Washington Headlines Archive
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Loudoun County has been the fastest-growing jurisdiction in Virginia seemingly forever, and that means topping the occasional milestone. The latest: 400,000. The county’s recently released Comprehensive Annual Financial Report for fiscal year 2018 pegs Loudoun’s 2018 population at 402,561, a mark only seen in the commonwealth in Fairfax and Prince William counties and Virginia Beach. Loudoun’s population is up 29 percent since 2010, and 137 percent since 2000. … Read more at WTOP.
Jay Fisette and Roger Berliner Launch DMV Strategic Advisors
Jay Fisette and Roger Berliner worked together on occasion as Arlington County Board chair and Montgomery County Council chair, respectively. Now they’re in business together. The duo has launched a for-profit consulting firm, DMV Strategic Advisors LLC, that specifically targets local governments, nonprofits and the businesses operating in Greater Washington. … Read more at the Washington Business Journal.
New York Fintech Firm Paygevity Selects Baltimore for Second Location
Paygevity Inc., a company led by a team of Wall Street veterans and tech commercialization specialists, is searching for a city office to call its second home. Louis A. Young, the company’s president and a Baltimore native, said Paygevity is planning to build up its software development team here, and hire up to 50 employees to staff the new headquarters. … Read more at the Baltimore Business Journal.
WeWork Opens First College Campus Location at UMCP
WeWork is officially in Maryland. The coworking giant said Monday that it opened a new location at the University of Maryland College Park. It’s the first WeWork to be located on a college campus. … Read more at Technical.ly Baltimore.
The site of Virginia’s first Harris Teeter grocery store, across the street from a large-scale mall redevelopment, has been tapped for a major mixed-use project. An affiliate of Augusta, Georgia-based Southeastern, partnering with Harris Teeter, has filed plans with Arlington County for a 685-unit development at 600 North Glebe Road in Ballston, the Washington Business Journal reports. … Read more at BisNow.
AT&T Awards $1 Million to Urban Alliance to Expand Internships
AT&T is giving companies a financial boost, and a D.C.–based national youth development nonprofit is among those receiving funds. In celebration of its philanthropic initiative called AT&T Aspire, AT&T awarded Urban Alliance with $1 million to expand the nonprofit’s internship and job reach in D.C. and Virginia. … Read more at Technical.ly DC.
Silver Spring’s CuriosityStream Raised $114.6 Million in Funds
The documentary streaming service CuriosityStream has raised more than $114.6 million, according to new Security and Exchange Commission filings. The Silver Spring-based service, which boasts more than 2,000 shows and documentary films as well as original programming, was launched by Discovery Communications Inc. founder John Hendricks in 2015. … Read more at the Washington Business Journal.
The Evolution of The Office Kitchen
When commercial real estate firm JLL chose its new D.C. headquarters at 2020 K St. N.W. last year, it wanted the 72,000-square-foot space to be a more efficient workplace for employees that created a sense of unity and teamwork, and an internal cafe was part of the plan. … The office kitchen in the D.C.-area is increasingly not just a Mr. Coffee and vending machine, and amenity-rich work places are no longer confined to just high-paying tech companies and law firms. … Read more at WTOP.
On Tuesday, the D.C. Council voted 8–4 to collect sales taxes from the vast majority of out-of-state online retailers, starting on Jan. 1. The move is expected to produce millions of dollars in new tax revenue a year. The lion’s share of that revenue will go toward lowering the tax rate for commercial properties assessed at over $10 million. … Read more at Curbed Washington DC.
Meridian Partners with WeWork to Acquire D.C. Office Building for $136.5 Million
The Meridian Group, through a joint venture with affiliates of WeWork Property Advisors, acquired 1333 New Hampshire Ave. NW in Dupont Circle from Boston Properties for $136.5 million. The 350,000-square-foot building is 84 percent leased by law firm Akin Gump Strauss Hauer & Feld, which is relocating to a new headquarters after 25 years at the current address. … Read more at WTOP.
JPMorgan Investing $6 Million in Regional Tech Education
JPMorgan Chase & Co. will donate $6 million to five of the region’s larger school districts to help expand the pipeline of students studying technology-related fields and connect them with higher-paying jobs. The fresh money is part of the company’s “New Skills for Youth” program and will support the development of new educational initiatives … Read more at the Baltimore Business Journal.
Cybersecurity Company G2 Acquired by Huntington Ingalls
Maryland cybersecurity company G2, Inc. was acquired by shipbuilding company Huntington Ingalls Industries, according to the companies. G2, based in Annapolis Junction, will join the technical solutions division of Huntington Ingalls. While known for building ships, the Newport News, Va.–based company also has a 5,000-employee professional services business that it is seeking to expand. … Read more at Technical.ly Baltimore.
