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Baltimore Business Journal
IRS announces when payments on ERC claims will resume
The Internal Revenue Service plans to deny tens of thousands of improper Employee Retention Credit applications even as it promises to renew processing legitimate claims.<\p> The agency in an announcement this week said it had taken the time since its Sept. 14 moratorium on processing new ERC applications to analyze the more than 1 million ERC claims filed in 2023 — and found that between 60% and 70% showed an unacceptable level of risk.<\p>
8 things to know: Forbes names best banks, credit unions in Maryland
Good morning Baltimore!<\p> The weather is heating up and so are the Orioles after they beat the Yankees 17-5 (not a typo) last night. While the Orioles head to Texas to take on the Astros, the heat will make its way to Baltimore, with temperatures expected to be in the mid-to-upper 90s today, Saturday and Sunday. <\p>
New local Girl Scouts CEO out to show it's not just about cookies
This article is part of "The BBJ Interview," which features interviews with the region's top business and nonprofit leaders. To suggest an executive, contact Editor Joanna Sullivan at jsullivan@bizjournals.com.<\p> Shernette Grant<\p>
National accounting firm names new Baltimore office head
A Baltimore native has been tapped to lead the local office of one of the city’s largest accounting firms.<\p> Mary Kate Federico will lead Ernst & Young LLP’s Baltimore office starting July 1. Federico will replace Arun Subhas, who has run the Baltimore office since 2019. Subhas will continue to work at EY’s local office but was selected to serve as lead tax partner for one of the firm’s multinational clients. Federico will manage EY’s 250-person office, which ranks among the largest accounting firms in Greater Baltimore. <\p>
What's next in the NAR commission lawsuit settlement?
Some big deadlines are on the horizon for the class-action lawsuits that swept the residential real estate industry over the past year. <\p> The conclusion of these lawsuits could bring about significant changes to how homes are bought and sold beginning in the later part of 2024.<\p>
Less than 10% of office stock in major metros considered 'prime' space
Less than 10% of the office space across some of the nation's major metropolitan markets is considered "prime" real estate, the type of property today's tenants prefer.<\p> A recent analysis by CBRE Group Inc. (NYSE: CBRE), the findings of which were shared first with The Business Journals, found 830 buildings across 57 cities analyzed could be categorized as "prime" properties, representing 8% of all office square footage in those markets. Although the definition of "prime" can vary by market, sometimes dramatically, the analysis set out to identify the highest-quality buildings in each city and examine how that segment of the market is performing relative to the broader office sector.<\p>
Local developer buys shuttered downtown hotel for $20M
A local developer has acquired a shuttered downtown hotel property that was mired in legal woes earlier this year.<\p> An entity tied to Stefan Popescu of Reveal Real Estate bought the former Delta Hotels by Marriott Baltimore Inner Harbor at 1 E. Redwood St. for $20 million this month, state property records show. The acquisition comes after Baltimore City filed a lawsuit in March against the property and its previous owners claiming more than $1 million in unpaid taxes and water bills. The city voluntarily dismissed the lawsuit in May after the prior property owner paid the outstanding taxes, according to the Baltimore City Department of Law.<\p>
Local marketing agency acquired by Pittsburgh firm
A large Baltimore-area marketing firm has been acquired by a private-equity-backed Pittsburgh agency.<\p> Level Agency acquired WebMechanix, a Columbia agency that specializes in business-to-business, software, education and financial services. The combined company will have 190 people, with around 80 staff from WebMechanix. Level Agency is backed by private equity firm Dublin Clark. <\p>
8 things to know: One Baltimore firm makes Inc.'s Best Workplaces list
Dearest gentle readers:<\p> Please rest assured knowing I have caught up on the latest "Bridgerton" drama, and don't fret if I, at times, break into Victorian references over the coming days.<\p>
The Associated's Marc Terrill reflects on tenure and what's next
