From the Washington Business Journal today:
Glen Construction Co. Inc., one of the oldest family-run builders in the Washington region, has run out of money needed to finish its projects and expects to close its doors by year-end, company officials said.
Founded in 1959 by Whitie Hubert, the Gaithersburg company is best known for building the Tycon Tower in Tysons Corner -- often dubbed the "world's largest shopping bag" because of its distinctive arches -- as well as office towers at The Washingtonian in Gaithersburg and King Farm in Rockville, along with the Rainbow Lofts and Georgetown Heights condominiums in the District.
. . .
Industry observers said one possible factor was the company's aggressive foray into the condominium market, which caused Glen Construction to overextend itself by undertaking too many projects without taking into account the high costs and risks involved.