Houston and Washington, D.C. — Retail developer Madison Marquette and Houston-based developer PMRG have confirmed that they plan to combine operations. The terms of the merger were not disclosed, but PMRG will become part of the family of companies owned by Capital Guidance, a global investment firm that owns Washington, D.C.-based Madison Marquette.
The leadership of both firms will remain intact, and the combined company will maintain its primary office locations in Houston and Washington, D.C. Closing is expected in the next 30 days.
“We anticipate a highly complementary combination that significantly expands the capabilities of both firms,” says Amer Hammour, chairman of Madison Marquette. “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.”
PMRG’s concentration in the Southern United States will balance well with Madison Marquette’s presence in primary gateway markets on both coasts, according to PMRG. The companies’ shared clients include several institutional owners and investors in the industry.
PMRG is a privately held commercial real estate firm specializing in project leasing, property management, investment management and development services. The company’s 180 million-square-foot portfolio is situated in 17 states and 33 markets. The company’s signature projects include 2929 Wesleyan, a 40-story multifamily development in Houston; The Confluence luxury multifamily tower in Denver; and Mesa Acute Care Hospital in Mesa, Ariz.
Madison Marquette is a privately held commercial real estate investment and operating company that manages a national portfolio of retail and mixed-use assets on behalf of third-party clients, and an investment portfolio valued at $5 billion. Signature projects include the $2.5 billion The Wharf in Washington, D.C.; the Asbury Park Boardwalk redevelopment in New Jersey; District La Brea in Los Angeles; and Pacific Place in Seattle.
— Kristin Hiller