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Reston startup acquired in latest buyout of D.C.-area tech firm
In yet another buyout of a D.C.-area tech company, Minneapolis cybersecurity firm NetSPI has acquired Hubble Technology Inc. in Reston.<\p> NetSPI, whose clients include leading banks, health care companies, retailers and cloud service providers, said the deal for the 4-year-old Hubble will strengthen its ability to detect cybersecurity threats across an organization’s entire IT infrastructure. The companies did not disclose an acquisition price.<\p>
The Playbook: The common pay threads for high-performing companies
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> During a time when more workers expect transparency around pay, most top-performing companies are proving to be forthcoming — but that's not the only common thread. <\p>
United adding 50 flights from DCA, IAD for national conventions
Washingtonians looking to attend the presidential nominating conventions in Milwaukee and Chicago this summer will have no shortage of flight options.<\p> United Airlines Inc. (NASDAQ: UAL) said this week that it will add dozens of flights from Reagan National Airport (DCA) and Dulles International Airport (IAD) to the two cities during the weeks of the conventions. <\p>
Alamo Drafthouse bought by industry giant
Sony Pictures Entertainment has acquired Alamo Drafthouse Cinema, which operates four locations in Greater Washington, according to a June 12 announcement. <\p> Alamo Drafthouse will keep its CEO — Michael Kustermann — and its headquarters will remain in Austin, Texas. It will be managed by Sony's newly established division called Sony Pictures Experiences.<\p>
D.C.-born All Things Go festival expands to New York City
All Things Go, one of the D.C. region’s largest music festivals, is spreading its wings. Its target is New York City, and the lineup for the sister festival dropped on Tuesday. <\p> The original music festival, dubbed “All Things Gay” by its legions of adoring sapphic fans, is known for its women-led and LGBTQ-focused lineups. It will return to Columbia’s Merriweather Post Pavilion on Sept. 28 and 29 for two days of sold-out music led by Laufey, Bleachers, Hozier and Reneé Rapp. <\p>
Construction giant opens N. Va. office aimed at data centers, gaming
One of the nation's largest construction companies on Tuesday announced it has opened its first Greater Washington office as it looks to seize on opportunities tied to the area's ever-increasing supply of data centers.<\p> Suffolk Construction Co.'s office on Dulles Station Boulevard in Herndon is led by Charles McCarthy, the company’s national chief operating officer of mission critical. <\p>
NAR settlement threw a wrench into VA loans but a fix is coming
The class-action lawsuits that rocked the residential real estate industry over the past year have resulted in nearly $1 billion in settlements so far — and also put in place changes that could have hurt veterans’ ability to shop for homes.<\p> The National Association of Realtors and big brokers such as RE/MAX Holdings Inc., Anywhere Real Estate Inc. and Keller Williams Realty Inc. agreed to prohibit mandatory so-called “cooperation agreements,” in which sellers pay both the selling agent and the buyers agent commission for a sale, in exchange for being allowed to list a home on a multiple listing service.<\p>
Urban One weighs bid for Atlanta-based TV network
Urban One Inc. will weigh a bid to acquire Atlanta-based competitor Bounce TV, the Silver Spring-based media company confirmed this week.<\p> CEO Alfred Liggins told analysts Monday during an earnings call that Urban One (NASDAQ: UONE) recently signed a nondisclosure agreement to participate in the competition to acquire Bounce from E.W. Scripps Co (NASDAQ: SSP). <\p>
Rockville drugmaker's longtime CEO stepping down
For the first time in its 15-year existence, Rockville’s RegenxBio Inc. (NASDAQ: RGNX) is about to have a new leader. <\p> Ken Mills, who co-founded the company in 2009 and has served as its president and CEO since, plans to step down at the end of the month and move into a new role as board chairman, RegenxBio announced Wednesday. <\p>
Five D.C. restaurants added to Michelin Guide
Five D.C. restaurants have reason to celebrate this week: The Michelin Guide announced Wednesday that the eateries have joined its prestigious list of Greater Washington's best dishes and dives.<\p> Kevin Tien's Moon Rabbit in Penn Quarter, Yi "Ricky" Wang's Omakase on Barrack's Row, Tatiana Mora and Miguel Guerra's Mita in Shaw, Danielle Harris' Almeda in Petworth and Jean-Charles Métayer's Balos Estiatorio near Dupont Circle were all selected for inclusion on the 2024 Washington D.C. Michelin Guide. <\p>
GMU campus will be command center for upcoming NASA mission
George Mason University has been awarded its first-ever space mission as part of a $19.5 million endeavor by NASA to launch a satellite aimed at helping improve our understanding of the expanding universe.<\p> The Landolt NASA Space Mission, named after late American astronomer Arlo Landolt, will have its mission control based out of George Mason's Fairfax County campus.<\p>
NATO's 75th anniversary summit expected to have big impact on D.C.
