Please ensure Javascript is enabled for purposes of website accessibility

JBG Smith acquires Tysons Dulles Plaza for $42.3M

Bethesda, Maryland-based developer announced last week that it has acquired Dulles Plaza — a 15-acre office campus in Tysons that houses three buildings.

The financial terms of the acquisition were not disclosed. But tax records show that Tysons Dulles Holdings, which has a principal office that shares the same address as JBG Smith’s corporate headquarters, purchased the properties for $42.3 million on May 5.

The campus, which has approximately 500,000 square feet of offices and 1,553 parking spaces, is walkable to the Silver Line’s Spring Hill Metro station and is located at 1410, 1420 and 1430 Spring Hill Road.

JBG Smith plans to redevelop one of the three office buildings for residential use. The other two buildings will be upgraded and modernized but will be preserved for office use.

The company declined to provide additional details about the , including which of the three office buildings would become residential or the timeline of development.

“Notwithstanding regional economic headwinds and the negative impact of remote work on the office sector, we see distress leading to extremely attractive office investment opportunities for the first time in more than a decade,” George Xanders, chief investment officer at JBG Smith, said in a statement. “We are actively exploring additional office investments, similar to , especially where we can apply our proven mixed-used redevelopment expertise.”

Last year, JBG Smith began construction on a $40 million renovation project for an 11-floor commercial building in Arlington County slated for completion in 2026. The property is located in Arlington’s National Landing neighborhood, where Amazon.com’s HQ2 is based.

In a statement, JBG Smith Chief Strategy Officer Evan Regan-Levine said the company’s success in National Landing will serve as a “blueprint” for redeveloping underperforming assets in the region.

“In National Landing we were able to reduce the stock of operating office buildings and transform many of them into new residential and retail offerings — aligning with lower levels of net demand for office — while also improving the desirability of the neighborhood,” Regan-Levine said. “We see the same opportunity at Tysons Dulles Plaza.”

May home sales barely move as high mortgage rates, prices, weigh on housing market

SUMMARY:

  • Existing rose 0.8% in May from April
  • Annualized sales reached 4.03 million units
  • Median price hit $422,800, a record for May
  • Sales were 0.7% lower compared to May 2023

NEW YORK (AP) — Sales of previously occupied U.S. homes edged higher in May, as stubbornly high  and rising prices made homebuying less affordable even as the inventory of properties on the market continued to increase.

rose 0.8% last month from April to a seasonally adjusted annual rate of 4.03 million units, the said Monday.

Sales fell 0.7% compared with May last year. The latest home sales fell topped the 3.95 million pace economists were expecting, according to FactSet.

“The sluggish sales activity one can attribute essentially to affordability,” said Lawrence Yun, NAR’s chief economist.

Home prices increased on an annual basis for the 23rd consecutive month, although the rate of growth continued to slow. The national median sales price rose 1.3% in May from a year earlier to $422,800, an all-time high for the month of May.

The has been in a slump since early 2022, when mortgage rates began to climb from pandemic-era lows. Home sales fell last year to their lowest level in nearly 30 years.

The average rate on a 30-year mortgage has remained relatively close to its high so far this year of just above 7%, which it set in mid-January, according to mortgage buyer Freddie Mac. The low point for this year arrived five weeks ago, when the average rate briefly dropped to 6.62%. Last week, it averaged 6.81%.

Homes purchased last month likely went under contract in April and May, when the average rate on a 30-year mortgage ranged from 6.62% to 6.89%.

High mortgage rates, which can add hundreds of dollars a month in costs for borrowers, remain a key affordability hurdle for many would-be homebuyers. Years of soaring home prices have helped put homeownership out of reach. The median U.S. home sales price is up 52% since May 2019, while the U.S. median annual income has risen 30% in the same period, Yun noted.

While price growth has slowed, elevated mortgage rates and rising prices are forcing prospective homebuyers to save more for a down payment. In May, buyers needed an annual income of $91,960 to afford a typical home with a 20% down payment, or nearly 87% more than in May 2019, according to Realtor.com.

