Business Archives - Page 27 of 47

Westfield Continues Deleveraging Process in U.S., Currently Owns Montgomery and Wheaton Malls in MoCo

Published May 29, 2023 at 9:35AM

Unibail-Rodamco-Westfield (URW) has maintained its deleveraging progress with US and European asset sales with the announcement of the sale of Westfield Brandon Shopping Center (located in Brandon, Florida) in the US for $220 million and “V” office building in France for €95 million, bringing total sale proceeds to €4.7 billion. It was reported in 2021 that Unibail-Rodamco-Westfield (URW) planned to sell all of it’s US holdings in 2022. Last year, then-Chief Executive Jean-Marie Tritant told investors that Unibail wants to shed most of its U.S. properties by the end of 2023, according to a Wall Street Journal report, which pushed things back about a year. Montgomery Mall and Wheaton Mall (Westfield Montgomery and Westfield Wheaton), both located in Montgomery County, are owned by URW.

URW operates over 75 shopping centers in 12 countries, including over 40 which carry the Westfield brand. These centers attract over 900 million visits annually. Fabrice Mouchel, Chief Financial Officer of URW, said: “URW continues to achieve deleveraging progress, even in a more challenging financing environment. With these two transactions, we have now generated €4.7 Bn in disposal proceeds since 2021 and consistently improving credit metrics. The Group’s robust operational performance and strong liquidity position will allow us to complete our deleveraging programme, including a radical reduction of our US financial exposure, in a timely and disciplined manner.”

MedStar Health Named to Newsweek’s America’s Greatest Workplaces for Diversity and Women 2023

By MCS Staff

Published May 28, 2023 at 6:54PM

MedStar Health, which is headquartered in nearby Columbia and has multiple urgent care facilities in Montgomery Countyas well as a hospital in Olney, has been named one of America’s Greatest Workplaces for Diversity and Greatest Workplaces for Women 2023 by Newsweek and Plant-A Insights Group. The recognition is part of a larger effort to identify the nation’s best workplaces for not only promoting diversity and empowering women, but also supporting veterans, job starters, LGBTQ associates, and more.

To determine the Greatest Workplaces, Newsweek and Plant-A conducted a large-scale study of U.S. employers based on hundreds of thousands of company reviews, associate interviews, as well as publicly available information. Newsweek says that interviewed associates gave MedStar Health particularly high scores for encouraging diversity in the workplace, respecting female associates, and respecting LGBTQ associates. MedStar Health represents one of the only healthcare organizations in the Maryland and Washington, D.C., region to be awarded the highest possible five-star rating for diversity. MedStar Health received a rating of four stars out of five for its emphasis on supporting women.

Viamericas Relocates From MoCo to Miami

By MCS Staff

Published May 28, 2023 at 6:27PM

Viamericas Corporation, a licensed, international remittance company, recently relocated its corporate headquarters from Bethesda, Maryland to Coral Gables, Florida. Viamericas was located at 4641 Montgomery Avenue in Bethesda prior to its announced departure earlier this month and selected the Miami region because it is a major transportation hub connecting the Americas, making it an ideal location for a company specializing in cross-border money transfers. The city also has a large and growing Latin American population, which provides a natural customer base for Viamericas’ services.

Per the press release: Moving its headquarters to Miami also enabled Viamericas to tap into the city’s diverse talent pool, which includes skilled workers with experience in finance, technology and customer service. The company has been able to recruit top talent from both the local area and other parts of the United States, helping to drive its growth and expansion. “Moving our headquarters to Miami has been an excellent decision for Viamericas. We can leverage the city’s many benefits, which positions Viamericas for continued growth and success,” said Joseph Argilagos, Executive Chairman and Co-Founder of Viamericas. “We are excited about the opportunities that lie ahead as we continue to expand and innovate our offerings to meet the evolving needs of our customers.”

Trophy Office Tower in Bethesda Changes Hands

By MCS Staff

Published May 28, 2023 at 6:23PM

JLL Capital Markets announced earlier this month that it has arranged the sale of 4747 Bethesda Ave., a 300,508-square-foot, trophy office building in the heart of downtown Bethesda, Maryland, on behalf of the seller, JBG Smith. Built in 2019, 4747 Bethesda Ave. is an iconic asset that is 98% leased to a diversified tenant roster and serves as the headquarters location for JBG Smith. The LEED Gold and Fitwel-certified building offers new construction and a best-in-class amenity package highlighted by a rooftop lounge, state-of-the-art fitness facility and a penthouse conference room with floor-to-ceiling glass windows.

