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Boeing to plead guilty to fraud charges, pay $244M fine
The Boeing Co. (NYSE: BA) has opted to plead guilty and pay a $243.6 million fine to settle criminal charges that it failed to implement a proper safety and compliance program following the crashes of two 737 Max jets that killed 346 people.<\p> The Department of Justice said late Sunday that Arlington-based Boeing has also agreed to invest at least $455 million to improve its safety protocols over the next three years and submit to regular compliance check-ups from an independent monitor. <\p>
Massive Pr. William shopping center now 1% vacant as Lidl, Truist join
There may be no safer commercial real estate bet, at least for now, than suburban retail power centers.<\p> Case in point, Kimco Realty Corp.’s Smoketown Stations, a 550,000-square-foot, auto-oriented suburban shopping center in Woodbridge that has absorbed one tenant blow after another and emerged seemingly unscathed. It isn't alone, in the suburbs at least, where brick-and-mortar retail has proven resilient to, if not been strengthened by, the effects of online shopping, Covid — really anything.<\p>
Dupont Circle strip club building sells. New nude club to follow.
A Dupont Circle building long home to various strip clubs traded hands on Friday to a South Carolina firm that plans to open another nude club.<\p> An affiliate of Spartanburg-based MVP Hospitality purchased 1805 Connecticut Ave. NW, at the high-profile corner of Florida and Connecticut avenues, for $5.7 million from an affiliate of D.C. taxicab magnate Gerald Schaeffer, according to filings with the D.C. Recorder of Deeds. The building has housed multiple strip clubs over the years, most recently Assets.<\p>
Another Silicon Valley VC firm opens its first D.C. office
A prominent Silicon Valley venture capital firm is opening its first office in D.C. to be closer to both Greater Washington startups and the policymakers regulating industries in which it invests. It's at least the third VC firm to either expand in or relocate to the region in the past two months.<\p> Menlo Park, California-based The Westly Group, which backed the likes of electric vehicle maker Tesla Inc. and cybersecurity firm SentinelOne Inc., before they went public, has signed a multi-year sublease deal at 1701 Rhode Island Ave. NW, taking over a chunk of space formerly occupied by WeWork Inc.<\p>
SeoulSpice begins national expansion with big-name investment
Korean fast-casual chain SeoulSpice is rolling out a national expansion, including buying local sites and opening in the Midwest, thanks to new backing from The Invus Group LLC.<\p> Invus, a $10 billion investment fund based in New York, has backed the D.C.-based chain since April, CEO Eric Shin said. The new investment will help fund the chain's expansion, he said, though three leases in Chicago were signed before the new investment. SeoulSpice is starting with the Illinois locations, which Shin will travel to oversee opening this summer. <\p>
A popular job-posting strategy can backfire
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> The hiring process sparks plenty of questions for employers and candidates alike. <\p>
Many N. Va. office tenants not shrinking their space, report says
While office vacancy remains high and has even ticked up a bit in Northern Virginia, a recent market report highlights numerous cases illustrating that the prevalent narrative of tenants downsizing their real estate footprints shouldn’t be applied in blanket fashion.<\p> Fully three-quarters of transactions larger than 10,000 square feet signed during the second quarter had a “positive or neutral impact” on absorption, according to a July 1 analysis from CBRE. That continues the trend from the first quarter, when the brokerage giant reported that 84% of transactions had a positive or no impact on absorption.<\p>
CoStar CEO Andy Florance sells Florida mansion for record price
Andy Florance, the founder and CEO of D.C.-based real estate data company CoStar Group Inc., has sold a Florida panhandle mansion for $28.5 million, according to The Wall Street Journal. <\p> The seven-bedroom, oceanfront property located in the exclusive Paradise by the Sea community in Walton County was Florance’s primary home, according to the report. He purchased the property in 2020 for $15.1 million and sold it in an off-market deal. It spans 9,700 square feet and includes a one-bedroom carriage house. <\p>
Lobbyists reveal why major Washington companies hire outside firms
Look at any major company that hires lobbyists in D.C., and you’ll find they hire them in more than one way. <\p> Amazon, Boeing, Facebook, Google, Northrop Grumman, the U.S. Chamber of Commerce — they all have their own in-house teams of lobbyists on staff. And yet, none exclusively uses its own lobbyists. <\p>
Construction services conglomerate Muller Cos. is in growth mode
David Muller is in growth mode. <\p> His three construction services companies recently moved into a new 30,000-square-foot headquarters near the Wiehle-Reston East Metro station. The 220-employee firm is aiming to expand its headcount to 300 by the end of 2024.<\p>
CAV Angels closes 3 funding deals
CAV Angels, an investment syndicate composed of University of Virginia alumni, students and friends, recently closed three funding deals to push its lifetime investments close to $26 million. <\p> The recent investments include MITO Material Solutions, an Indianapolis company that makes resin additives for all sorts of manufacturing, New York City’s Ask Alex, which offers AI-powered data and marketing software that automates workflows for brick-and-mortar operators; and Richmond augmented reality company ARtGlass, CAV Angels Managing Director and Co-Chair Rich Diemer told me.<\p>
