Employees at a Baltimore-based commercial real estate firm might not have a White Christmas this year, but theyâve certainly got plenty of green.
St. John Properties surprised its 198 employees at a company party Saturday with $10 million in bonuses.
Each of the companyâs workers received a payout, based on their tenure at the company, with the average payout being $50,000. The bonuses come on top of the workersâ annual year-end bonus and other benefits.
âTo 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,â said Edward St. John, founder and chairman of the company. âI am thankful for every one of our employees, for their hard work and dedication. I couldnât think of a better way to show it.â
That goal he mentions was the company hitting a milestone of developing 20 million square feet of office, flex/R&D, retail, and warehouse space in eight states. That portfolio is valued at $3.5 billion.
Itâs an act of corporate generosity toward employees that is exceedingly rare. Four years ago, Houston-based Hilcorp, an oil and gas company, gave each of its workers $100,000 for reaching certain goals.
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