Maryland Developer Gives Away $10M In Bonuses To Employees

BALTIMORE, MD — At a corporate holiday party over the weekend, employees of a Baltimore development company learned they would be receiving a sizable gift.

Edward St. John, the founder and chairman of St. John Properties, announced that the company would be dividing $10 million among the company's 198 employees in addition to their year-end bonus.

The money was to reward staff for meeting the company's goal of developing 20 million square feet of space in eight states. Officials said workers would be given a portion of the $10 million based on years of service, with an average staff bonus of $50,000.

Each employee's bonus was revealed in a red envelope.

"I am thankful for our employees for their hard work and dedication," St. John said in a statement. "I couldn't think of a better way to show it."

St. John announced the news at the company's holiday party Saturday at The Grand in Baltimore. Before the surprise announcement, officials said only five employees knew.

"What happened tonight was magical," accounts payable specialist Danielle Valenzia, who has worked for St. John Properties for 19 years, said on camera after the announcement. She said she has five children and five grandchildren, and is responsible for her in-laws and brother-in-law. Of the bonus, she said: "It is life-changing."

The company was founded 50 years ago with two employees, according to a statement from St. John Properties.

Upon reaching the milestone of 10 million square feet in its portfolio in five states in 2005, the company set a goal of developing 20 million square feet in eight states.

"I thought it would take 35, 40 years to get there," St. John said of the goal, which was set as the country was approaching a recession. "They got there in 14 years, so we celebrated it, and I wanted to make it meaningful for the people who did it."

Some employees said they planned to use the bonus to pay off their mortgage, take a vacation or pay for their children's education.

"It makes me feel wonderful that I was able to pay them back in a meaningful way," St. John said. "Without the team, we are nothing — we are absolutely nothing."