Holiday bonuses are always appreciated but for employees at Baltimore-based commercial real estate developer St. John Properties, the bonuses were huge and unexpected.
Edward St. John, the founder and chairman of St. John Properties, used the company’s holiday party to announce that all 198 employees would share a $10 million bonus. The amount each employee gets is based on tenure, but the average bonus was $50,000, with some employees receiving bonuses upward of $250,000. St. John Properties has employees throughout Maryland and Northern Virginia.
St. John Properties said the bonuses celebrate the company’s achievement of developing 20 million square feet of office space, retail and warehouses in eight states.
The party was held at the Grand Baltimore on Dec. 7.
“To celebrate the achievement of our goal, we wanted to reward our employees in a big way that would make a significant impact on their lives,” said Edward St. John. “I am thankful for every one of our employees for their hard work and dedication. I couldn’t think of a better way to show it.”
The bonuses are in addition to the company’s annual year-end bonus.
St. John Properties, one of the largest privately-held commercial real estate developers in the mid-Atlantic, set its goal of 20 million square feet in 2005, when it had 10 million square feet of space.
The company was founded in 1971 and now has retail and warehouse space in Maryland, Virginia, Colorado, Louisiana, Nevada, Pennsylvania, Utah and Wisconsin.