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Wall Street indexes gain as investors hold out hope for US-Iran resolution

Summary:
  • S&P 500 gained 1.02% to 6886.23 points
  • Goldman Sachs shares fell despite profit beat
  • shares hit two-year high

April 13 (Reuters) – ‘s main indexes rose on Monday as investors appeared hopeful that a resolution to the Middle East war could be found while they looked past the failed weekend talks between the and and monitored the start of the earnings reporting season.

After a muted start to the day the Nasdaq and the S&P 500 picked up some steam on Monday afternoon after U.S. President said that Iran wants to make a deal but that he will not come to any agreement that allows Tehran to have a nuclear weapon.

This was after Trump announced that the U.S. military began a blockade of ships leaving Iran’s ports, while Tehran threatened to retaliate against ports of its Gulf neighbors after weekend talks on ending the war broke down.

“And so there seems to be some desensitization around these back and forth talks with negotiations on, negotiations off, especially in the midst of this ceasefire, which seems to be holding for the moment,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.

“Investors are fearful to be caught off sides, that if we have a resolution come together quickly, that the market could rally significantly and they’d be left on the sidelines.”

It also helped that crude oil futures pared earlier gains to settle below the $100 level. Chicago Federal Reserve President Austan Goolsbee said oil futures markets are pricing an expectation the surge in will be short-lived, and that as long as this is the case the impact on the U.S. economy may be limited.

According to preliminary data, the S&P 500 gained 69.34 points, or 1.02%, to end at 6,886.23 points, while the gained 280.51 points, or 1.23%, to 23,183.40. The Dow Jones Industrial Average rose 291.09 points, or 0.61%, to 48,207.66.

Among the S&P 500’s 11 major industry sectors, was the biggest gainer during the session with boosts from software companies, including Microsoft and Oracle. The iShares expanded Tech-software index ETF, which has underperformed sharply this year on concerns about AI disruption, rallied sharply on Monday.

Defensive utilities and consumer staples sectors lagged.

GOLDMAN RESULTS UNDERWHELM

Investors appeared less than impressed by Goldman Sachs’ kick-off of the first quarter . Its shares fell with concerns over weakness in fixed income, currencies and commodities trading revenue outweighing its profit beat.

“We don’t see the market really paying too much attention to the earnings beat. And it’s all because of prospects of higher inflation, weaker economic activity and a Fed that may be forced to stay on hold for a long, long time,” said Peter Cardillo, chief market economist at Spartan Capital Securities.

Goldman CEO David Solomon said market volatility stemming from the conflict had tempered IPO execution, but the environment remains robust and activity will rebound once conditions stabilize.

In other individual stocks, shares of Allogene Therapeutics rallied, hitting their highest levels in over two years after interim data from a mid-stage study showed that its blood cancer therapy reduced the risk of relapse in patients.

Shares in Albemarle, ​the world’s largest lithium producer, rallied after Oppenheimer raised its price target on the company to $222 from $216.

TRAVEL STOCKS FALL

Airline stocks including United Airlines Delta Air Lines and American Airlines fell on concerns about higher oil prices swelling fuel costs.

Shares in industrial supplies distributor Fastenal’s sold off after earnings. Sandisk rose sharply as the memory chipmaker was on track to join the Nasdaq-100 index on April 20.

Separately, data showed that U.S. fell to a nine-month low in March amid tight inventory and growing concerns over the labor market.

(Reporting by Sinéad Carew in New York, Niket Nishant and Avinash P in Bengaluru; Editing by Shilpi Majumdar, Devika Syamnath)

 

$132M redevelopment of former Greyhound station in Richmond planned

Richmond’s former Greyhound bus station will be replaced by a 386-unit apartment building with retail space in the city’s fast growing neighborhood.

