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Washington Business Journal
Cava co-founders recently sold $45M in stock. One bought a mansion.
Two of Cava Group Inc.’s co-founders are enjoying the fruits of their fast-casual Mediterranean chain’s success.<\p> Brett Schulman, Cava’s CEO, and Ted Xenohristos, its chief concept officer, have sold roughly $45 million worth of stock since late June — the most recent sales were recorded as Cava’s stock hit new highs, according to Securities and Exchange Commission filings.<\p>
How productivity concerns are tied to workplace culture
Employer concerns about workers faking productivity in the hybrid and remote-work era may be overblown. <\p> That's one of the takeaways from a recent survey by employee-reward software company Workhuman, which found 67% of respondents denied faking activity during their workday.<\p>
How employers are using their leverage on pay, benefits
Editor’s Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> As hiring has cooled, organizations have found themselves back in control of the job market. With that leverage, companies are leaning on potential employees when it comes to salary negotiations. <\p>
Magic Johnson joins ownership of another D.C. pro sports team
Entrepreneur and NBA legend Magic Johnson has joined the ownership of the Washington Spirit.<\p> His investment in the National Women’s Soccer League franchise was revealed Thursday on “CBS Mornings,” where he appeared alongside controlling Spirit owner Michele Kang.<\p>
D.C. Office of Planning has a new home
The D.C. Office of Planning has settled into new digs, downsizing into a NoMa office.<\p> The agency on Tuesday moved its offices from 24,272 square feet at 1100 Fourth St. SW into a 19,920-square-foot space at 899 North Capitol St. NE, a block north of Union Station.<\p>
Monumental wants to amp up the Capital One Arena experience
Monumental Sports & Entertainment hopes to breathe new life into Capital One Arena, including activating the 27-year-old entertainment venue on nongame days and bringing in more shops and restaurants, now that it's recommitted to downtown D.C. through 2050 and in line for massive renovations.<\p> The entity that owns the Washington Wizards and Capitals is looking to the area around Madison Square Garden in Manhattan as its "North Star," Jim Van Stone, Monumental's president of business operations and chief commercial officer, said Wednesday during an on-stage interview at the International Council of Shopping Centers' ICSC@Mid-Atlantic retail showcase, held at the Marriott Marquis, Washington, D.C.. <\p>
Settlement may loosen NAR's 'stranglehold' on real estate industry
Jason Haber is on a mission to reduce the number of real estate agents in the United States.<\p> Haber, a real estate agent who co-founded the American Real Estate Association last year, proposes boosting licensing standards across the country for agents and finding ways to up their skills and professionalism, to help consumers handle what is often the most important transaction in their life. <\p>
N. Va. IT services contractor acquired
Tampa, Florida-based information technology services provider NexTech Solutions LLC is building out its Greater Washington presence to be closer to federal customers following its acquisition of Nomad Solutions, an industry peer based in Gainesville. <\p> Financial terms of the deal were not disclosed.<\p>
Exclusive: Massive biobank expanding in Northern Virginia
American Type Culture Collection, a nearly 100-year-old global nonprofit with a massive biobank in Manassas, is preparing to execute a significant expansion, cementing its role as a life sciences anchor within Prince William County.<\p> The organization, known as ATCC, plans to build a roughly $41.79 million biomanufacturing facility at its home of more than 25 years in the Prince William’s Innovation Park, according to multiple plans and permits filed with the county over the last several months. The project would deliver nearly 48,000 square feet of new construction to the company’s headquarters at 10801 University Blvd.<\p>
Richmond startup selected to AI accelerator
Rising Tide, a Richmond company that offers a last-mile delivery productivity platform that utilizes blockchain and AI, has been selected to the Startup Junkie Foundation’s Fuel Accelerator program in Bentonville, Arkansas. <\p> The no-cost, no-equity accelerator program aims to help seed and growth-stage startups become enterprise ready. Rising Tide is one of nine companies selected to Fuel Accelerator’s fifth-ever AI and machine learning cohort.<\p>
Fairfax debt collection firm buys Chicago fintech
Fairfax debt recovery firm C&R Software has acquired a fintech whose client list boasts such names as Capital One, Fifth Third Bank and M&T Bank. <\p> Its deal for Chicago-based SpringFour closed Friday and adds 15 employees to C&R’s 300, a company spokesperson said in an email. Terms of the deal were not disclosed.<\p>
Md. company terminates $320M deal SPAC deal
