Fairfax County opened its fifth and newest overseas office in Bangalore -- India's capital of high technology. The county, a high-tech power itself, said it is the only county in the nation to open five overseas marketing offices.
India joins an Israel office, in Tel Aviv, which recently opened. The others are in London, Tokyo and Frankfurt, Germany's economic capital. Nine Indian companies already operate in Fairfax, says the county's Economic Development Authority, including Guru Infotech, HCL Technologies America, Indotronix, Indus and Megasoft.
"More and more Indian firms are expressing an interest in opening a U.S. office, and we want to be in place to assist in their location decision," said Gerald L. Gordon, president of the authority.
The Tel Aviv office will work with Israel's burgeoning tech industry. Fifteen Israeli companies operate in Fairfax, including Amdocs, Checkpoint Technologies, Civicom, Millimetrix Broadband Networks, Redux Communications and Spacenet.
The offices compete with other American cities, counties and states to lure branches of foreign companies to the United States. Fairfax promotes its proximity to Washington and Dulles International Airport and its booming high-tech industries. Of the 4,400 information technology companies in the county, 245 are foreign-owned, the county says.
* Carlyle Group's aerospace and defense group, the buyout firm's original business, has a new leader after long-time managing director Allan Holt gave up the post to focus entirely on his other job, co-managing all Carlyle's U.S. buyout activities.
Peter J. Clare, the new head of aerospace, worked under Holt in the defense group for 12 years and had a hand in most of the deals in the 1990s that helped make Carlyle the biggest private equity firm in the world. Among them: the buyout and eventual sale to the public of Arlington's United Defense, which made Carlyle's investors more than $1 billion.
Clare was on vacation last week and could not be reached for a comment.
While defense and aerospace once dominated Carlyle's portfolio, it is now a relatively small part. Carlyle has more than $18 billion in investments under management.
Holt and Daniel Akerson, his co-head, will supervise all U.S. buyouts and oversee Carlyle's largest business, its management of Carlyle Partners II and Carlyle Partners III, the group's flagship buyout funds.
Holt will probably be busy. The $3.9 billion Carlyle Partners III fund is nearly invested, so Carlyle will likely begin to raise money for another fund.
* St. Joe, a publicly traded real estate developer and investor in Jacksonville, Fla., got an offer it couldn't refuse in this red-hot real estate market for 1750 K Street NW, a 12-story downtown office building of 152,000 square feet. St. Joe sold it for $47.3 million, for a pretax gain of $7.5 million. The buyer was Bernstein Cos., one of Washington's oldest developers and real estate investors.
St. Joe, a maker of paper products until 1997, sold its paper mill and got into real estate. Like other investors, it was drawn to the Washington market in the past few years because of the stable economy because of steady federal government spending.
These days downtown Washington has one of the lowest office vacancy rates in the nation -- and some of the highest prices, making it tempting to sell. This 34-year-old building is 89 percent leased to multiple tenants.
St. Joe still owns enough timberland to make it Florida's largest private landowner, and much of its energy is focused on developing its landholdings in northwestern Florida. It has also bought land and buildings around the nation in the past six years and entered the D.C. market in 2001.
Whether it puts the proceeds from this sale into another building in Washington -- adding to its tiny portfolio of one other Washington office building and 19 acres in Northern Virginia -- is still up in the air, a spokesman says.
* University of Maryland researchers are to get $7.3 million to work on several projects, including a treatment to prevent brain damage in cardiac arrest patients, a treatment for anthrax and a low-calorie, low-carbohydrate, high-protein bread made from wheat grown by Eastern Shore farmers. The Maryland Industrial Partnerships program, a University of Maryland program that encourages collaboration between university researchers and corporations, got 17 Maryland companies to kick in $6.2 million. The university will provide the remaining $1.1 million.
* ManTech International, a Fairfax government contractor, plans to ask the Securities and Exchange Commission for an extension in filing its second-quarter financial results. The company had previously said it would report second-quarter financials on or before today. ManTech now says it will report earnings no later than next Monday.