Home shoppers who can afford to buy at current mortgage rates benefited from a wider selection of properties on the market.

There were 1.54 million unsold homes at the end of last month, a 6.2% increase from April, and 20.3% higher than May last year, NAR said. That’s still well below the roughly 2 million homes for sale that was typical before the pandemic, however.

May’s month-end inventory translates to a 4.6-month supply at the current sales pace, up from a 4.4-month pace at the end of April and 3.8 months in May last year. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers.

Oil prices flip-flop and US stocks drift as Wall Street waits for Iran’s reaction to US strikes

The United States’ bunker-busting entry into Israel’s war with Iran is having only a modest effect on the price of oil and stock markets worldwide Monday, at least for now. The hope is that Iran won’t retaliate in a way that disrupts the global flow of crude, which would hurt economies worldwide but also its own.

The was edging down by 0.1% in early trading, coming off a week where stock prices had jumped up and down on worries about the conflict potentially escalating. The Industrial Average was down 37 points, or 0.1%, as of 9:35 a.m. Eastern time, and the composite was 0.4% lower.

The price of oil did jump 4% shortly after trading began on Sunday night, but it quickly pared back as the focus shifted from what the U.S. military did to how Iran would react.

By Monday morning, the price of a benchmark barrel of U.S. oil was up 0.4% at $74.16 after briefly dipping to a loss. Brent crude, the international standard, edged up by 0.2% to $77.17 per barrel. They still remain higher than they were before the fighting began a little more than a week ago, when a barrel of benchmark U.S. crude was close to $68.

The fear is that a worsening war could squeeze the world’s supply of oil, which would pump up prices for it, gasoline and other products refined from crude. Not only is Iran a major producer of crude, it could also try to block access to the Strait of Hormuz off its coast. Much of the world’s oil passes through the strait each day on ships.

The calming in the oil market came as several analysts said Iran would likely refrain from closing the waterway. Iran itself uses the strait to move its own crude, mostly to China, and it needs the revenue made from such sales of oil.

“It’s a scorched earth possibility, a Sherman-burning-Atlanta move,” said Tom Kloza, chief market analyst at Turner Mason & Co. “It’s not probable.”

Neil Newman, managing director of Atris Advisory Japan, said hope remains that the Israel-Iran war could be a short conflict, with the thinking being “the one big hit by the Americans will be effective and then we’ll get back to sort of business as usual, in which case there is no need for an immediate, panicky type of reaction.”

Speaking to Fox News on Sunday, U.S. Secretary of State Marco Rubio said a disruption to traffic through the strait by Iran would be “economic suicide” and would elicit a U.S. response.

When asked about that at a routine briefing in Beijing, Chinese Foreign Ministry spokesperson Guo Jiakun told reporters that “China is willing to strengthen communication with Iran and relevant parties to continue playing a constructive role in promoting de-escalation” of the conflict.

“The Persian Gulf and its adjacent waters are important international channels for cargo and energy trade. Maintaining security and stability in this region serves the common interests of the international community,” he said.

Of course, not everyone is sure about Iran’s next move.

Andy Lipow, a Houston analyst covering oil markets for 45 years, said countries are not always rational actors and that he wouldn’t be surprised if Tehran lashed out for political or emotional reasons.

“If the Strait of Hormuz was completely shut down, would rise to $120 to $130 a barrel,” said Lipow, predicting that that would translate to about $4.50 a gallon at the pump and hurt consumers in other ways.

“It would mean higher prices for all those goods transported by truck, and it would be more difficult for the Fed to lower interest rates.”

The Federal Reserve has been hesitant to lower interest rates, and it’s been on hold this year after cutting at the end of last year, because it’s waiting to see how much President Donald Trump’s tariffs will hurt the economy and raise inflation.

Inflation has remained relatively tame recently, and it’s near the Fed’s target of 2%. A continued rise in oil and gasoline prices would put upward pressure on inflation. That in turn could keep the Fed on hold because cuts to rates can fan inflation higher, along with giving the economy a boost.