A Maryland integrative medicine firm will have to find a new path to the public markets after calling off a $320 million deal that would have put it on the Nasdaq. <\p> Columbia-based Nava Health had planned to go public this summer via a merger with 99 Acquisition Group Inc., a Gaithersburg special purpose acquisition company, or SPAC, but terminated the deal Aug. 26, just four days after it was supposed to close. The decision to call off the deal came off after the SPAC ran into cash-flow problems that possibly delayed the signing of an agreement. <\p>
Inside an auto giant's luxe new Reston headquarters
Volkswagen Group of America Inc. announced it would consolidate several operations in a new Reston headquarters site in 2020, smack in the middle of pandemic uncertainty about the future of work. Now that they're moved in and new norms of hybrid work are becoming more settled, we were the first media outlet to get an in-depth look at the new digs — and some insight into why VW leaders say the move has paid off.<\p> I got an exclusive tour with Lindsay Locke, Volkswagen Group’s real estate manager, and Gensler’s Foster Kutner, the project’s senior designer, who both described the new headquarters as a great success. <\p>
Mary’s Center CEO abruptly steps down
Dr. Tollie Elliott has abruptly resigned as CEO of D.C. community health provider Mary’s Center — after less than three years in the top post and eight years with the organization.<\p> His departure took effect Wednesday, the nonprofit said. Mary’s Center said it’s searching for a permanent replacement. Richard Gesker, its executive vice president of dental services, is interim CEO until then.<\p>
Lawsuit against RealPage may have 'far reaching' implications
Late last month, the U.S. Department of Justice and several state attorneys general sued RealPage Inc., claiming the pricing algorithm used in its software violates federal antitrust laws.<\p> The Richardson, Texas-based real estate software company in response said it believed the claims brought by DOJ were "devoid of merit," adding that the company "intend[s] to vigorously defend ourselves against these accusations."<\p>
D.C. chooses developer for next phase at St. E's
The District on Wednesday announced it has selected Banneker Communities to develop a parcel on the St. Elizabeths East campus into a residential community with retail and a public park.<\p> A Banneker affiliate, Parcel 6 Community Partners, which responded to a request for proposals issued in 2023, now has exclusive rights to negotiate with the Bowser administration to redevelop the 4.6-acre site, which sits on the eastern edge of St. E's along Pecan and 13th streets SE, immediately southeast of the new Cedar Hill Medical Center and due north of the Entertainment and Sports Arena. <\p>
Joint venture to build CoreWeave data center in Chesterfield
Funds managed by Blue Owl Capital Inc., Chirisa Technology Parks and PowerHouse Data Centers have formed a joint venture to build large-scale data centers for AI infrastructure startup CoreWeave Inc., including a facility in Chesterfield. <\p> The three companies said the joint venture will deploy a total of up to $5 billion for data centers supporting CoreWeave and “other hyperscale and enterprise data center customers.”<\p>
Peraton names longtime IT executive as next CEO
Reston government contractor Peraton Inc. will have a new CEO for the first time since it was formed as a stand-alone company seven years ago.<\p> Peraton, a portfolio company of the New York equity firm Veritas Capital, announced Tuesday that longtime IT services executive Steve Schorer will take over as chairman, president and CEO on Monday. Schorer, a former CEO at McLean-based Alion Science and Technology, replaces Stu Shea, who has headed Peraton since it was spun out of the former Harris Corp. and acquired by Veritas for $690 million.<\p>
Rock Creek Park official pushes back on concerns over golf course redo
The acting superintendent of Rock Creek Park has cast doubt on claims a proposed renovation of the park’s golf course would harm the environment and residents’ quality of life.<\p> The National Park Service, which owns Rock Creek Park Golf Course, is proceeding with the renovation proposal despite a chorus of disapproval from local residents and advocacy groups that have raised concerns about plans by the nonprofit overseeing the course to remove 1,070 trees to make way for the changes.<\p>
Two Md. elevator repair firms acquired by private equity
Miami private equity firm H.I.G. Capital has rolled up two Maryland companies that specialize in elevator repair and maintenance —and it's not stopping there.<\p> H.I.G. Capital announced Tuesday that it has acquired Action Elevator in Millersville and that, concurrently, Action has acquired Century Elevator Inc. in Forestville. With some $65 billion in assets under management, H.I.G. intends to use Action Elevator as a platform to buy up other elevator repair firms across "current and adjacent geographies," said Rahul Vinnakota, managing director and head of North American industrials at H.I.G, in a statement. <\p>
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