Annapolis office building sells for $9.5M; Maryland Cycling Classic to close roads

Good morning, Baltimore!

I'm very happy to report that it's Friday, and the Friday before a three-day weekend, no less. That means there's no time to waste. Let's get right to the news.

Annapolis office building sells for $9.5 million

A Class A office building in Annapolis that is 90% occupied recently traded hands for $9.5 million, according to Hyatt Commercial, which brokered the sale. Bethesda-based Moore & Associates sold 151 West Street to an undisclosed regional real estate investor in a deal that closed Aug. 22. Property records show the building last sold in 2015, also for $9.5 million. Hyatt has been working to sell the building since January and said the sale proves that "an office in the right location remains extremely resilient." Hyatt brokers Cecil Cummins, Justin Mullen, John Gallagher, Eric Pinkett and Shane Denman worked on the sale.

Two storied Harford County law firms merge

Two Harford County law firms with more than a hundred years of history have merged, creating one of the largest firms in the county, reports the BBJ's Garrett Dvorkin. Brown, Brown & Young and Snee, Lutche & Helmlinger merged last month to become Brown, Snee, Young, Lutche & Helmlinger P.A. The merger, which came after both firms lost younger associates this summer, creates a combined practice with six attorneys.

Here's how mergers and acquisitions are affecting these Greater Baltimore industries

Speaking of mergers, the BBJ today published part two of our "What's the deal?" series, which explores the recent explosion of mergers and acquisitions and what it means for local businesses. The articles published today focus on several industries that have been shaken up by waves of mergers in recent years and what comes next. Click here to read both parts of the series.

Ciena Corp. reports earnings, taps new board member

Ciena Corp. released earnings for its fiscal third quarter ended July 29 yesterday, reporting that both its revenues and profits shot up dramatically compared to a year ago. The Hanover-based networking, systems and software company saw its revenue grow 23% to $1.07 billion. The company reported profits of $29.7 million, or 20 cents a share, compared to $10.5 million, or seven cents a share, in the prior-year quarter. Also yesterday, Ciena announced that it has added Mary G. Puma to its board of directors. Puma previously spent more than 20 years as CEO of Axcelis Technologies Inc., a public company that supplies capital equipment for the semiconductor chip manufacturing industry.

Maryland Cycling Classic to shut down streets this weekend

If you're planning to drive around Greater Baltimore this weekend, be prepared for some road closures. The Maryland Cycling Classic returns for its second year on Sunday with a route that begins in Sparks in Baltimore County and ends at the Inner Harbor. Here are the road closures and parking restrictions to be aware of, according to the Baltimore Banner.

McCormick & Co. Inc. wins eight-year legal battle over black pepper tins

After nearly a decade of litigation, McCormick & Co. Inc. has won a court battle centering on the amount of black pepper it puts in its iconic tins, the Star-Tribune reports. The Hunt Valley spice giant was sued in 2015 by Minnesota-based spice and baking supply company Watkins Inc., which alleged that McCormick was reducing the amount of black pepper in its tins while keeping the tin the same size and price. Watkins argued this amounted to false advertising because of regulations on "nonfunctional slack-fill," or a meaningful difference in the size of non-transparent packaging and the amount of product inside. A federal jury sided with McCormick this week after a six-day trial. McCormick had previously settled similar lawsuits in other states for $2.5 million in 2020.

PNC applies to open seven branches in Greater Washington

PNC Financial Services Group Inc. is...opening branches? Yes, you read that right. While most banks have been shedding branches in the wake of the pandemic, the Pittsburgh-based bank has become a sort of poster child for bank branch closures, regularly leading the country in that category. But the Washington Business Journal reports that PNC is bucking the trend a bit, with plans to open seven new branches in Greater Washington so far this year. We'll be watching to see if PNC plans any new branches in the Baltimore area after many months of closures here.

Artscape headliner cancels three weeks before event

Artscape headliner Kelly Rowland has canceled her performance in Baltimore about three weeks before the festival is set to kick off, a source told the Baltimore Banner. The former Destiny Child's singer had been announced as the headliner just a few weeks ago. The cancellation adds more pressure to the festival, which is making its return for the first time since 2019.

This newsletter was written by Jessica Iannetta, Managing Editor at the Baltimore Business Journal. I can be reached at [email protected].?