The Hilton Garden Inn that sits three blocks from the White House has just sold for $427,000 per room. Xenia Hotels & Resorts announced last week it sold the 300-room hotel for $128 million to an undisclosed buyer. The sale has not been posted in the D.C. Recorder of Deeds as of Tuesday. … Read more at BisNow.
Vantage Data Centers Closes $225 Million Round
Wholesale data center services provider Vantage Data Centers closed on a $225 million debt financing for growth and expansion plans in its three markets: Northern Virginia, Silicon Valley and Quincy, Wash. Vantage has seven operational data center facilities, and two additional facilities under construction. … Read more at Technical.ly DC.
COMMERCIAL REAL ESTATE
Residential Complex Proposed for Old Fells Point Ice Cream Factory
A former Italian ice cream factory in Fells Point could soon be razed to make way for a five-story, 31-unit apartment building. The Tutti Frutti wholesale ice cream factory at 520 S. Caroline St. was founded in 1950 by Italian immigrant Ernest DiNenna after he had saved enough money selling 1-cent cups of Italian ice in Baltimore. … Read more at the Baltimore Business Journal.
Rockville Biotech Company to Relocate HQ, Double in Size
Rockville, Maryland-based biotechnology company REGENXBIO will relocate to a larger headquarters and research facility, and double its workforce again, within five years. The company currently has about 150 employees, and with several gene therapy trials underway, will expand to a larger laboratory and research space at 9800 Medical Center Drive in Rockville. … Read more at Washington’s Top News.
In an effort to foster more innovation and entrepreneurship, Fairfax County has made a $1 million investment into the expansion of a NoVa coworking space. The $1 million investment into Reston, Va.–based Refraction was approved as an economic development support fund at the Fairfax County’s Board of Supervisors meeting on Nov. 20. … Read more at Technical.ly DC.
Revolution Investment Group Raising $200 Million Fund
D.C. investment group Revolution, led by AOL founder Steve Case, is raising a $200 million fund for its Revolution Ventures arm, according to SEC filings. Revolution Ventures’ previous fund ended up raising $200 million, leading to investments in D.C.-based custom framing startup Framebridge Inc. and Bethesda real estate startup Homesnap Inc. … Read more at American Innovation.
Lyft Completed its Acquisition of Capital Bikeshare
Ride hailing company Lyft, which recently jumped into the dockless electric scooter business in D.C., has completed its planned acquisition of Motivate, the company that operates the city’s long-established public docked bike operator Capital Bikeshare. The deal was first announced in July. … Read more at Washington’s Top News.
Pepplebrook and LaSalle Complete $5.2 Billion Merger
The nine-month-long saga between two Bethesda-based lodging REITs has officially come to an end, with Pebblebrook Hotel Trust completing its acquisition of LaSalle Hotel Properties. Pebblebrook announced the closing of the $5.2 billion merger Friday, along with the sale of five properties totaling $821 million. Read more at BisNow.
Carroll Hospice Files Plans for $1.8 Million Expansion
A hospice facility in Westminster is seeking state approval for a $1.8 million expansion project, in preparation for the expected growth in need among Carroll County’s aging population. Carroll Hospice recently filed a certificate of need with the Maryland Health Care Commission, detailing the planned expansion at its 292 Stoner Ave. … Read more at the Baltimore Business Journal.
Previous Weeks Headlines
COMMERCIAL REAL ESTATE
Foreign capital is continuing to drive D.C.’s investment sales market with the latest office building trade near Thomas Circle. German investment firm Deka Immobilien acquired 1100 Vermont Ave. NW, a 68,000-square-foot boutique office building, for $41 million, or roughly $603 per square foot. … Read more at BisNow.
Local Startups Raised $92 Million in Capital This Month
In November, 12 D.C.-area startups raised at least $92 million in capital, nearly double October’s $50 million haul. Topping the list was Hanover, Md. cybersecurity startup Dragos, which landed a $37 million Series B round and tripled its overall funding total. … Read more at American Innovation.
RightEye LLC Aims to Raise $3 Million
Bethesda-based RightEye LLC is looking to raise $3 million. The health technology company is halfway to securing that financing, per a recent Form D, after earning Food and Drug Administration approval for its eye-tracking product last month. … Read more at the Washington Business Journal.
