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RTX sued for age discrimination
Arlington-based RTX Corp., the third-largest publicly traded company in Greater Washington, was sued Tuesday for age discrimination.<\p> Attorneys for Mark Goldstein, 67, filed the suit in U.S. District Court in Massachusetts against the aerospace and defense giant (NYSE: RTX). They are seeking class-action status.<\p>
Bethesda landlord says office needs to operate more like hospitality
The Chevy Chase Land Co. has seen solid new leasing activity in an older but recently overhauled building it owns in downtown Bethesda, which the firm’s CEO says demonstrates a shift in office demand toward “hospitality-type,” “high-touch service” amenities.<\p> I last wrote about Chevy Chase Land’s office at 2 Bethesda Metro Center — a 299,000-square-foot building constructed in 1999 — in April, after Ares Management Corp. (NYSE: ARES) exited 63,000 square feet there, leaving the building about a third empty. That was part of a gloomy article about suburban Maryland’s office vacancy hitting a record high. But in a subsequent interview, Chevy Chase Land CEO John Ziegenhein painted a more upbeat picture about that downtown Bethesda building, which recently underwent a $25 million renovation.<\p>
Commercial real estate lender EagleBank plots major strategy change
For 27 years, Bethesda-based Eagle Bancorp Inc. (NASDAQ: EGBN) has mostly been a commercial real estate lender.<\p> But the pandemic changed the calculus for commercial real estate as higher vacancy rates lowered values on office properties and higher interest rates led to a lending crunch, resulting in fewer construction loans. Last quarter, the $11.6 billion-asset company swung to a loss after it upped its provision for losses on a loan tied to a D.C. office property whose value has plummeted. <\p>
Great Falls bank plans new branch
Five-year-old Trustar Bank has plans to open a new branch in Bethesda.<\p> The $813 million-asset bank purchased 7901 Norfolk Ave. in Bethesda’s Woodmont Triangle area and will open a brick-and-mortar location this fall, subject to regulatory approval, the Great Falls company said Monday.<\p>
Winmar Construction exec Jason Wilt dies
Jason Wilt, a top executive at Winmar Construction and Winmar Advisory, has died after a brief illness, according to a Monday post from the company on LinkedIn. He was 53.<\p> Wilt was a principal and vice president of operations at the Reston-based general contractor, which has operations in Greater Washington, Baltimore and South Florida. <\p>
Tysons events software giant Cvent closes third acquisition this year
Tysons events software company Cvent Inc. is on a bit of a buying spree.<\p> On Monday, Cvent closed its third acquisition this year, buying Reposite, a New York vendor whose artificial intelligence-powered database helps match event planners with suppliers. <\p>
The lineup is out for the new HFStival. Here's how to get tickets.
The lineup is out for September’s revival of landmark D.C.-area alt-rock show HFStival, and it’s sure to bring a burst of nostalgia to many kids of the 1990s and 2000s. <\p> Billed as “One Day, One Stage,” the Sept. 21 show at Nationals Park is being headlined by The Postal Service and Death Cab For Cutie, both bands helmed by Ben Gibbard. The Postal Service will perform their 2003 album “Give Up” in its entirety, while Death Cab will perform 2003’s “Transatlanticism.” Both albums received certified platinum status from the Record Industry Association of America. <\p>
Alexandria spectroscopy startup exits stealth with $8.5M funding raise
HyperSpectral, an Alexandria startup combining spectroscopy and software to rapidly run health and safety tests, has emerged from stealth with $8.5 million in fresh funding. <\p> Early stage venture capital firms RRE Ventures of New York and Kibo Ventures in Madrid, Spain, co-led the Series A round, bringing HyperSpectral's total funding to $12.1 million. The company was founded in 2022 by CEO Matt Theurer, Chief Operating Officer Lauren Stack and Chief Information Officer Vince Lubsey.<\p>
Ashburn's DXC Technology in talks to be acquired for up to $4.5B
DXC Technology Co. (NYSE: DXC), an Ashburn IT giant and one of Greater Washington’s largest public companies, is in talks to sell itself to a joint venture for up to $4.5 billion, according to news reports.<\p> Citing people familiar with the discussions, Reuters reported late Monday that buyout firm Apollo Global Management and Kyndryl Holdings Inc., an information services provider that was spun out of IBM in 2021, are assembling a joint bid to acquire DXC for between $22 and $25 per share. That would value DXC at between $3.9 billion and $4.5 billion, based on its roughly 179 million outstanding shares as of June 4.<\p>
D.C. takes home two top prizes at James Beard awards
A pair of D.C. chefs, one an emerging chef, and the other, more seasoned, took home top honors Monday at the James Beard Foundation's Restaurant and Chef Awards.<\p> Masako Morishita, executive chef at the rebooted Perry's in Adams Morgan, was named the nation's top emerging chef, while Michael Rafidi, of Albi, was named outstanding chef during what many consider to be Oscars of the culinary world.<\p>
JPMorgan opposed a proposed strip club by its D.C. office. It lost.