New York-based firms Allen Investment Properties and Pointsfive are planning a $132 million revamp, with funding from New York’s Bridge Investment Group as an equity investor, and an $85.6 million construction loan from Madison Realty Capital, also based in New York. Both deals were arranged by Bethesda, Maryland-based Walker & Dunlop, a commercial finance and advisory firm.

Construction is expected to start in the second quarter of 2026, but no timeline for the project’s completion was announced. AIP and Walker & Dunlop did not return requests for comment, and Pointsfive declined to comment beyond what was in Walker & Dunlop’s news release.

The 550,000-square-foot project will replace the shuttered bus terminal at 2910 N. Arthur Ashe Blvd., across from the recently opened Flying Squirrels’ baseball stadium, . In addition to 386 , the building is expected to have 14,000 square feet of retail space, three courtyards and over 55,000 square feet of indoor and outdoor amenities.

The project site housed a Greyhound bus station for decades until its in 2024, when service was moved closer to Main Street Station. A limited liability company owned by Twenty Lake Holdings purchased the nearly 5-acre property in 2022 for $11 million.

The Richmond Times-Dispatch reported that Twenty Lake split the property into two parcels, selling the roughly 3-acre portion along Arthur Ashe Boulevard to an entity dubbed 2910 RVA Owner for nearly $15 million, according to a deed filed in March. The firm also sold the roughly 2-acre rear parcel, accessible from West Boulevard, to New York-based entity WB RVA Owner for about $5 million.

Last month, Washington, D.C.-based developer Hoffman & Associates and Florida-based limited liability company DeBartolo broke ground on a $144 million project that will add 366 apartments to the Scott’s Addition neighborhood by 2028.

“This submarket has all the qualities we look for in a multifamily development location: walkability, unique mixed-use urban character, day and night entertainment drivers and consistently strong renter growth relative to supply,” Pointsfive CEO Tristan Nadal said in a statement.

AeroVironment promotes executive to CFO

Arlington County-based has promoted Sean T. Woodward to executive vice president and , effective May 1.

Woodward will succeed current Kevin McDonnell, who is retiring on July 31, the company announced Monday. McDonnell plans to stay with the company for a few months after Woodward becomes CFO to help ensure a smooth transition of responsibilities.

Woodward joined AeroVironment in 2010 and, over the next 15 years, held a range of finance and leadership roles. He currently serves as CFO of the company’s Autonomous Systems segment, overseeing financial planning and analysis, pricing, cost estimating and compliance with government accounting requirements.

In a statement, AeroVironment President and CEO Wahid Nawabi described Woodward as having “deep institutional knowledge” and praised him for being “instrumental” in helping the company achieve growth goals.

“Sean has played a critical role in commercializing several of our high-growth products, which are now key franchises for the company,” Nawabi said. “His leadership has strengthened our finance organization while supporting AV’s expansion and integration efforts — a critical attribute that will play an increasingly important role as we internally build our systems and processes enabling AV to effectively scale. I look forward to continuing to work with Sean in his new role as CFO as we execute our growth strategy and deliver shareholder value.”

According to his LinkedIn profile, before joining AeroVironment, Woodward spent five years as a program control analyst at General Dynamics and roughly a year and a half as a program planning and control analyst at Honeywell Aerospace.

Woodward has a bachelor’s degree in business management from the University of South Florida and an MBA with a concentration in finance from the University of Tampa.

“I am honored to step into the role of CFO and look forward to building on our strong financial foundation,” said Woodward in a statement. “I am focused on continued collaboration with our leadership team in support of AV’s growth priorities to ensure the company remains well-positioned for its next phase of execution.”

McDonnell, who joined AeroVironment in 2020, announced his retirement in February.

Voyant Beauty to close Roanoke plant, laying off 95 employees

Chicago-based product manufacturer Voyant Beauty plans to close its by the end of August, laying off 95 employees.

The company notified the state of the in a letter dated April 10 sent to comply with the federal (WARN) Act. Voyant Beauty said it was permanently closing its facility at 4411 Plantation Road NE, resulting in permanent layoffs for about 95 employees.

