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McLean satellite operator emerges from bankruptcy
McLean-based satellite operator Intelsat Corp. announced on Feb. 23 that it has emerged from its financial restructuring process nearly two years after filing for Chapter 11 bankruptcy. The company’s debt has been reduced from nearly $16 billion to $7 billion, according to a news release. Intelsat obtained $6.7 billion in new financing. The company has […]
Navy Federal names new chief operating officer
Vienna-based Navy Federal Credit Union has named a retired rear admiral to serve as chief operating officer. Dietrich Kuhlmann took over from former COO Debbie Calder, who has retired, effective Monday. He will oversee the credit union’s operations and its 20,000 workers in service of its members. Kuhlmann joined Navy Fede[...]
Alarm.com to expand Fairfax HQ, create 180 jobs
Alarm.com will expand its technology research and development division at its Fairfax headquarters, investing $2.6 million and creating 180 jobs, Gov. Glenn Youngkin announced Monday. The technology company already has several hundred workers in Virginia and will create additional engineering positions within its research and de[...]
‘Behind the eight ball’
David Manley had a good feeling. The site visit was going well. During their spring 2021 tour of the Progress Park industrial site in Wytheville, the leaders of a manufacturer of nitrile gloves — those blue, disposable pieces of personal protective equipment that have become ubiquitous during the pandemic — seemed intrigue[...]
The big crunch
Although the “Great Resignation” is hitting other industries harder, Virginia law firms are experiencing a tight labor market while also seeing increased demand for services. Alison McKee, a past president of the Virginia Bar Association and an attorney at Kaufman & Canoles PC in Virginia Beach, notes that “2021 was the busiest year in a […]
Take a hike
Amid the ongoing pandemic, Virginians have escaped to the outdoors, enjoying the commonwealth’s varying recreational activities. “Since the pandemic started, people have wanted to get out of their homes and explore,” says Virginia Tourism Corp. Communications Manager Andrew Cothern, “and there’s so much to do in Virgin[...]
Real world learning
In 2021, colleges and universities got back to semi-normal, holding more classes in person and hosting sporting events and commencement ceremonies. Many institutions required students, faculty and other employees to be vaccinated against COVID-19 last fall, and some schools also mandated booster shots. In Hampton Roads, three in[...]
Hubs and spokes
Economic conditions bounced back across many sectors in 2021, but the COVID-19 pandemic still impacted development deals occurring in Virginia. The state saw a great deal of focus on manufacturing and supply chain growth, areas expected to stay busy despite the recent change in state political leadership. In Hampton Roads, many [...]
PAE’s former head named Amentum CEO
John Heller, the former CEO of Falls Church-based contractor PAE Inc., will serve as CEO of Germantown, Maryland-based aerospace defense contractor Amentum Services Inc., which purchased PAE earlier this month. Heller, who led PAE for seven years until March 2021, will take his new post effective March 28, Amentum announced Thur[...]
Jan. Va. home inventory was at all-time-low
Virginia’s housing market set another record in January, hitting an all-time-low of inventory, according to a new report released by Virginia Realtors this week. At the end of last month, there were 12,203 total active listings, which is 4,478 fewer than this time in 2021, a drop of nearly 27%, according to the industry gr[...]
Marina Point Apartments in Chesapeake sell for $14.15M
The Marina Point Apartments complex in Chesapeake has sold for $14.15 million, brokerage firm Marcus & Millichap announced Feb. 23. MRKT Realty LLC acquired the property from a joint venture headed by Phil Capron, according to Marcus & Millichap. The 104-unit multifamily property located at 1301 Canal Drive includes 13 b[...]
Chesapeake office buildings sell for $18.9M
Two office buildings in the Greenbrier area of Chesapeake have been sold for $18.9 million, Cushman & Wakefield | Thalhimer announced Feb. 22. Miami-based KAS Partners acquired Greenbrier Office Towers I and II from FP Greenbrier Towers LLC, according to Chesapeake property records. The 171,762-square-foot Class A office por[...]
