The $7 billion merger between Madison Marquette and PMRG is a go, both companies have confirmed.
The two real estate companies — both with major stakes in mixed-use and retail — will be headquartered in Washington, D.C., and maintain a major presence in Houston. Madison Marquette and PMRG have long shared common clients among the top institutional owners and investors. PMRG’s strong foothold in the South, meanwhile, is complementary to Madison’s presence in primary markets on both coasts.
"Our growth strategy is to be responsive to client demand for expanded investment and property services and for broader expertise in more markets. Merging operations with PMRG meets that demand," said Madison Marquette chairman Amer Hammour in a released statement.
No new name has been decided upon for the combined entity, which, like Madison Marquette, will be identified as a Capital Guidance company. It will comprise more than 600 employees working out of 12 offices nationwide.
In business since 1954, PMRG leases, manages, and provides investment and development services across a portfolio of office, industrial, medical, and multi-family space in 17 states. Its holdings are valued at over $2 billion and include a landmark 40-story multi-family development in Houston and the Confluence luxury multi-family tower in Denver.
Madison Marquette manages a national portfolio of premium retail and mixed-use assets on behalf of third-party clients and manages an investment portfolio valued at $5 billion. Its projects include the new District Wharf in the nation’s capital, Seattle’s Pacific Place, and the revitalized District La Brea in Los Angeles.