The company did not provide a reason for the in the letter, and neither Voyant Beauty nor the Roanoke Economic director immediately returned requests for comment.

According to Voyant Beauty’s website, the Roanoke facility is a “liquid plant” that produces skin care, hair care, and bath and body products. A ribbon-cutting ceremony celebrating its opening was held in October 2019. At that time, it was estimated that the facility would bring about 100 jobs to the area.

In the letter, the company said layoffs would occur in phases as operations wind down, with the first phase beginning on or around a 14-day window starting June 30 and a second phase beginning on or around a 14-day window starting Aug. 31. However, the notice also states that operations will cease no later than Aug. 31, with the facility expected to remain open in a different, limited capacity, raising questions about how the second phase of layoffs would extend beyond that date.

The letter said employees will not have bumping rights.

In December 2025, alternative investment firm King Street Capital Management announced it was leading a first-lien term loan facility to support refinancing of Voyant Beauty.

Voyant Beauty, headquartered in the Chicago area, operates 11 manufacturing facilities in the United States and one in Poland, according to its website. According to PitchBook, the company, formerly known as Vee Pak, was founded in 1989 and has about 3,000 employees.

J.P.Morgan, Morgan Stanley urge buying the dip as US earnings stay resilient

 Summary:

  • calls dips buying opportunities amid geopolitical shocks
  • Morgan Stanley favors cyclical sectors and quality growth stocks
  • S&P 500 estimate rises to 13.9% for first quarter

April 13 (Reuters) – brokerages J.P.Morgan and Morgan Stanley said recent market weakness has created opportunities for long-term investors, arguing that resilient corporate earnings growth could cushion the fallout from the .

Hopes of a de-escalation in the conflict have lifted the S&P 500 nearly 8% from a seven-month low it hit in March, after fears that an oil price shock stemming from the of the would stoke inflation and deepen economic uncertainty.

The benchmark index advanced slightly on Monday even as weekend talks between the U.S. and failed to deliver a deal to end the war.

“Our base case remains that any further escalation is unlikely to be sustained indefinitely, and that dips driven by geopolitical shocks should ultimately prove to be buying opportunities,” J.P.Morgan said in a note led by strategist Mislav Matejka.

The benchmark U.S. index dropped as much as 8% since the U.S.-Israel war against Iran broke out, stopping short of confirming it is in correction territory – a 10% drop from record close levels.

Reviving the safe haven appeal of U.S. stocks, the S&P 500 still outperformed Europe’s STOXX 600, which fell as much as over 11%, and MSCI’s index tracking emerging market equities, which confirmed correction territory.

Morgan Stanley strategists led by Michael Wilson said the recent selloff in the U.S. S&P 500 looked more like a correction than the start of a prolonged downturn, and attributed the support to improving earnings growth and healthier valuations.

Earnings expectations have continued to increase despite the conflict. The earnings growth rate estimate for the S&P 500 stood at 13.9% for the first quarter of 2026 as of April 10, compared with estimates of a 12.7% rise before the war broke out, per LSEG I/B/E/S data.

Goldman Sachs struck a similar tone in early March, warning of near-term “correction risks” to global stocks but saying there was little room for a bear market.

Morgan Stanley said it continues to favor cyclical sectors such as , industrials and consumer discretionary goods and also quality growth stocks such as .

J.P.Morgan also noted that the valuation premium for the so-called “Magnificent Seven” cohort of stocks had narrowed sharply, with their forward price-to-earnings ratio for the group falling to 1.2x the S&P 500 from 1.7x.

Morgan Stanley had downgraded global equities late in March, while J.P.Morgan reiterated its preference for over the United States in its latest note.

(Reporting by Purvi Agarwal in Bengaluru; Editing by Devika Syamnath)

 

US existing home sales drop to nine-month low in March amid tight supply

Summary:

WASHINGTON, April 13 (Reuters) – U.S. existing home sales fell to a nine-month low in March amid tight inventory and growing concerns over the labor market, and a recent increase in mortgage rates because of the war with could limit activity this year.