The property has a gateway location adjacent to Bethesda Row, which features more than 70 retailers, restaurants, and entertainment venues. Additionally, the property is walkable to mass transit, including the Red and future Purple Lines, which connect tenants to the Greater Washington, D.C. metropolitan area. The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jim Meisel, Matt Nicholson, and Andrew Weir, Senior Director Dave Baker and Director Kevin Byrd.

Gaithersburg-Based Givhero, A Startup Supporting Employee Health/Wellness, Receives $200K Investment

By MCS Staff

Published May 28, 2023 at 6:05PM

TEDCO, Maryland’s economic engine for technology companies, announced a recent State Small Business Credit Initiative (SSBCI) investment of $200,000 into Gaithersburg-based Givhero, Inc., a startup company supporting employee health and wellness. This SSBCI investment is from TEDCO’s Social Impact Funds. Givhero’s headquarters are located at 9841 Washingtonian Blvd Suite 200 in Rio Lakefront. “People are connected to causes, deriving meaning, value and motivation when they support a cause they’re connected with,” said Vishal Chintawar (featured photo), founder and CEO of Givhero. “Plus, the workforce is changing and it’s time for employers to change with it by creating new ways to engage with, support, and encourage employees, which is why we created the Givhero platform. Givhero is a simple solution for employers, creating ways to connect and support employees in a way that makes sense to the up-and-coming workforce.”

Givhero, based in Gaithersburg, Md., is a mobile-first solution that lets human resources (HR) teams customize, run and measure well-being programs with a social impact, increasing employee engagement and advance CSR, ESG and DEI objectives. Employers tap into the power of purpose by supporting community causes employees care about and rewarding healthy behaviors with donations to those charities. Givhero can help increase well-being engagement and reduce HR Admin time for value-driven organizations. “Givhero has found a way to support employees while also creating a better community,” said Jean-Luc Park, senior director of Social Impact Funds at TEDCO. “It’s great seeing businesses looking for new ways to connect with their employees. The platform created by Givhero has potential to support and embody a sustainable system that will positively impact businesses as well as the ecosystem.”

Rockville’s DAVIS Employees Build Children’s Playhouses and Donate Them to Habitat for Humanity

By MCS Staff

Published May 19, 2023 at 2:45PM

James G. Davis Construction Corporation (DAVIS) partnered with Habitat for Humanity Metro Maryland to hold a Playhouse building competition. Since April, DAVIS employees have been hard at work building nine children’s outdoor playhouses. All nine were completed this week, and have officially been donated to Habitat. The playhouses were based on original designs from DAVIS—from a hospital-inspired house to a makeshift café complete with a table and fireplace, the contest sparked many creative ideas. These construction professionals took playhouse building to the next level, creating complex, appealing, and safe structures!

Habitat leaders, including President + CEO Jeff Dee and Paige Beyer, Director of Development, arrived at DAVIS’ Rockville headquarters on Thursday, May 18 to judge each playhouse and choose a winner. The winning playhouse, called “Skidsteer,” is based on a Bobcat skid steer loader and is made using pine and cedar wood. Dee spoke on the importance of donations and initiatives to the community. “When their family buys a home through Habitat, it’s often the kids’ first stable home. Having a playhouse is their first opportunity to have their own place to go to after school,” Dee said. “This is a great example of how we can come together and support affordable housing.”

Hampshire Tower Apartments Secure $370K Loan to Install 159 kW Solar Array

By MCS Staff

Published May 16, 2023 at 4:34PM

Hampshire Tower Apartments, a 216-unit affordable high-rise multifamily building located in Takoma Park, has secured a $370,000 Small Business Energy Savings Support (“SBESS”) loan by the Montgomery County Green Bank and City First Enterprises. “Hampshire Tower Apartments is making significant improvements to its energy footprint, and solar is one of the measures it is using to get there.”

The 159 kw solar array, installed by Solar Energy Services, will offset approximately $25,000 in energy costs per year and generate an additional $5,000 in SREC revenue for Hampshire Tower Apartments. Not only will the solar PV system mitigate 130 metric tons of greenhouse gas emissions per year, it will also produce a positive net cash flow for the property that will help maintain the affordability of energy costs of residents for years to come.

Montgomery County Green Bank Appoints Stephen Morel as New Chief Executive Officer

By MCS Staff

Published May 16, 2023 at 4:28PM

The Montgomery County Green Bank (Green Bank) announced that Stephen Morel has been appointed the new Chief Executive Officer. Stephen Morel, who has been serving as the Green Bank’s Chief Investment Officer since 2019, will succeed Tom Deyo, the Green Bank’s inaugural Chief Executive Officer. Deyo announced his resignation as the Green Bank’s CEO in March and will serve as the interim Chief Operations Officer until July 1, 2023.