In the bond market, Treasury yields eased a little as hopes continue that the Fed may cut interest rates later this year.

The yield on the 10-year Treasury fell to 4.34% from 4.38% late Friday. The two-year Treasury yield, which more closely tracks expectations for the Fed, fell more modestly to 3.89% from 3.90%.

In stock markets abroad, indexes fell modestly across Europe after finishing mixed in Asia. France’s CAC 40 fell 1%, and Hong Kong’s Hang Seng rose 0.7% for two of the world’s bigger moves.

Virginia Business wins two international journalism awards

Virginia Business Deputy Editor Kate Andrews’ story about the October 2024 dockworkers strike won the gold award for best coverage of breaking local news at the Alliance of Area Business Publishers’ () 2025 Editorial Excellence ceremony, held June 20 in Ottawa, Ontario.

It was one of two awards Virginia Business won among competing medium-size business publications at this year’s AABP awards, which were last held in Canada more than two decades ago.

Virginia Business Deputy Editor Kate Andrews
Virginia Business Deputy Editor Kate Andrews

“This reporting includes excellent coverage of the local and global impact to the workforce in this industry,” the judges wrote about Andrews’ story, which covered the start of a three-day that saw 45,000 dockworkers walk off the job from Boston to Texas — the first such action since 1977. “The article was able to validate the local voices while wrapping in the state and federal data.”

Additionally, Virginia Business Associate Editor Katherine Schulte placed silver in the Best Explanatory category for her story, “In critical condition: Independent medical practices face long odds,” from the January 2024 issue of Virginia Business. The story examined why the number of independent medical practices is shrinking, contributing to consolidation in .

In making their selection, the judges wrote of Schulte’s work, “This article uses clear, effective writing to show why independent doctors are vanishing. The writer pairs local voices and examples with national data to provide a comprehensive look.”

The 2025 AABP awards were judged by faculty members from the University of Missouri School of Journalism. Each award category was judged by a panel of three judges. The awards ceremony was held as part of AABP’s three-day annual conference.

Founded in 1979, AABP is a Norwalk, Connecticut-based nonprofit organization representing 57 regional and local business publications based mostly in the United States, but also including publications in Canada and Western Australia.

Virginia Bar Association cancels gubernatorial debate after candidates don’t RSVP

The  has canceled its scheduled July 19 after neither candidate accepted an invitation before the organization’s June 9 deadline.

The VBA said April 28 that it invited the two nominees, Democrat former U.S. Rep. and Republican Lt. Gov. , to debate during the association’s summer meeting at the Omni Homestead Resort in . The VBA hosted debates for the statewide races for governor and U.S. senator from 1985 to 2020.

In 2021, Gov. Glenn Youngkin, then the Republican nominee for Virginia governor, broke with tradition in skipping what traditionally is the first debate between Virginia’s gubernatorial candidates. Youngkin defeated former Gov. Terry McAuliffe that fall.

“For years, the nonpartisan VBA informed its members and the public on candidates’ views through debates that were the first of the campaign season,” VBA President Kimberlee Harris Ramsey said in a statement. “We regret that we will be unable to continue this tradition, but we cannot hold debates that encourage participation in the election process when the candidates decline to take part.”

Spanberger and Earle-Sears earned their parties’ respective gubernatorial nominations after being the only candidates to file by deadline. The Nov. 4 election will determine Virginia’s first woman governor, while Earle-Sears would become the country’s first Black woman governor if elected.

In place of the debate, the VBA will offer on conflict resolution and pro bono service.

PRA Group’s new president and CEO takes reins

Martin Sjolund became ‘s president and this week, succeeding Vikram “Vik” Atal at the -based global nonperforming loan business.

Sjolund, who was named as Atal’s successor in April and officially took the post June 17, was previously president of PRA Group Europe. According to a PRA spokesperson, Sjolund will split his time between London and Norfolk. Atal plans to serve as a senior adviser through the end of the year.

