Real estate firm hands out $10 million in bonuses – average payout is $50,000
A commercial real estate firm in Baltimore decided to play the role of Santa, eschewing the part of Scrooge, when it decided to hand out $10 million U.S. in bonuses to its employees.
St. John Properties handed the cash out to its 198 employees in recognition of the company hitting its target of developing 20 million square feet of space in eight states.
The cash was handed out based solely on years of service, with the average employee pocketing $50,000.
“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, the company’s founder and chair. “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 bonus is being paid on top of regular year-end bonuses, as well as other benefits which include pension matching, profit sharing and paid vacation time.
“My philosophy has always been to surround myself with the best and the brightest – and that is what we have done. Every professional at St. John Properties is committed to excellence every day,” said St. John.
The company’s commercial space is valued at $3.5 billion, and the goal of developing 20 million square feet was set in 2005 when the company had 10 million square feet of space.
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