- The Donohoe Companies received a $500,000 conditional loan for the move from the Maryland Economic Development Assistance Authority and Fund.
- Donohoe also received a $100,000 grant convertible to a loan from Montgomery County.
- The Donohoe Companies was founded in Washington D.C. in 1884.
- The Donohoe Companies employ over 1,400 industry professionals in Washington D.C. and Maryland.
After 132 years in Washington D.C, the Donohoe Companies are packing things up and heading north. But don’t fret — its new headquarters will be located just five miles away at 7101 Wisconsin Ave., a Maryland address.
Washington D.C’s oldest full-service real estate agency will leave behind its current office at 2101 Wisconsin Ave. and move to the newly renovated building up the road, managed by Brandywine Realty.
According to the press release, the Maryland Economic Development Assistance Authority and Fund has granted the Donohoe Companies $500,000 in a conditional loan pending the relocation. The MEDAA awards loans and grants based on “Priority Funding Areas,” which includes Bethesda, Maryland, where the new office is located.
According to Maureen Kilcullen, deputy director of media relations and public affairs at the Maryland Department of Commerce, the conditions of the grant require that Donohoe maintains its headquarters at the Wisconsin Avenue location through the 10-year term of the loan.
The company must incur a minimum of $4.5 million in project costs and employ at least 280 full-time permanent employees by December 31, 2020. Further, it must maintain at least 200 full-time employees at the location in that time.
“If the company meets all of the performance criteria, the principal and interest would be forgiven at the end of the loan term,” Kilcullen wrote in an email.
Montgomery County also gave Donohoe a $100,000 grant convertible to a loan.
The Donohoe Companies has grown significantly since John F. Donohoe founded the company in 1884. Through the decades, generations of Donohoes have built the company to more than just a real estate firm.
It has broadened its reach by starting construction, development and complete build services. In 2005 The Donohoe Companies announced the inception of Donohoe Hospitality services, which manages hotels.
One of the companies carrying Donohoe moniker, Complete Build Services, will stay in Washington D.C. at 5151 Wisconsin Ave.
The Donohoe Companies employ over 1,400 industry professionals in Washington D.C. and Maryland.