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: IST