tally. But it’s already clear it left its footprints in key areas of the economy. Spending at chain retail stores fell 0.7% last week. Mortgage applications dropped 5%. Auto sales slumped about 2%. According to Beth Ann Bovino, an economist at Standard & Poor’s she’s cut her forecast for growth in the October-December quarter to a 2.4% annual rate from an earlier estimate of 3%. Other economists have also downgraded their outlooks.

AS US DEMOGRAPHICS GOES, SO GOES THE MENU
MIAMI – Salsa overtaking ketchup as America’s No. 1 condiment was just the start. These days, tortillas outsell burger and hot dog buns; sales of tortilla chips trump potato chips; and tacos and burritos have become so ubiquitously “American,” most people don’t even consider them ethnic. Welcome to the taste of American food in 2013. As immigrant and minority populations rewrite American demographics, the nation’s collective menu is reflecting this flux, as it always has. And it goes beyond the mainstreaming of once-esoteric ethnic ingredients, something we’ve seen with everything from soy sauce to jalapenos. This is a rewrite of the American menu at the macro level, an evolution of whole patterns of how people eat. The difference this time? The biggest culinary voting bloc is Hispanic.

FINANCE DEPARTMENT TO OFFER FREE TAX AND LICENSE WORKSHOPS
TUCSON – Over the next two weeks, the City of Tucson’s Finance Department will conduct workshops to help current and prospective holders of Transaction Privilege Tax (sales tax) licenses understand their rights and responsibilities. Separate workshops will be held for retailers and contractors. These workshops are free and open to the public.

GOOGLE’S 3Q EARNINGS RISE 36%, STOCK SURGES
SAN FRANCISCO – Google’s earnings climbed 36 per cent despite a deepening slump in its average ad prices as advertisers purchase a growing number of cheaper commercial pitches to reach people who connect to its search engine and other services on mobile devices. The results released Thursday exceeded the analyst projections that steer investors. Google’s stock surged by more than 6 per cent after the numbers came out. Google Inc. earned nearly $3 billion, or $8.75 per share, during the three months ending in September. That compared to income of $2.2 billion, or $6.53 per share, at the same time last year.

US UNEMPLOYMENT AID APPLICATIONS DROP TO 358,000
WASHINGTON – Applications for US unemployment benefits dropped 15,000 to a seasonally adjusted 358,000 last week, though the figure was distorted for the second straight week by California’s efforts to clear backlogged claims. The partial government shutdown also likely boosted the total, as government contractors and other businesses furloughed employees. The Labor Department says the less volatile four-week average rose 11,750 to 336,500. Applications have jumped in the past two weeks, distorted by computer upgrades in two states and the 16-day shutdown. Prior to those unusual factors, claims had reached pre-recession levels, a sign that companies are cutting very few workers.

SAHUARITA’S GROWTH PLANS TO BE DISCUSSED AT TWO PUBLIC MEETINGS NEXT WEEK
TUCSON – Representatives of the Town of Sahuarita will discuss the town’s general plan, streets plan and conceptual annexation plan at two open-house meetings next week. The annexation plan is being drawn up by a committee of staff workers and consultants. The idea is to add roughly 60 square miles of state land to the town limits over time. Sahuarita officials want to have land uses and streets for the new area outlined in the town’s next general plan, which is due in July 2015.