Madison Marquette In Talks To Merge With Houston-Based PMRG
One of the developers behind D.C.'s The Wharf megaproject is merging with a Houston-based real estate company.
D.C.-based Madison Marquette is in discussions to merge with PMRG and expects the deal to close in the next 30 days, the companies announced Thursday.
The terms of the merger, first reported by CoStar, were not disclosed. The deal would create a commercial real estate giant with major investments in dozens of markets across the country and massive development, leasing and management portfolios.
"We anticipate a highly complimentary combination that significantly expands the capabilities of both firms," Madison Marquette Chairman Amer Hammour said in a release. "Madison Marquette's investment management as well as retail and mixed-use development, marketing and management expertise would join PMRG's office, medical, industrial and multifamily capabilities to provide leadership across all asset classes to our clients and investment partners."
Founded by Hammour in 1992, Madison Marquette owns over 20M SF of real estate in dozens of U.S. cities, including San Francisco, Los Angeles, Philadelphia, Baltimore and D.C. The company last year hired a new president, John Fleury, to help expand its portfolio.
Madison Marquette currently has nearly 6M SF under development, including The Wharf, which delivered its first phase in October and is in the planning stage for Phase 2, Pacific Place in Seattle, Montgomery Promenade in Princeton, New Jersey, and Asbury Park Waterfront in Asbury, New Jersey. The firm also performs services such as construction management, leasing and property management.
PMRG, founded in 1954, owns over 30 assets totaling over $1.1B. The company is led by Chairman and CEO Rick Kirk. It has over $400M in ground-up development projects completed, under construction or in planning. Last year, it delivered The Confluence, a 34-story multifamily building in Denver. The company also offers a range of real estate services, with over 130M SF of property in its management and leasing portfolio.
