Business

Eight years after its sale fetched more than $66 million, the office tower at One South Street in downtown Baltimore sold last month for $24 million, a markdown that could be a barometer for the city’s commercial real estate industry. Commercial real estate prices across the country are slumping and many downtowns are struggling with vacant office space. The sale of One South Street — a 30-story building that opened in 1992 — appears to be the first post-pandemic sale of a downtown office tower in Baltimore.

Bethesda-based Marriott International Inc. and MGM Resorts International Monday announced today an exclusive long-term strategic licensing agreement and the creation of MGM Collection with Marriott Bonvoy, which will launch in October and encompass 17 of MGM’s unrivaled resorts, representing more than 40,000 rooms in Las Vegas and other cities across the U.S.

Annapolis-based Fairwinds Technologies Monday awarded a $30 million contract to Comtech to provide tactical communications support for the U.S. Army. The contract for the Melville, New York-based company calls for the implementation of its software-defined Troposcatter Family of Systems (FOS) to enhance U.S. Army Beyond-Line-of-Site (BLOS) communications capabilities across all domains.

Pleasants Development Monday announced its plans to build Mount Airy Crossing, a mixed-use community that will offer a blend of senior housing, single-family homes and boutique shopping and dining options, along with more than 25 acres of parks and open space. The proposed development reflects substantial changes made in response to feedback received during a three-day public design charrette that Pleasants Development hosted in late May on its plan to develop a 91-acre tract of land along Route 27 into a vibrant mixed-use neighborhood.

Your Public Radio, the nonprofit that runs WYPR 88.1 FM and WTMD 89.7 FM, has hired a CBS Radio executive from New York to lead the Baltimore stations. Craig N. Swagler will take over as Your Public Radio’s president and general manager on Aug. 1, the nonprofit announced Monday. He succeeds LaFontaine Oliver, who departed Baltimore earlier this year to take over as CEO of New York Public Radio.

Just two years ago the sky seemed to be falling on the artists’ studio compound known as Area 405. The old industrial building where 30 Baltimore artists created works in studios came up for sale. Rumors circulated that Philadelphia developers were eyeing the place for a condominium conversion. Some thought gentrification was inevitable.

With multiple generations in the workforce, experts say finding common ground is one key to maintaining a harmonious workforce. However, finding that common ground can be tricky — even when it comes to a seemingly universal issue like compensation. A new report from talent and business consulting firm Robert Half International Inc. found a competitive salary with regular merit raises has the biggest impact on job satisfaction for millennials, Gen Xers and baby boomers.

Just as the U.S. is plunging into the deep end of offshore wind energy development, the nascent domestic industry is facing major supply chain problems, surging costs, permitting delays and other headwinds that could affect the aggressive installation timelines state and federal governments have targeted.