embraced by many in the tech industry. “This is what happens when you work to change things,” she said in a TV interview. “First they think you’re crazy, then they fight you, and then all of a sudden you change the world.”

In the years since Theranos collapsed, more tech start-ups have followed its strategy of looking outside the small network of Sand Hill Road venture capital firms for funding. Start-ups are raising more money at higher valuations, and deal-making has accelerated. Mutual funds, hedge funds, family offices, private equity funds and megafunds like SoftBank’s Vision Fund have rushed to back them.

Mr. Salehizadeh said Silicon Valley’s shift to a focus on fund-raising over all else was one reason he had left to set up a private equity firm on the East Coast. The big money brought more glitz to tech start-ups, he said, but it had little basis in business fundamentals.

“You’re always left feeling like either you’re an idiot or you’re brilliant,” he said. “It’s a tough way to be an investor.”

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Waterford and CSCDA Expand into San Diego County with Acquisition of Three Escondido Multifamily Properties as part of Essential Housing Program, Lowering Rents for Qualified Residents

NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Waterford Property Company (Waterford) in partnership with the California Statewide Community Development Authority (CSCDA), a joint powers authority, has announced the acquisition of three Escondido multifamily properties, including:

Waterford and CSCDA acquired the properties for $157 million from Lyon Living, the original owner and developer. Kyle Pinkalla of Northmarq represented the seller.

Upon taking ownership, Waterford, as project administrator for the property, and CSCDA will immediately lower rents for qualified new residents making between 80 to 120 percent of the area median income (AMI) under CSCDA’s workforce housing program. This program was created in response to a serious shortage of affordable workforce housing for those that have been termed the “missing middle,” individuals and families that earn too much to qualify for traditional affordable housing, but not enough to afford market rate rents in the communities where they work. As part of this program, annual rent increases are capped at no more than four percent and existing tenants that do not meet the income restrictions can remain in place until they elect to leave.

“When we look at the essential housing portfolio we’ve built this past year, we can see how powerful this program can be in bringing housing affordability to the missing middle demographic. With this program, Waterford is making a real difference in the lives of the state’s teachers, government employees, military, and first responders, among others, who can now stay housed in the communities where they work and serve,” said Sean Rawson, co-founder, Waterford Property Company. “The timing of this essential housing program is critical, as it provides immediate savings at a time when market rate rents across the state continue to rise.”

Average in-place rent across this Escondido portfolio per unit are currently $2,800. As part of this essential housing program, average per unit rent with the new rent restrictions in place will be $2,459. With this program, residents of these three Escondido communities will realize an average discount to current in-place rents of 12.2 percent and a discount to market rate rents of 13.8 percent.

Escondido Councilmember Consuelo Martinez commented that, “Middle income housing is something that doesn’t get built in our state and it’s highly needed.” She further shared, “What is important for me is ensuring that Escondido residents can stay living in Escondido and that rents don’t continue to skyrocket.”

The Escondido City Council unanimously approved the program during its October 28, 2021 City Council meeting.

“We’re seeing double digit rent growth throughout San Diego County in 2021. For example, market area rents in this region have grown 4.5 percent per year over the last five years. Rents even rose in 2020 despite COVID, rising 2.4 percent, which underscores the strength of North San Diego County,” added John Drachman, co-founder, Waterford. “This is a vital solution to countering the rising cost of housing in California, which is why many of the cities we are working with are now adding more properties to this essential housing program.”

With this portfolio acquisition, Waterford now administers 15 communities in Southern California that have been converted from market rate to essential housing bringing its portfolio to 4,014 units and over $2.4 billion of tax-exempt bond issuances, confirming the firm as the most active sponsor in CSCDA’s middle income housing program in California.

Waterford Property Company is a diversified real estate investment and development company with an established track record in the acquisition and development of over $2 billion in multifamily and commercial properties. Its expertise includes developing mixed-use multifamily projects throughout California, developing and investing in affordable housing and repositioning existing commercial properties. It is led by its co-founders John Drachman and Sean Rawson. For more information, visit www.waterfordco.com.

CSCDA is a joint powers authority founded by the League of California Cities and the California State Association of Counties in 1988 to enable local government and eligible private entities access to low-cost, tax-exempt financing for projects that provide a tangible public benefit, contribute to social and economic growth and improve the overall quality of life in local communities throughout California. CSCDA is comprised of more than 530 cities, counties and special districts, and has issued more than $65 billion through 1,700 plus transactions across its diverse public benefit financing programs. For more information, visit www.cscda.org.

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Digital Currency Group and Jamestown Partner to Bring One Times Square to the Decentraland Metaverse

NEW YORK–(BUSINESS WIRE)–Digital Currency Group (DCG), the most active investor in the blockchain and digital assets industry, and global real estate firm Jamestown today announced a joint partnership to recreate One Time Square in Decentraland, the leading decentralized virtual world.

DCG is one of the largest owners of digital real estate (“LAND”) in Decentraland. Jamestown is the owner of One Times Square, which is the site of the New Year’s Eve Ball Drop Celebration.

Simon Koster, DCG’s Head of Real Estate, stated, “The metaverse is quickly evolving to bring together the most interesting and alluring parts of our favorite physical places around the world. From destinations, to gaming, education, retail and more, we can expect the metaverse to revolutionize our current online experience. This event highlights how virtual events can cohesively integrate with real ones in an effort to bring once-in-a-lifetime experiences to so many that would have never been able to participate otherwise.”