Home sales dropped 3.6% last month to a seasonally adjusted annual rate of 3.980 million units, the lowest level since June 2025, the National Association of Realtors said on Monday. Economists polled by Reuters had forecast home resales easing to a rate of 4.06 million units.

Existing home sales are counted at the closing of a contract. Last month’s sales probably reflected contracts that were signed in January and February when mortgage rates were falling. Sales dropped in all four regions. Overall sales decreased 1.0% on a year-over-year basis in March.

“Inventory remains a major constraint on the market,” Chief Economist Lawrence Yun said. “An additional 300,000 to 500,000 homes for sale would help bring the market closer to normal conditions and allow consumers to make purchase decisions without feeling rushed.”

The labor market has been lackluster, with nonfarm payrolls declining in six of the last 15 months. The housing market also remains constrained by higher mortgage rates.

The U.S.-Israeli war with Iran has boosted and sent rising amid worries about inflation. The government reported last week that monthly consumer prices increased by the most in nearly four years in March.

Mortgage rates track Treasury yields. The popular 30-year fixed-mortgage rate averaged 6.37% last week, up from 5.98% on the eve of the war, data from showed.

It had dropped after President ordered Freddie Mac and Fannie Mae to expand purchases of mortgage-backed securities. has become a potent political issue ahead of the November midterm elections, with the quintessential American dream of homeownership increasingly out of reach for many.

MEDIAN HOUSE PRICE INCREASES

The NAR lowered its home sales growth estimate for 2026 to 4% from 14%. Its housing affordability index fell to 113.7 in March from 117.5 in February. It was, however, up from 104.2 a year ago.

“Mortgage rates have been rising, and that has led us to trim our home sales outlook for the year,” said Yun. “Even with a more modest pace of sales growth, home prices continue to steadily increase due to minimal inventory growth.

The median existing home price last month increased 1.4% from a year ago to $408,800, the highest for any March. The inventory of existing homes increased 3.0% to 1.36 million units, still remaining well below pre-pandemic levels. Supply was up 2.3% from a year ago. At March’s sales pace, it would take 4.1 months to exhaust the current inventory of existing homes, up from 4.0 months a year ago.

The median days on the market for listed properties increased to 41 from 36 a year ago.

First-time buyers accounted for 32% of sales, unchanged from a year ago. Economists and realtors say a 40% share in this category is needed for a robust housing market. All-cash sales constituted 27% of transactions, up from 26% a year ago.

Distressed sales, including foreclosures, made up 2% of transactions, down from 3% from a year ago.

(Reporting by Lucia Mutikani; Editing by Andrea Ricci)

 

Oil jumps nearly 8% to above $102 ahead of US blockade on Iran

Summary:
  • rise 7.7% to $102.52 per barrel
  • Navy to blockade maritime traffic to Iranian ports
  • OPEC cuts world oil demand forecast by 500,000 bpd

LONDON, April 13 (Reuters) – Oil prices jumped back above $102 a barrel on Monday as the prepared to block ships to and from via the in a move that could restrict Iranian after Washington and Tehran failed to reach a deal to end the war.

Brent crude futures gained $7.32, or 7.7%, to $102.52 a barrel by 1215 GMT after settling 0.75% down on Friday. U.S. West Texas Intermediate was up $7.65, or 7.9%, at $104.22 after a 1.33% loss in the previous session.

President said on Sunday that the U.S. Navy would start blockading the Strait of Hormuz, raising the stakes after marathon talks with Iran failed to reach a deal to end the war, jeopardizing a fragile two-week ceasefire.

He added that the price of oil and gasoline could remain high through November’s U.S. midterm elections, a rare acknowledgement of the potential political fallout from his decision to attack Iran six weeks ago.

