State St. Financial Center sold to Pa. REIT for $889m

The owners of State Street Financial Center, a 36-story office tower in the Financial District, said they have sold the property for $889 million to an affiliate of Fortis Property Group. The sale was disclosed by American Financial Realty Trust, a Jenkintown, Pa.-based real estate investment trust that owned 70 percent of the building. The remaining 30 percent had been held by IPC US Income Real Estate Investment Trust. State Street Financial Center is the headquarters of State Street Corp. (AP)

Boston Scientific Corp., the second-biggest maker of electronic heart devices, reported that implantable defibrillators capable of speeding up two chambers of the heart benefited patients more than those that speed up only one chamber. The study, in the January issue of the journal Circulation, reported on 1,530 patients at 108 hospitals who received special defibrillators that act as part-time pacemakers to maintain healthy blood flow while standing by to restart hearts that stop suddenly. Dual-chamber pacing for heart-failure patients reduced hospitalizations and deaths by one-third compared with single-chamber pacing, Boston Scientific said. (Bloomberg)

A lawsuit was filed Friday against ABB Inc. and Fidelity Management Trust Co., alleging they overcharged employees participating in ABB's 401(k) retirement plan. The lawsuit was filed in the Western District of Missouri on behalf of ABB employees. Attorneys are seeking class-action certification for the case. The suit contends that the 401(k) fees and expenses paid by the plans -- and borne by employees -- are too high and that the companies didn't disclose them properly. "We disagree with many of the factual and legal assertions in the complaint, and we intend to defend the suit vigorously," said Vin Loporchio, a spokesman for Fidelity Investments. (Dow Jones/AP)

Friendly Ice Cream Corp., the ice cream and restaurant chain, said Western Sizzlin Corp. chairman Sardar Biglari rejected an offer of two board seats extended to prevent a proxy fight. The offer came with the condition that Biglari not solicit votes from shareholders for additional seats or other actions not recommended by the board, Wilbraham-based Friendly said in a statement. (Bloomberg)

Digital imaging equipment maker Presstek Inc., of Hudson, N.H., said it discontinued its Precision Analog plate business as of Friday. Presstek closed the business, which provided metal plates used in newspaper production, after an acid spill in November forced 80 households to evacuate. Chief executive Edward Marino said the company wants to focus its resources on expanding its digital technology business. Presstek expects $7.14 million in charges in the fourth quarter because of the closing. Presstek said 27 jobs would be lost at its South Hadley facility. (AP)

Mortgage Lenders Network USA Inc. became the third company in a month to stop issuing some loans as US housing sales slowed and defaults by borrowers rose. The company said it will temporarily discontinue wholesale lending operations. The Middletown, Conn., company is "involved in strategic negotiations with several Wall Street firms" about the wholesale unit, which consists of a network of independent mortgage brokers that bring in loan requests. Lenders including Ownit Mortgage Solutions Inc. and Sebring Capital Partners LP, which also specialize in "subprime" mortgages, were among companies that closed operations and cut staff in 2006. (Bloomberg)

The Philadelphia Inquirer began a round of long-expected layoffs amid a drop in circulation and ad revenue. Several reporters at the Inquirer, Pennsylvania's largest newspaper, said they were told their jobs were being eliminated. In all, 68 newsroom employees were expected to be laid off, company spokesman Jay Devine said. The Inquirer and the Philadelphia Daily News were sold by Knight Ridder to McClatchy Co. in March. McClatchy sold the Philadelphia papers three months later to investment group Philadelphia Media Holdings. Layoffs were not expected at the Daily News. (AP)