A proposed downtown D.C. club likely to feature nude dancing faced a challenge to its liquor license from the largest bank in the United States. The club won, at least for now.<\p> JPMorgan Chase & Co. (NYSE: JPM), which maintains a regional headquarters in the historic Bowen Building at 875 15th St. NW, was among the groups to challenge Iraklion LLC’s efforts before the D.C. Alcoholic Beverage and Cannabis Board to transfer its liquor license to 1412 Eye St. NW, on Zei Alley NW, where it plans to open its club. The Bowen Building shares the alley with Iraklion’s proposed location. <\p>
VR surgery trainer wins pitch day competition for VCU faculty members
SurgicalED VR, led by Virginia Commonwealth University urogynecologist Lauren Siff, recently won a pitch competition presented by the Richmond university’s first-ever startup accelerator program for faculty members. <\p> SurgicalED VR offers a surgeon training system that combines virtual reality and software that creates an experience of touch, or haptics. It allows trainees to practice the performance of blind procedures — those performed by feel instead of sight — and can score a person’s performance. The system offers a safe and cost-effective training without the need for cadavers. <\p>
Richmond company behind building trades platform raises $1M+
Wrangld, a Richmond company that offers a scheduling and logistics platform for those in the building trades industry, has raised $1.13 million so far in a round of equity funding, according to a recent Securities and Exchange Commission filing.<\p> The company, led by CEO and co-founder Jonathan Dyke, is seeking to raising $1.53 million, according to the May 31 filing. <\p>
The National Observer: Here's where the money lives
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today,y we've got stories on the rising number of towns in which the median home costs more than $1 million; the interest office tenants are taking in their landlords' financial situation; and plans for a multibillion-dollar supercomputer complex by Elon Musk. But first, here's our inaugural list of the ZIP codes with the greatest concentrations of wealth in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Arena or no arena, Oakville developer bullish on Potomac Yard area
Stonebridge will soon deliver new apartments at Oakville, its nearly 1 million-square-foot mixed-use project in Alexandria’s Del Ray neighborhood, just months after plans for a neighborhood-changing arena across the street were nixed. <\p> The project’s two multifamily buildings at 400 Swann Ave. and 2601 Oakville St., comprising 572 units and 37,000 square feet of retail, will begin seeing its first move-ins July 1. Bethesda-based Stonebridge is developing the project in partnership with Los Angeles-based PCCP LLC. <\p>
Booz Allen bolsters defense capabilities with $95M acquisition
McLean defense tech giant Booz Allen Hamilton Inc. has acquired Rome, New York-based PAR Government Systems Corp., a wholly owned subsidiary of publicly traded restaurant and retail technology firm PAR Technology Corp., for $95 million.<\p> In a release, Booz Allen (NYSE: BAH) noted that PAR Government Systems' tech is used to provide military operators with various types of communications and mapping technology on a battlefield. It specifically called out the company's Integrated Tactical Solutions, Innovative and Commercial Solutions and Intelligence and Readiness Operations businesses as having "long-standing track records" with a variety of government customers. <\p>
Cvent co-founder sells McLean home after relocating to new mansion
Reggie Aggarwal just swapped an impressively large home for a virtual palace.<\p> The co-founder and CEO of Tysons event management technology giant Cvent Inc., and his wife, Dharini, have sold their 10,500-square-foot home on Sorrel Street in McLean for $4.65 million, according to public records. The deal was long expected, as the couple appears to have finally moved into the roughly 19,000-square-foot mansion they’ve been building nearby on Mackall Farms Lane for roughly four years.<\p>
Why Greater Washington's economy remains flat despite a tourism boom
The economic outlook for Greater Washington is a mixed bag caught between two opposing forces that are dragging the forecast to a flatline.<\p> That’s the latest finding from CBRE Group Inc.’s REVIVE Regional Vibrancy Index charting the D.C. area's economic strengths and weaknesses in the wake of a pandemic that changed the core of how the region operates, from the shift to hybrid work to the evolution in how people get around.<\p>
Big deadlines loom for Realtors commission lawsuits
The class-action lawsuits that rocked the residential real estate industry over the last year are barreling toward a possible conclusion — and some big changes in the remainder of 2024. <\p> One of the most important deadlines is Aug. 17, 2024, when the NAR has said it would implement a series of changes as part of its own $418 million settlement agreement over buyer commissions. <\p>
Transportation contractor laying off 229 workers in Hyattsville
MV Transportation, a company that oversees paratransit services for public transit agencies in Greater Washington and other metropolitan markets, is laying off 229 employees at its Hyattsville location. <\p> The layoffs were announced May 24 on Maryland’s work adjustment and retraining notification log and are set to take effect July 24. Though MV Transportation has locations across Greater Washington — in Hyattsville, Ashburn, Fairfax and West Ox — the layoffs affect only the company’s Hyattsville location, which is listed as a call center. <\p>
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