Baltimore-based commercial real estate developer St. John Properties announced a surprisingly huge and unexpected bonus for all of its 198 employees.
Company’s founder Edward St. John at the company’s holiday party announced that all 198 employees would share Rs 71 crore ($10 million) bonus, reported Washington Top News.
The amount each employee gets is based on tenure, but the average bonus was around Rs 35.35 lakh ($50,000), with some employees receiving bonuses upward of around Rs 1.77 crore ($250,000), the report added.
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 company has employees throughout Maryland and Northern Virginia, while the bonuses are in addition to the company’s annual year-end bonus, the report said.
Founded in 1971, St. John Properties is one of the largest privately-held commercial real estate developers in the mid-Atlantic and had set its goal of 20 million square feet in 2005 when it had 10 million square feet of space.
First Published: Dec 13, 2019 2:10 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP is planning to ban RSS, says Shiv Sena (UBT) chief Uddhav Thackeray
May 18, 2024 8:01 PM
Punjab Lok Sabha elections: Complete list of Congress candidates
May 18, 2024 4:08 PM
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM