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Businesses, agencies ramp up backup systems after global tech outage
The global technology outage caused by a CrowdStrike update pushed to Microsoft Windows devices impacted everything from airlines to banks Friday morning — and reinforced the need for companies to have procedures in place to handle disruptions when they occur.<\p> Systems were gradually coming back on line by late morning.<\p>
Federal judge denies request to pause Union Station turnover
A federal judge has declined to halt the planned transfer of Union Station's commercial leasehold interest to Amtrak, set to take place later this month, pending the resolution of an appeal of his order supporting the rail operator's move to take the property by eminent domain.<\p> U.S. District Court Judge Amit Mehta, in an order issued Monday, cited a number of factors in denying the motion for a stay, or pause in the court proceedings, including what he views as slim odds the U.S. Court of Appeals will overturn his earlier ruling. <\p>
Three new leaders to know now in Greater Washington
There’s a fresh crop of leaders around Greater Washington and we’re introducing them to the region through our Power Moves program. Facilitated by Publisher Alex Orfinger and Editor-in-Chief Doug Fruehling, this quarterly gathering brings together new CEOs and executives to foster camaraderie across industries. New leaders from around the area came together for dinner and an evening of conversation during the program’s latest installment on July 16 at Limani at The Wharf in D.C. Read on to meet some of our recent participants and learn more about them. Responses have been edited for length and clarity. <\p> Start: April<\p>
New UDC president plans to double enrollment within 5 years
Maurice Edington was ready for a change. <\p> The California native had spent 25 years at Florida A&M University, first as a faculty member and later in administration. By the time he left in 2022, Edington had risen to provost and vice president for academic affairs, managing an annual operating budget of $99 million for 9,200 students and over 500 full-time faculty. He’d held nearly every role in higher eduction except president.<\p>
Exclusive: Custom Ink founder stepping down as CEO after 24 years
Custom Ink LLC’s Marc Katz is stepping down as CEO of the printed shirt and swag maker he co-founded nearly 25 years ago with his Harvard University classmates after graduating.<\p> David Doctorow, the former CEO of Realtor.com parent company Move Inc., has been tapped to succeed Katz, who will remain chairman, the Merrifield-based company told me Friday.<\p>
Global IT outage hampering D.C.-area airports and more
A global technology outage on Friday said to be stemming from a software update from cybersecurity firm CrowdStrike is hampering operations at airports and other operations in Greater Washington. <\p> At least three major airlines — American, United and Delta — grounded all flights because of the outage, according to the Federal Aviation Administration. While some airlines and airports had re-established operations, residual delays are expected to occur, according to airline companies. <\p>
The National Observer: Distress rises for apartment owners
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we'll take a look at the challenges of finding new tenants as two prominent drug store chains close stores, uncertainty around new rules on brokers in the home buying sector, and Big Lots' plan to close dozens of stores as doubts arise around its solvency over the next year. But for our top story we're going to examine distressed debt in the multifamily sector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
Logistics giant seeks to upzone Sterling property for data centers
Prologis is laying the groundwork to add more data centers on a property it owns in Sterling, seeking the long-term option to replace existing warehouses and vast surface parking in a proposal that echoes similar plans it's pursuing nearby, while county lawmakers are simultaneously trying to constrain data center development.<\p> The San Francisco logistics giant (NYSE: PLD) is seeking to rezone and add more density on about 94 acres immediately west of Dulles International Airport, according to an application submitted July 16 to Loudoun County’s planning department. That would pave the way for a data center campus that could theoretically clock in at some 4.1 million square feet, including some data centers already there.<\p>
Here’s how Motley Fool Ventures is powering through tough VC climate
It’s not an easy time to lead a venture capital company.<\p> Venture capital investment has seen some of its weakest quarters ever and many VC firms have struggled to fundraise as the startups they’ve backed remained stalled — unable to exit or continue the exponential growth of a few years earlier. But Brendan Mathews knew what he was getting into when he became managing partner of Motley Fool Ventures in April 2023.<\p>
Steve Salis plans to launch new SPAC, raise up to $230M
Steve Salis is at it again.<\p> The local entrepreneur — co-founder of &pizza, owner of Kramers books and the man behind Ted’s Bulletin — is planning to launch another special purpose acquisition company (SPAC) to take a promising business public.<\p>
Dozens line up to testify at Capital One-Discover hearing
Capital One Financial Corp.’s $265 billion community benefits pledge unveiled Wednesday is the largest ever associated with a bank merger, but will it be enough to win over skeptics of its planned acquisition of rival Discover Financial Services?<\p> That’s the looming question ahead of a public hearing Friday at which CEO Richard Fairbank and other bank leaders will attempt to lay out their case for the $35.3 billion deal and how it would benefit customers and communities. <\p>
This D.C. steamed dumpling company just raised almost $5 million
A D.C. dumpling company, which you may recognize from freezer aisles in stores like Costco Wholesale, has raised $4.88 million in equity funding.<\p> Laoban Dumplings, a steamed Chinese dumpling business founded in 2017, did not disclose its 14 investors in an Securities and Exchange Commission filing this month. <\p>
New tenants eyed for historic building near Union Station
A historic building near Union Station that played a role in the Civil Rights Movement could soon get a new lease on life.<\p> The nearly 10,000-square-foot building at 2 Massachusetts Ave. NW is being marketed to new tenants, roughly four months after Truist Financial Corp. (NYSE: TFC) shuttered its bank branch there as part of a larger wave of closures.<\p>
The ghost effect: Another sign the job market has dramatically shifted
Three years ago, many employers reported the phenomenon of being "ghosted" by job candidates.<\p> In yet another sign of the shifting labor market, the shoe is now on the other foot, with companies now abruptly ceasing communication with candidates. <\p>
Lender takes Silver Spring office campus at public auction
The three-office building portfolio known as Station Square in downtown Silver Spring is now back in the hands of the lender.<\p> The lender was the top bidder at a public auction Wednesday after the borrower earlier defaulted on financing tied to the buildings.<\p>
GSA rebooting private broker contract amid federal downsizing
The General Services Administration has begun its search for the next round of private real estate brokerages to represent the federal government’s civilian landlord in leasing deals nationwide.<\p> The agency on Tuesday released a draft solicitation for GLS Max, the latest iteration of the agency’s leasing support services contracts. The contracts are updated every five years.<\p>
Why this Fairfax community bank is betting on commercial real estate
The Freedom Bank of Virginia is “zigging when others are zagging” on commercial real estate lending, according to President and CEO Joe Thomas.<\p> While a number of local banks are scaling back their CRE lending as they bump up against concentration limits recommended by regulators, the $1.1 billion-asset Freedom Bank has plenty of room to grow in the sector and, as such, has just hired its first-ever commercial real estate practice leader. Jeff Aleshire joined Freedom Bank on July 1 from Alexandria’s Burke & Herbert Bank, where he had been managing director of commercial real estate. <\p>
Fairfax County lawmakers punt vote on stricter data center regs
Fairfax County lawmakers deferred their final vote on controversial new zoning regulations, which would likely constrain both local data center development, especially around residential communities, and new tax revenues.<\p> A zoning ordinance amendment, which among other things means to channel data center development away from residential areas and into the county’s heaviest industrial zones, was set for a decision from the Board of Supervisors at its meeting Tuesday. Instead, supervisors decided unanimously to push that decision to July 30, their last meeting before their annual August hiatus, saying they want more time to weigh the hours of public testimony, both for an against, they received at the public hearing.<\p>
TriMech Group acquires Texas company
Glen Allen’s The TriMech Group, which offers engineering services like 3D design and rapid prototyping, has acquired Mako Design + Invent, a physical product development company for small businesses based in Austin, Texas. <\p> Terms of the deal were not disclosed. <\p>
CACI sues multibillion-dollar Reston neighbor for breach of contract
Two Reston federal contracting giants are headed for a day in court, with millions of dollars on the line.<\p> CACI International Inc. sued Science Applications International Corp. in Fairfax County Circuit Court on July 8, alleging SAIC did not fulfill its commitments as the prime contractor on an Air Force contract. <\p>
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