Two Venture Capital Firms Pick Tysons, Chevy Chase

Two venture capital firms are moving their offices closer to the heart of the region's start-up activity.

Grotech Ventures is opening an office in Tysons Corner's Towers Crescent building, home to the Tower Club and networking central for local business executives. Grotech is relocating its venture capitalists from Timonium, where it will maintain back-office functions.

"The amount of deal flow in Northern Virginia, relative to the greater Maryland area, is fairly significant, and we thought we needed a presence there over time," said Frank Adams, Grotech founder and general partner. Since most of its venture capitalists were already doing many deals based in Virginia, "we came to the conclusion that . . . we might as well move everything over there and consolidate our offices."

Meanwhile, Boulder Ventures is opening an office in Chevy Chase. Boulder will keep its place in Owings Mills, Md., near Baltimore, as well as one in Boulder, Colo., where the company was founded.

Jonathan Perl, a general partner who lives in the District, said the new office would be more conveniently located. He added that there are a number of other big venture firms nearby, such as Novak Biddle.

It might seem that, what with the economic downturn, investment firms might have other things to worry about than office space. But Adams said Grotech is not really feeling the slide.

"Our deal flow has been robust," he said. "It's been significantly better than it has been in years."

-- Zachary A. Goldfarb