“The announced U.S. blockade marks an admission that the ceasefire’s central premise – at least as interpreted by the U.S. – which was the reopening of the Strait, is untenable for now,” said Erik Meyersson, analyst at Nordic bank SEB.

said that U.S. forces would begin implementing the blockade nL1N40V06L of all maritime traffic entering and exiting Iranian ports at 10 a.m. Eastern on Monday.

It would be “enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman,” CENTCOM said in a statement on X.

U.S. forces would not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports, it added.

Iran’s Revolutionary Guards said on Sunday that any military vessels attempting to approach the Strait of Hormuz would be considered in violation of the ceasefire and be dealt with harshly and decisively.

The OPEC producer group, meanwhile, has lowered its forecast for world oil demand in the second quarter by 500,000 barrels per day, citing the impact of the war in the Middle East.

In a report on its website on Monday, OPEC said that crude production from members averaged about 35.06 million bpd in March, registering a monthly decline of 7.7 million bpd.

Prices for physical crude barrels are trading at significant premiums to futures, with some grades already at record highs of about $150 a barrel.

“[If] President Trump does indeed back his blockade threat with actual boats, a convergence between the paper and physical markets may soon come,” said RBC Capital Markets analyst Helima Croft.

Oil tankers are steering clear of the Strait of Hormuz ahead of the U.S. blockade on Iran, shipping data on LSEG showed.

However, three supertankers fully laden with oil passed through the strait on Saturday, shipping data showed. They appeared to be the first vessels to exit the Gulf since the ceasefire deal was struck last week.

On Sunday, said it had restored full oil pumping capacity through the East-West pipeline to about 7 million barrels per day after damage to its energy sector from attacks during the Iran conflict.

(Additional reporting by Florence Tan and Jeslyn Lerh in Singapore; Editing by Kevin Buckland, Kirsten Donovan and David Goodman)

 

Virginia Business photographer wins Best in Show

Virginia Business won nine in the ‘s 2025 News & Advertising Contest, including a Best in Show award for Specialty to contributing photographer Norm Shafer, the state organization announced during its April 11 annual awards banquet held at The Virginian hotel in Lynchburg.

Shafer won the VPA Best in Show award and a first place award for picture story or essay for his photos documenting the June 30, 2025, grand opening of the first travel center in Virginia, an event that drew fans of the interstate mega convenience store chain and its ubiquitous beaver mascot from as far away as Alabama.

“Norm has an exceptional eye for storytelling through the lens, and this recognition speaks to both his technical skill and his ability to capture moments that resonate with readers,” said Associate Publisher and Editor Richard Foster. “His work on the Buc-ee’s opening brought added energy, scale and personality to our coverage.”

Additionally, Virginia Business Associate Editor Beth JoJack won a first place award for general news writing for her colorful coverage of the Buc-ee’s opening, which included interviewing eager fans who camped out overnight. “I had no idea there were groupies and such a riot of activity surrounding a [Buc-ee’s] grand opening,” the contest judges wrote. “Fun, informative story. Great job!”

The state press association’s annual contest recognizes excellence in design, writing, photography, illustrations and advertising among participating publications across Virginia for the previous calendar year. This year’s contest was judged by members of the South Carolina Press Association. As a monthly business magazine, Virginia Business competes in the VPA‘s specialty publications category, which includes publications published less frequently than weekly as well as targeted and niche publications.

Virginia Business also won four second-place awards in the following categories:

News Writing Portfolio — With the contest judges praising her “engaging writing about controversial issues,” Deputy Editor Kate Andrews won for a body of stories including “Virginia Supreme Court hears $2B trade secrets case,” “GOP House Judiciary report accuses GMU president of lying to Congress,” and “Virginia Supreme Court won’t intervene in Youngkin-Senate university boards dispute.”