Per the press release: Morel has a professional background in entrepreneurial leadership as well as in corporate and project finance, with a particular interest in public-private institutions and catalyzing investment into high impact sectors. Morel brings his proven skills in business management and investment structuring to the Montgomery County Green Bank with the intent to more rapidly make clean energy and climate-resilient solutions accessible to and affordable for all in Montgomery County. “Steve has a record of strong leadership as the Montgomery County Green Bank’s previous Chief Investment Officer and in his preceding roles,” says Bonnie Norman, Montgomery County Green Bank Board Chair. “His unique investment background combined with his commitment to the Green Bank’s mission makes Steve ideally suited for our ambitious next chapter of scale, scope and impact.”

Owner of Yard House, Olive Garden, And Other Restaurant Chains Purchases Operator of Ruth’s Chris Steakhouse For $715 Million

By MCS Staff

Published May 4, 2023 at 8:33PM

Darden Restaurants, Inc. and Ruth’s Hospitality Group, Inc. jointly announced today that they have entered into a definitive merger agreement pursuant to which Darden will commence a tender offer to acquire all of the outstanding shares of Ruth’s for $21.50 per share, in an all-cash transaction with an equity value of approximately $715 million. Ruth’s, owner and operator of Ruth’s Chris Steak House (MoCo location in Gaithersburg’s downtown Crown and formerly in Bethesda), will complement Darden’s portfolio of differentiated brands which currently includes Olive Garden, LongHorn Steakhouse (MoCo location in Germantown), Yard House (MoCo location in Gaithersburg), Cheddar’s Scratch Kitchen, The Capital Grille (MoCo location in Chevy Chase), Seasons 52 (MoCo location in North Bethesda), Bahama Breeze and Eddie V’s.

Per the press release: Ruth’s Chris was founded in 1965 in New Orleans, Louisiana, by Ruth Fertel and features signature USDA Prime steaks served sizzling on 500-degree plates, New Orleans-inspired sides and an award-winning wine list. Ruth’s Chris has 154 locations around the globe, including 80 company-owned or -operated restaurants and 74 franchised restaurants, generating systemwide sales of over $860 million, total revenues over $500 million, and average annual restaurant volumes for company-owned or -operated locations of $6.2 million in Ruth’s fiscal year 2022.

MoCo Business Returns to Shark Tank for Update on Friday, May 5

By MCS Staff

Published May 1, 2023 at 3:39PM

Bethesda-based clothing line Collars & Co. was featured on the November 11 episode of Shark Tank on ABC. Many may have seen the clothing company’s signature item, the “Dress Collar Polo”, a buttery soft polo with a standard English spread collar that is said to be more comfortable than a normal collared shirt. Collar & Co went on Shark Tank seeking $300K for 4% equity at a $7.5 Million valuation from the sharks and ended up striking a deal. The business will return on the May 5th edition of Shark Tank for a business update. More below on how their initial Shark Tank appearance went:

According to its website, Collars & Co.’s mission is to “provide men and women with extremely high quality clothing that not only looks great, but feels amazing as well.” The business sells shirts, sweaters, underwear, and accessories. Bethesda resident Justin Baer presented his product, asking for $300K for a 4% equity (valuation of $7.5M). The business launched in 2021 and went viral on TikTok, leading to 500 orders off the bat and $40K in revenue the first month after the video’s release.

Bethesda’s Hull Street Energy to Acquire California Natural Gas-Fired Plant

By MCS Staff

Published April 25, 2023 at 3:48PM

Bethesda’s Hull Street Energy, a private equity firm that specializes in deploying capital into the power sector as it decarbonizes, has entered into a definitive agreement to acquire a 100% interest in Sunrise Power Holdings, LLC from an affiliate of ArcLight Capital Partners, LLC, Generation Bridge Acquisition, LLC (“Generation Bridge”). Hull Street Energy is headquartered at 4747 Bethesda Ave in Bethesda. Sunrise Power Holdings is located in Fellows, California, where the facility provides 586 megawatts of critical generation and reliability services to California’s Central Valley.

Per the press release: The Sunrise plant and its experienced employees will be a high-quality addition to Hull Street Energy’s critical power infrastructure business unit, Milepost Power, which was formed to enable the next wave of growth in the electricity industry. With this acquisition, the firm will continue to support grid reliability, allowing for the integration of new variable renewable energy resources as California works to achieve its climate goals.