Downtown D.C. is gearing up to welcome nearly 13,000 dignitaries and guests at NATO’s 75th anniversary summit this summer — and the event will have a large impact on businesses. <\p> The Walter E. Washington Convention Center will play host to the event marking the historic milestone for the post-World War II alliance between the U.S. and European countries. It will take place from July 9-11. <\p>
Fairfax County takes big step toward new judicial complex development
Fairfax County lawmakers have approved a land use regulatory milestone on the long road to developing new public facilities, retail and affordable housing at the county’s 48-acre judicial complex in Fairfax city.<\p> The Board of Supervisors amended the county’s Comprehensive Plan on June 11, paving the way for 700,000 square feet of infill public office buildings and up to 300 affordable multifamily units on county land at 4110 Chain Bridge Road and 10700 Page Ave.<\p>
Here's where Capital One is opening its next airport lounge
Add New York’s John F. Kennedy International Airport to the growing roster of airports where Capital One Financial Corp. (NYSE: COF) is opening a lounge for big-spending travelers. <\p> The McLean banking and credit card giant revealed plans Tuesday to open a roughly 13,000-square-foot lounge in Terminal 4, where it will join other card-branded lounges operated by rivals American Express Co. and JPMorgan Chase & Co. <\p>
How mortgage discrimination allegations have changed Navy Federal
Dietrich Kuhlmann took the reins of Navy Federal Credit Union in March as it was undergoing rapid growth but also major challenges.<\p> Now Kuhlmann, Navy Federal's new CEO, is working to expand the credit union's existing 355-branch footprint and increase its membership as the world's largest credit union digs out from accusations of racial discrimination in its mortgage lending practices.<\p>
CAV Angels hits $25M investment milestone
CAV Angels, an investment syndicate composed of University of Virginia alumni, students and friends, has surpassed $25 million in startup investments since its founding in 2015. <\p> Recent investments in Richmond’s BrainBox Solutions and Durham, North Carolina’s inSomaBio took the group across the funding milestone, CAV Angels co-chair Rich Diemer told me. <\p>
Amazon reloads multibillion-dollar affordable housing fund
Amazon.com Inc. is replenishing its fully committed $2.2 billion Housing Equity Fund with an additional $1.4 billion, the e-commerce and cloud computing giant announced Tuesday.<\p> The company (NASDAQ: AMZN) uses the fund to make below-market rate loans and grants that have together with public subsidies have created or preserved some 21,000 affordable units across its three hub regions: D.C., Seattle and Nashville. The new funding is expected to support an additional 14,000 homes, Senthil Sankaran, the fund’s managing principal, told me in an interview. <\p>
WeWork emerges from bankruptcy, appoints new CEO
After filing for bankruptcy protection in November, New York-based WeWork Inc. said Tuesday it has emerged from Chapter 11 and completed its operational and financial restructuring.<\p> The coworking giant's new era will include a new board of directors and a new chief executive. John Santora will become WeWork's new CEO, effective Wednesday. Santora joins WeWork from commercial real estate firm Cushman & Wakefield PLC (NYSE: CWK), where he most recently served as the firm’s Tri-State chairman.<\p>
Loudoun conference center weighs campuswide residential conversion
The owners of Leesburg's National Conference Center, which has struggled in the post-pandemic environment, is laying the groundwork to tear down the facility and transform the campus into residential.<\p> Stoneleigh Capital LLC and PCCP LLC filed an application May 31 with Loudoun County seeking to rezone its approximately 47 acres at 18665 Conference Center Drive to allow for a mix of multifamily units along with detached and attached single-family homes. The joint venture acquired the property in 2014. <\p>
Adventist’s longtime CEO prepares to step away. But he’s not done yet.
When Terry Forde took the wheel of Gaithersburg’s Adventist HealthCare in 2014, he had one major charge: define the market the health system would serve.<\p> So Forde, already with three years under his belt as the organization’s chief operating officer, spent a decade as CEO doing just that: selling a New Jersey hospital, replacing the former Washington Adventist Hospital with White Oak Medical Center, acquiring Fort Washington Medical Center in southern Prince George’s County, taking over management of Howard University Hospital in D.C. and developing a strong, post-acute care division, outpatient footprint and clinically integrated network. <\p>
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