D.C.'s Waldorf Astoria slated for foreclosure sale, again
The Waldorf Astoria, Washington D.C. has a new date with the auction block, a month after the planned sale was called off.<\p> Alex Cooper Auctioneers is slated to hold a substitute trustees sale Aug. 5 for the leasehold interest in the property at 1100 Pennsylvania Ave. NW, per a foreclosure notice filed by a representative for the property’s lender and recorded Wednesday with the D.C. Recorder of Deeds. The property is owned by the federal government but under a lease to an affiliate of Miami’s CGI Merchant Group.<\p>
Carr pitches residential redevelopment in Clarendon
Carr Properties has proposed redeveloping an aging office building in Clarendon with new apartments-over-retail.<\p> The developer would demolish the existing 1980s-era, seven-story office at 3033 Wilson Blvd., and then build in its place an eight-story multifamily building with ground-floor retail, according to a site plan application July 1 with Arlington County’s planning department.<\p>
Loudoun lawmakers advance data center constraints, differ on economics
Loudoun County lawmakers have passed another milestone toward establishing new land use regulations on data centers, citing a need to diversify the local economy as a key rationale.<\p> The Board of Supervisors voted 7-2 Tuesday on language, which will now head to public hearings, that would remove data centers as a by-right use on all properties in all zones, meaning all data center proposals everywhere would require the Board's discretionary approval. Some believe that’ll positively result in more economic diversification, whereas others see negative ramifications, expecting it’ll ultimately push more tax burdens onto residents. <\p>
FDIC orders Forbright Bank to limit growth, adjust funding model
Forbright Bank has been one of the D.C. region’s fastest-growing banks in recent years, but it's now tapping the brakes on that growth after regulators took issue with its deposit-gathering model.<\p> Chevy Chase-based Forbright, whose executive chairman is former congressman and presidential candidate John Delaney, roughly tripled its assets over a three-year span largely by using so-called brokered sweep deposits to fund its lending. <\p>
D.C. office construction at lowest level on record
The D.C. office construction pipeline has hit what experts believe to be an all-time low.<\p> Per Avison Young's second quarter office report released this week, development of new office buildings in the District sits at its lowest point in 20 years — as far back as the firm’s research goes. CBRE, in its report for the quarter that ended June 30, also said D.C. office construction reached its lowest level on record.<\p>
America 250: How Maryland, Virginia and D.C. will mark the milestone
The mid-Atlantic region is bracing for millions of new visitors in 2026 when America celebrates the 250th anniversary of its founding. The U.S. Semiquincentennial Commission is coordinating efforts on a national level and its helping many jurisdictions, agencies and commissions plan local and regional events. Here's a look at what's underway in Virginia, D.C. and Maryland.<\p> VA250 was created by an act of the Virginia General Assembly in 2020 to commemorate Virginia’s role in the nation’s struggle for independence. It launched well before many of its peers, and it’s begun to execute on a strategic plan that included convening “A Common Cause to All,” a semiquincentennial kickoff event held in Colonial Williamsburg in March 2023.<\p>
National Mall improvements coming for America's 250th birthday
The National Mall is set for big changes in preparation for an influx of tourists for the nation’s 250th birthday in 2026. Here's a look at some of the projects — totaling an estimated $500 million — debuting before or during 2026.<\p> A $69 million project is underway at the Lincoln Memorial to create a new 15,000-square-foot exhibit space beneath the memorial, showcasing a “more complete story of the Lincoln Memorial,” according to the National Park Service. The project is expected to be completed in July 2026.<\p>
Two years out: Planning is moving slowly for America's 250 celebration
America’s founding was a bloody and divisive affair. Efforts are now under way to commemorate the creation of that more perfect union, though the undertaking, while certainly less violent, is proving to be just as asynchronous. <\p> Federal, state, local and private-sector partners are planning a wide range of activities, from historical reenactments and mobile exhibits to travel itineraries, leading up to the 250th anniversary of the signing of the Declaration of Independence on July 4, 2026. That red-letter date in the nation’s founding couldn’t come at a more opportune time for Greater Washington’s hospitality industry, which has been slowly rebounding from the depths of the Covid-19 pandemic and could use an economic driver like this one to help boost tourism, occupancy in local hotels and spending at touristy shops and restaurants. <\p>
Beacon Roofing continues to build itself through MA
Beacon Roofing Supply Inc. (NASDAQ: BECN), a Fortune 500 roofing and building supply distributor headquartered in Herndon, said Monday it has acquired two metal roofing companies based in Florida. <\p> Beacon has acquired Palm City’s Extreme Metal Fabricators LLC and Vero Beach’s Integrity Metals LLC. Terms of the deals were not disclosed. <\p>
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