Steering one of Baltimore's largest charities through a list that includes recession, a worldwide pandemic, local unrest and nasty waves of antisemitism has not come easy for Marc Terrill.<\p> The longtime president of The Associated: Jewish Federation of Baltimore has weathered several storms over two decades — and has grown the organization along the way. When he steps down on June 30, his tenure will have included ongoing expansions of The Associated's programs, donor base and philanthropic outreach just as a $22 million upgrade of its Park Heights campus kicks off. <\p>
South Baltimore warehouse owner gets $78M loan refinance deal
Baltimore's strong industrial market just got another vote of confidence.<\p> The owners of four Class A warehouses in South Baltimore that total just over 830,000 square feet has inked a refinance deal totaling $78 million — with a fixed interest rate. The warehouses sit on 97 acres in the newly branded Harbor Logistics Center and are located along a stretch of East Patapsco Avenue near Brooklyn that once held a chemical manufacturing plant.<\p>
Dance studio expands to create performing arts hub
For a young ballerina to achieve a graceful grand jeté jump, hovering above the ground in a perfect split, it’s beneficial to have Gerstung sprung subfloors and ample running space. <\p> Synergy Space co-founders Emily Runkle and Jen Graham recognized this and were looking to accommodate more students. Their dance studio has moved from the Town Mall of Westminster’s 2,600-square-foot gym space to an 8,000-square-foot facility to increase its class offerings. They have invested thousands of their own money in hopes of transforming the Carroll County space into a performing arts hub by providing a training and performance spot that hosts local talent. <\p>
Wealthy 1000: The 18 Greater Baltimore ZIPs among nation's wealthiest
Greater Baltimore is home to 18 ZIP codes among the nation's 1,000 wealthiest places, and Severna Park leads the way. <\p> That’s according to The Business Journals Wealthy 1000, a new ranking of the nation's wealthiest ZIP codes based on a weighted formula that looks at a number of wealth metrics. <\p>
Local credit union CEO retires after 29 years
The CEO of one of Greater Baltimore’s largest credit unions has retired after nearly 30 years on the job.<\p> Don Lewis, CEO of APG Federal Credit Union, retired June 14, according to the credit union’s board of directors. Lewis has been the credit union’s CEO for 29 years, and worked for the credit union for 45 years. The credit union said Chuck Kelly, who has been interim CEO since January, will continue in his role.<\p>
Hopkins spinout opens Baltimore lab after $4.5M raise
A Johns Hopkins University spinout has opened a 9,000-square-foot lab in East Baltimore after raising $4.5 million earlier this year.<\p> Infinity Bio is building out the lab with some of the money from the capital raise as the company aims to attract more customers with its business-to-business approach to pharmaceuticals. Instead of working on creating a cure for a specific disease, Infinity Bio provides a tool that lets other companies analyze the immune system to help them create drugs or learn more about diseases. <\p>
OpEd: Businesses shouldn't shy away from celebrating Juneteenth
Juneteenth is our newest federal holiday, a day when many employers will close to recognize the occasion on Wednesday.<\p> A day off on Juneteenth is more than a long weekend or break in the work week. It is an opportunity to understand why this is a day worth remembering. To understand Juneteenth, I believe we should explore its legacy and how it fits in our current environment. <\p>
8 things to know: Atlas partners with Delaware group for expansion
Good morning readers. It is Tuesday.<\p> NFL Films and HBO announced Monday that the Ravens' division, the AFC North, will be the main focus of the duo's hit "Hard Knocks: In Season" program this upcoming season. <\p>
Baltimore-area cybersecurity firm raises $150M
Huntress has raised $150 million in venture capital, the latest step in the Ellicott City cybersecurity company's quest to go public.<\p> Huntress plans to use the capital infusion to introduce three or four new products that provide data retention services and other tools to the firm's software for small and medium-sized businesses, CEO Kyle Hanslovan said. Hanslovan views the series D round as a key step toward eventually going public once the firm reaches even greater heights of revenue and staff count. <\p>
Local exec named state bankers association chair ahead of merger
Bank of America executive Janet Currie has been tapped to chair the Maryland Bankers Association just in time to lead its merger with a neighboring group.<\p> The Maryland Bankers Association is expected to complete its merger with the Virginia Bankers Association by month's end after forming a holding company that will oversee the merged entity. <\p>
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