Atal, who was named CEO in 2023, stated at the time in a letter to shareholders that his goal was to stabilize the company, which reported a net loss of $83.5 million in fiscal 2023. PRA recorded $70.6 million in income in 2024, and Atal noted in a statement that it was “a transformational year reflecting decisive action and rigorous execution, which drove significantly improved results.” Last year, PRA made $1.4 billion in portfolio purchases, up 22% year-over-year.

“I am honored to have the opportunity to lead PRA Group as we enter our next phase of growth,” Sjolund said in a statement. “As a team, we have already achieved record global portfolio purchases and double-digit cash growth, expanded our leadership team, improved operational processes and strengthened our capital structure. These actions have positioned us to continue driving the company forward while delivering value to our shareholders.”

Sjolund served as PRA’s Europe president since 2018, overseeing 15 markets in Europe, Canada and Australia, where PRA has nearly $3 billion in portfolio investments. He joined the company in 2014 after PRA Group acquired Aktiv Kapital, where Sjolund was director of group strategy and corporate development. From 2015 to 2018, he was PRA’s chief operating officer for Europe.

Formerly a management consultant with McKinsey, Sjolund graduated from the University of Chicago’s business school and Georgetown University.

Also this week, Owen James was named PRA’s Europe president, succeeding Sjolund. He joined PRA Group in 2012 through the company’s acquisition of Mackenzie Hall Holdings.

Atlantic Union to expand Henrico office, add 50 jobs

Atlantic Union Bank is investing $5.1 million to upgrade its corporate offices in to accommodate growth, the bank announced this week.

The -based bank says it will make improvements to an existing two-story, 39,000-square-foot office building within Henrico’s mixed-use Innsbrook corridor to accommodate 50 additional corporate positions.

Executive Director Anthony J. Romanello says this new building will be ‘s third in Innsbrook. He said the bank plans to do a full interior renovation of the building, which is vacant.

“Our growth in Henrico reflects more than just momentum,” said Duane Smith, chief enterprise services officer and chief of staff of Atlantic Union Bank, in a statement. “It’s a commitment to being the kind of partner our communities deserve. We’re serious about our mission of exceeding customer expectations — not just with the products and services we offer, but with good jobs, meaningful investments and a genuine desire to make a difference where we live and work.”

Atlantic Union Bank holds $38 billion in assets, has originated $30 billion in loans and employs over 3,200 people — including more than 460 employees in Henrico.

The bank said it will allocate $21 million of its spending to small, women-owned and minority-owned certified suppliers.

Henrico Board of Supervisors Chair and Brookland District Supervisor Daniel J. Schmitt said in a statement that he was thrilled by the announcement.

“Their $5 million investment speaks volumes about the strength of our business environment and the talent of our workforce,” said Schmitt. “This brings high-quality jobs to our community and reinforces Henrico’s reputation as a premier destination for corporate services.”

Tarley is new president-elect of Virginia State Bar

Williamsburg attorney Susan Bradford Tarley was chosen the 2025-26 president-elect of the  on June 13 during the organization’s annual meeting in Virginia Beach.

Tarley is a partner at , where she focuses her practice on real estate, business matters and creditors’ rights. She has also served as an adjunct professor at the College of William & Mary Law School and as a substitute judge for the Ninth Judicial Circuit.

“I stand before you incredibly honored, deeply grateful, and only mildly terrified to accept the role of president-elect,” Tarley said after her election.

Tarley’s service to the VSB includes time on VSB Council, the Clients’ Protection Fund Board and as co-chair of the Common Interest Community subcommittee of the Real Property Section.

During her career, Tarley has received multiple honors, including being named to Virginia Lawyers Weekly’s inaugural Leaders in the Law class in 2006 and as a 2023 inductee of the Virginia Lawyers Hall of Fame. She was tapped as a Fellow earlier this year.

“We are stronger, wiser, and more just when every voice has a seat at the table,” Tarley said. “If you’ve ever been a person who didn’t get a seat at the table, you know how important it is to have your voice heard. We are better equipped to solve our profession’s challenges when ideas are shared and welcomed.”

