Legal Blog

Mid-Atlantic Business Minute: Soak Up the Last Days of Summer Deals

This week’s Mid-Atlantic Business Minute once again contains positive economic news.  Those of us who represent clients in transactions and investments have been seeing activity continue to grow at a strong pace.  This activity is not anecdotal as is shown by the upward adjustment of second quarter GDP growth and low jobless claims during the month of August.  These events suggest that now may be an ideal time for those with cash and credit capacity to get off the sidelines and to make capital investments and acquisitions in order to take advantage of the continued economic growth.

 

 

Transactions

Gaithersburg’s Lakeforest Mall sells at auction for fraction of its former worth
Source: WBJ

The auction came after the mall’s owner, Five Mile Capital, went into foreclosure. Read More

 

Morgan Properties Acquires Mark Center Portfolio in Alexandria For $509 Million
Source: The Washington Post

Morgan Properties announced Wednesday that it has acquired the Mark Center portfolio in Alexandria for $509 million. Read More

Economic Development in the DMV

Another delay for the $268M Potomac Yard Metro station
Source: WBJ

WASHINGTON — The opening of a new Metro station in Alexandria’s Potomac Yard has been pushed back until spring 2021, according to The Washington Post. Read More

 

DC named first LEED ‘Platinum City’ in the world
Source: WTOP

WASHINGTON — D.C. already leads the nation for environmentally friendly green building construction per capita, and now it gets the highest citywide award for green building. Read More

 

Economic News

Jobless Claims Cling Near Post-recession Low
Source:  MarketWatch

The average of new unemployment claims over the past month is the second lowest since the end of the financial crisis. Read More.

 

U.S. Second-Quarter GDP Growth Revised Up
Source: Fox Business

The U.S. economy grew faster than initially thought in the second quarter, notching its quickest pace in more than two years, and there are signs that the momentum was sustained at the start of the third quarter. Gross domestic product increased at a 3.0 percent annual rate in the quarter. The upward revision from the 2.6 percent pace reported reflects robust consumer spending as well as strong business investment.  Read More.

 

US construction spending drops 0.6 percent in July

Source: WTOP

WASHINGTON (AP) — U.S. construction spending fell in July for the third time in four months as strength in home construction wasn’t enough to offset weakness in nonresidential building and government projects. Read More

 

 

 

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Offit Kurman is one of the fastest-growing, full-service law firms in the Mid-Atlantic region. With over 135 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our eleven offices serve individual and corporate clients in the Virginia, Washington, DC, Maryland, Delaware, Pennsylvania, New Jersey, and New York City regions. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect.

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