FINANCE

New PCI Data Security Standards take effect Jan.1, 2014

BY Staff Writer

New York — Version 3.0 of the PCI Data Security Standards (PCI DSS) and Payment Application Data Security Standard (PA-DSS) has been published and will become effective on January 1, 2014.

The PCI Security Standards Council (PCI SSC), a global forum for the development of payment card security standards, published version 3.0 to its website, but version 2.0 will remain active until Dec. 31 to ensure adequate time for organization to make the transition.

The standards are updated every three years based on feedback form the Council’s global members per the PCI DSS and PA-DSS development lifecycle as well as in response to market needs. Version 3.0 will help organizations make payment security part of their business-as-usual activities by introducing more flexibility, and an increased focus on education, awareness and security as a shared responsibility.

Overall, the updates include specific recommendations for making PCI DSS part of everyday business processes and best practices for maintaining ongoing PCI DSS compliance; guidance from the Navigating PCI DSS Guide built into the standard; and enhanced testing procedures to clarify the level of validation expected for each requirement.

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REAL ESTATE

Peter Chang’s to Virginia Beach center

BY Michael Fickes

Virginia Beach, Va. — Peter Chang’s Chinese Bistro has leased a 6,030-sq.-ft. restaurant space at Landstown Commons in Virginia Beach, Va. Divaris Real Estate represented the landlord, Inland Diversified Real Estate, in the transaction. This will be Peter Chang’s sixth location in the region.

Divaris Real Estate is a member of Realty Resources, a national group of independent retail property brokers and managers, covering 91 major markets throughout the U.S. DRE is also the Virginia affiliate for The CORE Network, a national group of office and industrial brokers with affiliates throughout the U.S., Canada, Mexico, Asia and Europe. These organizations represent corporate and institutional clients, tenants and buyers in all aspects of leasing, development, management, sales and acquisitions.

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REAL ESTATE

Retro Fitness and Chipotle sign at West Orange Plaza

BY Michael Fickes

West Orange, N.J. — Retro Fitness and Chipotle have signed long-term leases at West Orange Plaza in West Orange, N.J., according to Levin Management, which represented the landlord in the transaction.

Retro Fitness took 14,115 sq. ft. and was represented by Katz & Associates. Represented by Winick Realty Group, Chipotle leased 2,557 sq. ft.

Anchored by Whole Foods, West Orange Plaza encompasses 283,791-sq. ft. and serves a full-time population of more than 500,000 people within a five-mile radius. The area boasts a median household income of $63,500. Daily traffic count at the mall totals more than 60,600 vehicles.

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