Virginia Business September 2025 magazine cover
Virginia Business September 2025 cover

General News Photo — Shafer also placed in general news photo for his coverage of the Buc-ee’s opening, with the judges saying, “Emotion and energy and good composition elevated this image to a winner.”

Headline Writing — Associate Publisher and Editor Richard Foster placed for entries such as “A reshore bet,” for JoJack’s feature story about efforts to bring back to the United States, and “The point is Smoot,” for his own column about President ‘s sweeping tariffs.

Page Design — Art Director Joel Smith won for his work on the September 2026 cover story, “A new atomic age,” with retro illustrations by Miriam Foster accompanying the story about efforts to scale up nuclear power generation to meet growing electrical demand from data centers. “The animated portrayal was beyond appropriate for the content,” the judges noted.

Finally, the magazine won two third-place awards in these categories:

Column or Commentary Writing — The judges wrote that Foster‘s columns on topics such as the federal crackdown on undocumented immigrants, the DEI debate, and a statewide political brouhaha offered “incisive reflections on important public issues from a business perspective.”

Front Page or Front Cover — Smith, Andrews, Richard and Miriam Foster, Jay Paul and James Lee took a joint award for their work on Virginia Business’ May, September and October 2025 covers, with the judges singling out the “clever designs with stunning art [and] great font selections.”

Kaine questions Virginia Tech president’s exit

SUMMARY: 

U.S. Sen. Tim Kaine is concerned Virginia Tech President may have been forced to step down so that a new president could be selected before Gov. Abigail Spanberger fills seats on the university’s board, he said during a press conference Friday morning.

Spanberger will have five board vacancies to fill on July 1, according to Kaine, Virginia’s junior senator. The current board is composed almost solely of former ‘s appointees.

“I think there is a desire by certain members on that board to force him out,” Kaine said, “even though he doesn’t deserve to be treated like that, so that the board can pick a president before Gov. Spanberger is able to put this administration’s stamp on the Virginia Tech board. And so, I urge Gov. Spanberger to get to the bottom of this and to not allow yet again a Virginia public university to be politicized with political schemes used to oust qualified leadership.”

Neither the governor’s office nor Virginia Tech Rector John Rocovich immediately responded to requests for comment Friday afternoon.

Virginia State Senate Majority Leader Scott Surovell said Friday that the rector, a attorney, was “forcing” Sands’ resignation to attempt to hire a new president before four Youngkin appointees rotate off the Tech Board of Visitors at the end of June.

“I think that President Sands has done an excellent job over the past 13 years,” Surovell said. “I’m not a Hokie, but I know he’s extraordinarily popular within Hokie Nation.”

The online publication Inside Higher Ed reported Friday that Spanberger and Rocovich “had spoken directly about the need for [Spanberger’s] appointees, who will be named in July, to be involved with the search” for Sands’ successor.

Surovell often spoke critically of the Republican Youngkin administration during its 2025 legal battle against Senate Democrats on the Senate Privileges & Elections Committee, who refused to confirm more than two dozen university board appointments made by Youngkin, saying that the governor was trying to influence university governance through his picks, some of whom were people connected with the Trump White House and the Heritage Foundation, a powerful conservative think tank.

Ultimately, Democrats won their fight in court, blocking George Mason University, the University of Virginia and Virginia Military Institute boards from seating the unconfirmed appointees, and Spanberger was allowed to make 27 board appointments on the first day of her term in January.

However, Virginia Tech’s board and other universities’ boards are still dominated by Youngkin appointees.

“The [Virginia Tech] board of visitors needs to take its time, or the legislature will have to get involved,” Surovell said Friday.

On Friday, Virginia Tech alum and founder Mehul Sanghani was listed as a member of Virginia Tech’s board on the Board of Visitors website, which noted he was appointed by Spanberger Friday. Sanghani replaces Sandra Davis, the board’s vice rector, who died on March 17. Youngkin appointed her to the board in 2022.