Tarley is a graduate of Penn State University and the George Mason School of Law. She practices law alongside her husband, John Tarley Jr.

PACE Equity announces Richmond leader

Wisconsin-based , which specializes in commercial property assessed (C-PACE) financing for development projects, expanded its team this month with the addition of Steve Farbstein as ‘s .

PACE Equity announced Farbstein’s appointment in May, and he began his new role on June 9. He is the company’s first representative for the Richmond area. In this role, he will manage its portfolio in the region, working closely with developers and ensuring that projects progress.

Farbstein has more than 30 years of experience in the industry, and most recently was the chief revenue and development officer at Blue Ridge Bank in Richmond, where he led the bank’s fee income lines of business following its merger with Bay Banks of Virginia.

“Steve’s leadership will help strengthen PACE Equity’s role as a national leader in commercial PACE financing,” Beau Engman, the company’s president and founder, said in a statement. “His passion for leadership and community impact as well as deep industry expertise will help grow PACE Equity’s presence in the Richmond area.”

Farbstein’s previous senior leadership roles include vice president of business development at Cornerstone RPO and head of mortgage banking at both Park Sterling Bank (now South State Bank) and StellarOne Bank.

Headquartered in Milwaukee, PACE Equity has funded C-PACE projects nationwide and helped spur over $6.3 billion in energy-efficient commercial development while eliminating more than 1.4 million metric tons of carbon.

EY names 5 Virginians Mid-Atlantic Entrepreneurs of the Year

SUMMARY:

Five Virginia business leaders have been named winners of ‘s Mid-Atlantic Entrepreneur of the Year Award for 2025.

The winners, named Wednesday by the Big Four global professional services company, are:

  • Jeff Beck, and co-founder of AnswersNow in Richmond
  • Greg Craddock, CEO of Patriot Group International in
  • Shubhi Mishra, founder and CEO of Raft in McLean
  • Ahmad Nassar, CEO of Winners Alliance in
  • Mark Drever, founding partner and CEO of Xcelerate Solutions in McLean

The five are among the 12 mid-Atlantic winners EY recognized, honoring entrepreneurs and businesses from Virginia, Maryland and Washington, D.C. An independent panel of past winners, top CEOs and business leaders chose the regional winners, who will now to on to compete for the national awards later this year.

The candidates were judged on long-term value creation, entrepreneurial spirit, commitment, significant growth and impact. EY founded its EOY award in 1986. While the program has expanded to nearly 60 countries globally, in the U.S. the award is divided into 17 regions.

According to EY, Beck was chosen for revolutionizing virtual applied behavior analysis therapy for children with autism — slashing wait times from over a year to just five days. AnswersNow uses a proprietary digital platform and a network of Ph.D. and master’s-level therapists in centralized locations.

EY selected Craddock for being a key player in national security and government services, with a spokesperson saying he demonstrated “resilience and growth in a competitive GovCon sector.” Patriot Group International delivers mission support services for clients in the intelligence, defense and private sectors.

Mishra was honored for her “leadership in innovative solutions.” Raft is a defense tech company that specializes in autonomous data fusion, agentic artificial intelligence and legacy system modernization. Its work solves challenges for the U.S. Department of Defense and national security agencies, aiding decision-making across air, land, sea, space and cyber domains.

Nassar’s Winners Alliance represents and commercializes the group name, image and likeness rights of professional athletes worldwide. The organization creates group licensing, sponsorship, content and investment opportunities.

Drever was recognized for spearheading growth in cybersecurity consulting and safeguarding federal clients. Xcelerate Solutions is a national security company that helps federal agencies defend themselves from evolving cyber threats.

“All of these entrepreneurs are on a mission to solve problems and shape the future, and their journeys are truly inspirational,” Steve Canaras, program co-director of EOY Mid-Atlantic, said in a statement. “It’s an honor to give them the recognition they deserve through our program.”

The winners will now move on to be considered for the Entrepreneur of the Year national awards, set to be presented in November.