Madison Marquette-PMRG merger confirmed
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.
Phoenix’s Westgate center sold for $133 million
Scottsdale-based YAM Properties has purchased the 46-acre Westgate Entertainment District outside of Phoenix, an entertainment magnet that has proximity to University of Phoenix Stadium, the Gila River Arena, and Tanger Outlets.
Sale price was $133 million, according to CBRE’s National Retail Partners-West, which brokered the deal on behalf the both the buyer and seller, The New Westgate, LLC, formed by iStar Properties, Inc. The property, with 533,116 sq. ft. of GLA, went on the market in April.
“It was fantastic to see a local firm committed to excellent projects in Phoenix and surrounding communities prevail in this marketing process,” said CBRE executive VP Philip Voorhees. He described Westgate as a one-of-a-kind property combining internet-resistant income stability and growth from its entertainment, dining, retail, office, and residential components.
Opened in the Phoenix suburb of Glendale in 2006, the Westgate features more than 40 retailers and restaurants, including a 20-screen AMC Theatre, Dave & Busters, and Yard House.
New tenant construction chief joins NRDC
The man who directed construction for the first retail tenants at Westfield’s World Trade Center mall has joined National Realty & Development Corp. in a similar role.
Alex Thompson takes over as VP of tenant construction for NRDC subsidiary Regional Construction Corp., which offers preconstruction consulting, design and building services, and project and construction management services.
Thompson arrives at NRDC from The Howard Hughes Corporation’s New York office, where he was responsible for the management of East Coast development and operating assets. He directly managed the tenant coordination of the South Street Seaport project in NYC.
In his new position, Thompson is responsible for all tenant improvements, building alterations, and new pad building development for the company’s portfolio of 78 projects across 14 states.