Georgetown Hosts Second Annual Pitch Competition for Entrepreneurs
Georgetown Entrepreneurship hosted its second annual Leonsis Family Entrepreneurship Prize “Bark Tank” pitch competition on Nov. 28, where eight university students and alumni pitched their business ventures for a chance to win a share of the $100, 000 in cash prize. … Read more at Technical.ly DC.
NFP’s Chief Compliance Officer, Associate General Counsel Suzanne Spradley and Deputy Chief Compliance Officer of Benefits Compliance and Vice President Chase Cannon explain how the results of the last midterm elections may impact your business. Listen at NFP Benefits Compliance Podcast.
Google Acquires Baltimore-Based Workbench Education
Baltimore edtech startup Workbench Education was acquired by Google, the companies said. Workbench’s platform aims to offer a central place to find lessons centered around project-based learning, which involves hands-on problem-solving. … Read more at Technical.ly Baltimore.
COMMERCIAL REAL ESTATE
Three Baltimore Properties Get Historic Tax Credits from State
Five applications — three for properties in Baltimore — were awarded more than $9 million in state historic tax credits Thursday. Among the projects is a redevelopment of the dilapidated American Ice Co. at 2100 W. Franklin St., a restoration of the historic Seventh Metro Church at St. Paul Street and North Avenue and a redevelopment of the Emerson Mansion on North Eutaw Street. … Read more at the Baltimore Business Journal.
Catholic Charities Plans Massive Solar Panel Project
Catholic Charities of the Archdiocese of Washington has submitted plans for what will be one of, if not the, largest solar arrays in D.C., in an effort to cut its energy costs and fund improvements to its facilities. The project, to be located on 14 acres surrounding the Gift of Peace House and convent at 2800 Otis St. NE in Woodridge, will involve the installation of 4,778 solar panels … Read more at the Washington Business Journal.
RESIDENTIAL REAL ESTATE
Saul Centers Plans Mixed-Use Bethesda Project
A 250-foot-tall multifamily building has just been proposed across from the future Purple Line stop in Downtown Bethesda. Saul Centers filed plans for a 390-unit residential building with 11,000 square feet of retail on the site at 7316 Wisconsin Ave. NW, UrbanTurf reports. … Read more at BisNow.
COMMERCIAL REAL ESTATE
Brookfield Office Properties is cashing out of a Rosslyn office asset as it turns its attention to large-scale, mixed-use developments. The firm sold the office buildings at 1550 and 1560 Wilson Blvd. in Rosslyn to a high net worth individual for $102.5 million in a deal that closed last week. … Read more at BisNow.
Virginia Hospital Center Plans Expansion
The Arlington County Board voted three to two in favor of approving a yearslong plan by Virginia Hospital Center to expand its Arlington campus. Virginia Hospital Center plans to build a new outpatient building and parking garage on a 5.6-acre site on North Edison Street that it will buy from the county under the terms of a 2015 land purchase agreement. … Read more at Washington’s Top News.
MPower Financing Lands $10 Million in Funding
District student loan startup MPower Financing has locked down $10 million in new funding and a $100 million credit facility it can use to make fresh loans, according to the company. The funding round will boost the company’s marketing and hiring and help propel it into a new 11,000-square-foot headquarters near Dupont Circle next June … Read more at the Washington Business Journal.
Fintech Startup Closes Seed Funding Round with $515,000
Flightpath Finance, a startup which offers a financial planning platform that’s designed to help tech companies, raised $515,000 in seed funding, said Jaakko Piipponen, the company’s Baltimore-based cofounder and CEO. The fundraising round was led by Active Capital, with participation from Alamo Angels and angel investors. … Read more at Technical.ly Baltimore.
RESIDENTIAL REAL ESTATE
Zahlco Development Plans $12 Million Apartment Building in Ridgely’s Delight
Zahlco Development is planning a five-story, 50-unit apartment building at 719-725 W. Pratt St. in Ridgely’s Delight. The $12-million project incorporates several existing buildings along with a vacant lot that Zahlco is purchasing from the University of Maryland, Baltimore and University of Maryland Medical Center. … Read more at SouthBMore.
Virginia Tech has announced plans to complement Amazon’s new Northern Virginia offices with a $1 billion investment of its own just a couple miles down the road. The university plans to build a 1 million-square-foot, technology-focused campus in Alexandria as part of a higher-education package that was part of Amazon’s selection of Virginia for a new headquarters. … Read more at American Innovation.
Insight Venture Partners to Acquire Interfolio
District-based Interfolio, which makes software for college and university faculty members, is set to be acquired by Insight Venture Partners. Interfolio did not disclose terms, but a source familiar with the deal said the price was set at more than $110 million. … Read more at the Washington Business Journal.
