Akridge, a District-based developer, closed Thursday on one of the biggest private real estate deals in the city in recent years, paying $75 million in cash for a nine-acre parcel at Buzzard Point. The land is owned by Pepco and is now mostly empty lots and parking lots. Akridge wants to put office, residential and retail developments on the site, a few blocks south of the proposed new baseball stadium.
ManTech International, a Fairfax defense contractor, said chief financial officer Ronald R. Spoehel has resigned to become an executive at ICX Technologies. The company said its audit committee will lead a search for Spoehel's permanent replacement and has retained an executive search firm.
Commerce Bank said its first branch in Alexandria is scheduled to open Sept. 30 at 119 South Washington St. in Old Town. The New Jersey-based bank, a new player in Washington area banking, has one branch each in the District and Manassas. It has set a goal of 200 locations in the Washington-Baltimore region.
USA Mobility of Alexandria, a provider of paging services, reached an agreement for use of antenna sites with Global Signal of Sarasota, Fla., one of the largest owners of cell phone towers. USA Mobility will pay $1.6 million a month initially for tower access, decreasing over time to $1 million a month in 2008.
ProFund Advisors of Bethesda named Agustin J. Fleites as its chief investment adviser, effective today. Fleites, who was formerly with State Street Global Advisors, will have investment oversight responsibility for more than 90 funds managed by ProFund as well as its initiatives in exchange-traded funds.