Two of the District's most well-known developers -- Michael J. Darby, principal of Monument Realty in the District, and Mitchell N. Schear, president of Charles E. Smith Commercial Realty in Arlington -- stood at midday Thursday on the sidelines of the gym at American University. Both wore T-shirts with their firm's names on them, shorts and tennis shoes -- outfits quite different from the dark suits they usually wear as they sign big deals to lease offices and build new buildings.
With an estimated 800 other developers, architects, real estate brokers and secretaries, they played basketball, table tennis and volleyball, ran track, swam and raced in silly relay races that included men putting on swimsuits and lipstick and people riding backward in office chairs around a track. The Juvenile Diabetes Research Foundation Real Estate Games raised $300,000 to support finding a cure for juvenile diabetes.
"It's a good cause, and it's a great opportunity for everybody in our industry to see each other off-line," Schear said. "Usually people are in boardrooms or on conference calls. Now they're out on the field. It's competitive, but we're all here for good fun."
The 15-year-old event was started by Adam Singer, executive managing director at Julien J. Studley, a real estate company. Since then commercial real estate companies including CB Richard Ellis, Akridge, Clark Construction Group, Trizec Properties and Donohoe have raised $2 million, Singer said.
Foliofn, an online brokerage and financial software provider in Vienna, went into partnership with a Japanese brokerage to provide what it says is the first software in Japan for offering separately managed accounts. Unlike mutual funds, separately managed accounts can be customized by investors. Foliofn and Nikko Cordial Group, one of Asia's largest financial services companies, will offer the service to Japanese investors. SMAs, as they're called, have traditionally been so expensive to provide in the United States that account minimums are sometimes half a million dollars or more. The American brokerage says its software can affordably accommodate accounts as modest as $25,000.
QuadraMed, a Reston health care information technology company, said it plans to offer up to $94 million of convertible preferred stock in a private, unregistered offering to institutional buyers. QuadraMed said it will use the proceeds primarily to repurchase its 10 percent senior secured notes due in 2008 and 5.25 percent convertible debentures due in 2005.
Millennium Bank, a Reston subsidiary of Millennium Bankshares, named Anita L. Shull president and chief operations officer. She will direct the bank's day-to-day operations. Since joining the bank in 2002, Shull spearheaded its reorganization, including the organization's release from a memorandum of understanding with the Office of Comptroller of the Currency.
General Dynamics of Falls Church agreed to acquire Newton, N.C.-based TriPoint Global Communications, a privately held provider of ground-based satellite and wireless communication equipment. Terms were not disclosed. TriPoint will become part of the General Dynamics C4 Systems business unit, which is a leading integrator of secure communication and information systems and technology.
Cardinal Financial of Tysons Corner, the parent of Cardinal Bank, agreed to buy George Mason Mortgage from United Bank-Virginia, a wholly owned subsidiary of United Bankshares, for $17 million in an all-cash transaction. GMM, based in Fairfax, originates and buys residential mortgages for sale to the secondary market through nine retail branches in the Washington region.
Carlyle Group and Wilton "Chick" Hill, president of Davidson Hotel, bought the Hilton Pasadena in California. Terms were not disclosed. Davidson will manage the 14-story, 296-room hotel, which is slated for a $4.5 million renovation in the next year.
Host Marriott of Bethesda said it plans to sell 25 million shares to help fund its purchase of the Fairmont Kea Lani Maui hotel in Hawaii. It expects to raise about $305 million from the sale for the $355 million deal, scheduled to close in August.
American Capital Strategies of Bethesda, which invests in and lends to private and small public companies, invested $17 million in Supreme Corq of Kent, Wash., a leading manufacturer of synthetic corks for the global wine and spirits industry. The money supports the acquisition of Supreme Corq by Graham Partners.
Medifast, an Owings Mills maker of soy-based diet food, said its board authorized a buyback of up to 200,000 shares of common stock.
Compiled from reports by the Associated Press, Bloomberg News, Dow Jones News Service and Washington Post staff writers