Cybrary to Relocate from Greenbelt to College Park
Maryland cybersecurity training startup Cybrary is planning to move its headquarters from Greenbelt to College Park and is looking to hire, according to cofounder Ryan Corey. The three-year-old company is currently headquartered in a 3,500 sq. ft. space in Greenbelt. … Read more at Technical.ly DC.
NIH Awards $3.9 Million to Maryland Researchers for HIV Treatment
A team of Maryland researchers is leading an effort to develop a new HIV treatment that harnesses the body’s immune system to fight disease. …The National Institutes of Health recently awarded a $3.9 million grant to develop the immunotherapy treatment for HIV-1, which is one of the most common viruses that causes AIDS. … Read more at Technical.ly Baltimore.
RESIDENTIAL REAL ESTATE
College Park Student Housing Complex Sells to $235 Million
A student housing complex next to the University of Maryland College Park campus has just sold for a record price. Charleston, South Carolina-based Greystar and Boston-based Rockpoint Group sold the University View building to an undisclosed buyer for $235 million, CBRE announced Monday. … Read more at BisNow.
Maryland Tourism Generated $2.4 Billion in Tax Revenue Last Year
Visitors to Maryland spent more than $17 billion in calendar year 2017, up 2.1 percent from the previous year, officials announced today at the Maryland Tourism and Travel Summit. The study, conducted by Tourism Economics, also showed that $2.4 billion in state and local taxes were generated by visitors, which saved every Maryland household $1,100. … Read more at Open Maryland.
The Greater Washington Partnership — a group of high-profile CEOs representing the Baltimore-Washington-Richmond corridor — is out with its long-bandied report on how to pull the three cities together into a powerful super region with an emphasis on improving transportation. … Read more at the Washington Business Journal.
Verizon Launching 5G First Responder Lab
Verizon, in partnership with Responder Corp., is launching a 5G First Responder Lab. in D.C. Located within the communications giant’s recently opened 5G Lab in the District, the incubator will host 15 technologists as they develop public safety solutions over a year. … Read more at Technical.ly DC.
State Provides $5.4 Million in Support of Small Businesses
The Maryland Department of Commerce has announced that 12 small and minority-owned businesses have received more than $5.4 million in loans and lines of credit through the Maryland Small Business Development Financing Authority (MSBDFA). The businesses will use the funding to support expansions, as well as for working capital and equipment purchases. … Read more at Open Maryland.
Hanover Cybersecurity Company Closes $37 Million Round
Dragos, a Hanover, Md.–based cybersecurity company focusing on industrial control systems, closed on $37 million in Series B funding, the company said Wednesday. The news was first reported by Fortune. … Read more at Technical.ly Baltimore.
Michael Bloomberg is donating $1.8 billion to support financial aid at Johns Hopkins University, the largest ever contribution to a U.S. academic institution. … Read more at the Baltimore Business Journal.
Baltimore Health Startup Closes $1.3 Million Round
BurnAlong raised a $1.3 million seed round and is expanding an offering that allows companies to provide employees with access to streaming health and fitness classes, cofounder Daniel Freedman said. … Read more at Technical.ly Baltimore.
Mastercard Makes $750,000 Investment in D.C. Fintech
D.C.–based Goodworld received a $750,000 investment from Mastercard to expand social giving efforts, according to the companies. … Read more at Technical.ly DC.
Colfax to Acquire DJO Global for $3.15 Billion
Colfax Corp., a Howard County industrial technology company, plans to buy an orthopedic device manufacturer from private equity funds managed by Blackstone in a $3.15 billion cash deal. … Read more at the Baltimore Business Journal.
When small business owners want to take on partners, the selection process needs to be carried out thoughtfully and deliberately. The wrong choice can doom not only the partnership, but the company. Check out some things to consider before entering into a partnership at Washington’s Top News.
When the perspectives and experiences of a diverse group come together in the workplace, they help drive an organization forward in a big way. Research shows that diversity drives innovation, creativity, and business success. … 85 percent of large global enterprises surveyed by Forbes agreed or strongly agreed that diversity is crucial to fostering innovation in their workforce. Read more at Open Maryland.
In a deal that was recently finalized, Baltimore-based enterprise mobility company PaRaBaL was acquired by global service provider ISEC7. With the deal, Hamburg, Germany–based ISEC7 is continuing to grow its presence at offices within the same downtown building above Power Plant LIVE! that houses Spark Baltimore, where PaRaBaL was the initial tenant in 2015. Read more at Technical.ly Baltimore.