A commercial real estate developer is handing out a total of $10 million in bonuses to its 198 employees.
WTOP reported Monday that Baltimore-based St. John Properties announced the bonuses at the company’s holiday party.
Edward St. John, the founder and chairman of the company, said the amount of money that each employee gets is based on tenure. The average bonus was $50,000, but some employees will get upward of $250,000.
The company has employees throughout Maryland and northern Virginia. The bonuses celebrate the company’s achievement of developing 20 million square feet of office space, retail and warehouses. That real estate is spread out over eight states.
Edward St. John said that he is “thankful for every one of our employees for their hard work and dedication. I couldn’t think of a better way to show it.”
The company was founded in 1971. It has retail and warehouse space in Maryland, Virginia, Colorado, Louisiana, Nevada, Pennsylvania, Utah and Wisconsin.
(AP)
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Kol hakovod to Mr. St. John for sharing his profits with his employees. The level of profit-sharing is fairly large for a smaller developer and is up there with the annual year-end bonuses for non-equity attorneys and investment bankers at the larger wall street firms (which this year range from $18K to $126K depending on seniority and billable hours) His firm has done a lot of work in the booming DC/Northern Virginia market so they are more fortunate than some other sectors of the real estate development (aka those who were buying up properties in the Long Island City area in anticipation of the short-lived Amazon boom).