The terms of Sanghani and board members Rosa Atkins, Edward H. Baine, Ryan D. McCarthy and Margaret Ann Smith will expire June 30, according to the site.

When asked about Kaine’s comments, Virginia Tech Spokesman Mark Owczarski said in a statement, “President Sands’ leadership and commitment to Virginia Tech’s mission and vision have been transformational for the university, the commonwealth and public higher education.”

After a dozen years leading Virginia Tech, Sands announced Thursday in a letter addressed “to Hokies everywhere” that he intends to step down in the coming months.

Sands plans to stay in the role until his successor is in place to ensure a smooth transition, according to Virginia Tech.

During the press conference, Kaine said that when states allow to push out capable higher education leaders it damages the reputation of that state’s higher education system.

In a statement Thursday, U.S. Sen. Mark Warner praised Sands for ushering in a “period of major growth and transformation at Virginia Tech, positioning the university as a more competitive global research institution.”

“He strengthened Virginia Tech by prioritizing research and innovation, expanding enrollment while maintaining university competitiveness and building lasting industry partnerships,” Warner said of Sands in a statement. “As a result, Virginia Tech graduates are better prepared to meet the needs of a dynamic and rapidly changing workforce. In the time we have worked together, I have appreciated his candor, his drive and his focus on expansion.”

Warner also encouraged Virginia Tech to take time to conduct “a thoughtful and thorough” presidential search. “One that reflects the institution’s stature and ensures it secures a world-class president to build on this strong foundation.”

On Friday, Democratic state Sen. Aaron Rouse, a Virginia Tech alum and chair of the Senate Privileges and Elections Committee, which votes on gubernatorial appointments to Virginia universities’ boards of visitors, also issued a statement about Sands’ departure.

“I’m grateful for President Tim Sands’ years of service to Virginia Tech and for his friendship, and I was shocked to see his departure during a continued period of tremendous growth for the university. I am eager to learn more about the reasons for this decision,” Rouse said. “As chair of the Senate Privileges and Elections Committee, we will continue to support and strengthen Virginia higher education and take all necessary action to protect the independence of our institutions. Boards of visitors play a critical role in governing our public colleges and universities, setting policy, overseeing leadership, and safeguarding academic independence, and we must ensure the next president has the tools and support necessary to lead Virginia Tech forward.”

Divaris appoints managing principal broker of D.C. regional office

Virginia Beach company announced this week it has appointed James O’Neill to be managing principal of its Washington, D.C., regional office, located in .

In the role, O’Neill will lead the firm’s strategic growth, retail, office and investment brokerage operations, and market expansion throughout the Northern Virginia, D.C., and Baltimore metropolitan areas.

He succeeds Joe Farina, who is focusing on transaction business within Divaris.

O’Neill joins Divaris from the JT O’Neill Co., a boutique firm he founded, where he served as president and principal broker. The firm specializes in retail and restaurant brokerage services. Over the course of his career, he has handled acquisitions and leases for regional, national and international brands.

“We are thrilled to welcome James to our D.C. team,” Divaris Chief Operating Officer Tony Divaris said in a statement. “James is a respected market leader and proven top producer in the retail and restaurant sectors. His relationships, market insight and track record of execution will be instrumental as we continue to expand our presence in the region and strengthen our ability to serve clients across the Washington, D.C., market.”

From late 2019 to 2024, O’Neill served as executive vice president at Lincoln Property, where he directed all retail activity for the D.C. metro area. He previously held executive positions at KLNB, Trammell Crow and Scheer Partners.

O’Neill is a licensed broker in D.C., Maryland and Virginia, and is an active member of the International Council of Shopping Centers.

is part of the umbrella, which includes affiliated firms spanning property management, and asset services. The business traces its roots to 1974, when Divaris was founded in South Africa. It relocated its headquarters to Virginia in 1981. Today, the group operates offices across the mid-Atlantic and California and oversees approximately 42 million square feet of retail, mixed-use, office and industrial space under leasing and management.