The future of real estate is the thoughtful integration of the virtual and physical worlds, optimized for user experience,” said Michael Phillips, President of Jamestown. “The metaverse is an important part of the evolution of real estate and the built environment. Whereas physical real estate is largely limited to people with geographic proximity, the metaverse can give people around the world meaningful access to places through immersive virtual experiences. Recreating One Times Square in the Decentraland metaverse is part of a larger digital asset strategy to evolve and enhance our physical real estate for Web 3.0 and open new pathways for our assets to exist in multiple metaverses in the future.”

The Decentraland community is ready for this perfect capstone to an incredible year,” said Fede Molina on behalf of the Decentraland Foundation. “We can’t wait to ring in 2022 with friends all over the world and show off how far our ecosystem has come. The partnership between Jamestown and DCG to develop One Times Square embodies the beauty of Decentraland: brands and builders bring their diverse assets and ideas to our virtual world, and, in so doing, enrich the experience for all.”

The Party

The virtual One Times Square (-106, -119) will launch in Decentraland on New Year’s Eve with the MetaFest 2022 global party featuring music and entertainment acts, rooftop VIP lounges, CryptoArt galleries, and immersive games. Live feeds of the real-world Times Square and virtual Zoom parties will stream on digital billboards, bringing global partygoers together in the metaverse to celebrate the New Year.

Official programming will begin at 11:00 p.m. EST and continue into the early hours of 2022.

CoinDesk, the leading crypto media and events company, will debut year-in-review video content in its auditorium (-103, -120) and broadcast interviews with people on its “Most Influential” list. Partygoers who visit the space can claim QR codes for discounted tickets to Consensus, the annual crypto festival, taking place in Austin in June 2022.

The Build

Leading metaverse development firms GrowYourBase and MetaVenture Studios were engaged to construct and operate the virtual One Times Square in Decentraland. It is the first high-rise build in Decentraland and includes the recreation of the physical asset’s digital signage and New Year’s Eve Ball.

In addition to the One Times Square building, the build area, which spans approximately 170 LAND parcels, includes five buildings, each with distinct exteriors and activated interiors.

The Metaverse

Decentraland is a decentralized metaverse; anyone can enter as an avatar and purchase LAND and other in-world goods with Decentraland’s native MANA currency. It launched publicly at the start of 2020 with events starting in 2021. Since its launch, Decentraland has attracted celebrities like DeadMau5, 3LAU, and Paris Hilton to headline its virtual festivals. In 2021, Decentraland saw a 15x increase in daily active users.

The History

MetaFest 2022 is the latest chapter in a long history of New Year’s Eve celebrations focused on Times Square. Revelers began celebrating New Year’s Eve in Times Square in 1904, and the New Year’s Eve Ball made its debut atop One Times Square in 1907. Over a century later, it is still the focal point of New Year’s Eve celebrations around the world.

Today, hundreds of thousands of people typically attend the real-life Times Square New Year’s Eve Celebration each year, while more than 1 billion people worldwide view one of the many live broadcasts of the festivities. People also can experience New Year’s Eve in Times Square through VNYE, an immersive virtual experience launched by Jamestown in 2020. Through the VNYE app and vnye.com, which reached more than 3.7 million people in its inaugural year, people can explore Times Square, play games, and livestream New Year’s Eve celebrations in Times Square and around the world.

About Digital Currency Group

Founded in 2015 by CEO Barry Silbert, DCG is the most active investor in the blockchain sector, with a mission to accelerate the development of a better financial system through the proliferation of digital assets and blockchain technology. Today, DCG sits at the epicenter of the industry, backing more than 200 blockchain-related companies in over 35 countries. DCG also invests directly in digital currencies and other digital assets. In addition to its investment portfolio, DCG is the parent company of Genesis (a global digital asset prime brokerage), Grayscale Investments (the world’s largest digital currency asset manager), CoinDesk (a leading financial media, data, and information company), Foundry (a leader in bitcoin mining and staking), Luno (a leading cryptocurrency platform with a large international footprint), and TradeBlock (an institutional trading platform).

About Jamestown

Jamestown is a global, design-focused real estate investment and management firm with a 38-year track record and mission to create places that inspire. Since its founding in 1983, Jamestown has executed transactions in excess of $35 billion. As of September 30, 2021, Jamestown has assets under management of $13.1 billion and a portfolio spanning key markets throughout the U.S., Latin America, and Europe. Jamestown employs more than 400 people worldwide with headquarters in Atlanta and Cologne, and offices in Amsterdam, Bogotá, Boston, London, Los Angeles, Madrid, Milan, New York, San Francisco, and Washington. Current and previous projects include One Times Square and Chelsea Market in New York, Industry City in Brooklyn, Ponce City Market in Atlanta, Ghirardelli Square in San Francisco, the Innovation and Design Building in Boston, and Groot Handelsgebouw in Rotterdam. For more information, visit www.jamestownlp.com.

One Times Square Decentraland Press Experience

We will be hosting a private, guided walk-through of the development for members of the press prior to the launch event. On New Year’s Eve, members of the press are invited to join our teams in the private gallery for a special viewing of the Ball Drop Celebration.

Please contact Media@jamestownlp.com or press@dcg.co to register your interest.

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