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Could McCormick & Co. spice up D.C.’s office market?

Suburban Baltimore-based spice giant McCormick & Co. is sure to attract plenty of attention from D.C.-area landlords as it weighs a potential relocation from its longtime headquarters in Maryland, though it’s too soon to say whether that will be enough to bring the maker of Old Bay Seasoning near the Capital Beltway.

My colleague at the Baltimore Business Journal, Kevin Litten, reported Wednesday that McCormick is looking for between 300,000 and 350,000 square feet and has cast a fairly wide net that extends into Northern Virginia and suburban Maryland but also includes southern Pennsylvania and Delaware.

The company is working with CBRE Group Inc., which issued a request for information outlining some of McCormick’s requirements. Prime among them, McCormick doesn’t need to be in its new space until April 2018, leaving plenty of time for new construction. The search is likely to reignite that cross-border competition economic development officials in Maryland and Virginia say doesn’t actually exist but really does, as we’ve seen in the heated pursuit for the FBI, Bechtel, Intelsat S.A. and Sodexo USA, just to name a few.

The RFI is silent on plenty of factors that might help narrow down the field. Pertinent to D.C.-area landlords, the requirement doesn’t stipulate whether locations need to be within so many feet of a Metro station. Nor does it list the District itself among the geographic sites it is considering, but whether that means D.C. itself is off limits or just implied to be in the running is unclear.

McCormick officials have also said they want to be “as close as we possibly can” to the company’s current Baltimore County headquarters, but how far landlords can stretch that is subject to interpretation.

“That could be anywhere,” Studley tenant rep Tom Fulcher told me. “They have four years to go, and in such a wide area, that could be anywhere.” Fulcher said going out in the market this early could help sweeten the government incentive pot, but more to the point, he said McCormick is setting the stage to get as advantageous a deal as possible.

So why so broad a search area, and why so fuzzy in its definition? The most logical assumption would be to kick off a bidding war among landlords and economic development officials. A lag time of four years is enough for local and state governments to draft their incentive packages, as seen with Intelsat and Sodexo.

So if it settles on a Greater Washington location, where might it be looking? That’s kind of like predicting where a child will look the first time it sees the inside of a candy shop. There will, of course, be several determining factors, including what landlords are willing to offer, labor costs, the labor pool itself. Also to be factored in is how well the company employees who now go to work in Sparks will react to having to commute to, say, Tysons.

In Northern Virginia, there are also a wide range of options. If it’s looking for a corporate campus, Exxon Mobil Corp.’s Merrifield campus is still on the market. That could be too big a bite for the company, though, with 1.3 million square feet of existing office space on the 117-acre campus. Other potential development sites could work as well, including The Shooshan Co.’s nearly 500,000-square-foot office at 4040 Wilson Blvd., as would any number of planned developments in Tysons Corner.

Looking at the Free State side of the equation, there are plenty of sites in play and economic development dollars that could be brought to bear. Prince George’s County has been touting the merits of its Metro stations, and will have D.C. economic development expert Victor Hoskins (also a former official with the Maryland Department of Business and Economic Development) at its disposal once he starts work later this month. We know from the FBI’s ongoing headquarters search there are plenty of other large-block options in the Free State — Greenbelt, Westphalia and even the Landover Mall site. Then there are sites like the Air Rights Center in Bethesda, with just under 698,000 square feet of space being repositioned by MRP Realty and the Rockpoint Group.

There are quite a few interesting options for McCormick if it hasn’t ruled out the District, including several the Washington Post looked at in places like NoMa and the Capitol Riverfront. The Wharf, while logical given its obvious seafood tie to Old Bay Seasoning, could be a bit of a tight fit, though. The first two buildings, slated for completion in 2016, are each under 300,000 square feet. But there is more than 1 million square feet of Class A office space planned there, so it’s possible PN Hoffman could find a way to accommodate the company.

Don’t Settle for Student Loans to Pay for Online Education

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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