(WASHINGTON, DC) – Today, the Office of the Deputy Mayor for Planning and Economic Development (DMPED) announced the District has awarded Pallas Advisors with a Vitality Fund grant to support their expanded office footprint in Downtown DC. Created by Mayor Bowser, the Vitality Fund is a multi-year, performance-based incentive program designed to support companies in target industries that are actively planning to relocate, expand, or retain their physical location and create new jobs in the District, with a focus on Downtown.
“We know companies have lots of choices on where they locate and grow. The Vitality Fund is helping us ensure companies like Pallas choose to make DC their home and in turn create jobs, lease office space, and bring vibrancy to our city,” said Deputy Mayor for Planning and Economic Development Nina Albert.
Founded in 2018, Pallas Advisors is a consulting firm focused on the defense and national security sectors. Pallas’ new headquarters doubles the size of their footprint to over 11,000 square feet. The company currently has 29 employees and plans to add 45 new jobs over the next five years. This expansion reflects Pallas’ growth and commitment to DC.
The Vitality fund has supported the relocation of one company and the expansion of six companies, resulting in an estimated:
- 596 new jobs
- 291 retained jobs
- $27.7 million capital investment
- 155,000 leased square feet
- $4.4 million in fiscal impact
Companies that receive an award from the Vitality Fund must also commit to having their employees on-site at least 50% of the time; provide workforce development programs or commit to local contracting; and comply with all relevant District laws.
DMPED, in partnership with the Washington DC Economic Partnership (WDCEP), continues to invest in programs and initiatives to attract businesses in high-growth sectors to Washington, DC. Businesses considering relocation or expansion should visit https://dmped.dc.gov/page/vitalityfund for more information about the Vitality Fund.
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