Proposed merger to create $7B-plus real estate company
Madison Marquette, whose trendsetting projects range from the new District Wharf in the nation’s capital to Pacific Place in Seattle, plans to merge with PMRG to create a company with more than $7 billion in assets.
“The merger is an excellent match of culture and expertise, a tremendous win-win for our people, clients, and investment partners,” said PMRG CEO Rick Kirk.
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. Other projects the company has in the works are the Asbury Park Boardwalk redevelopment in New Jersey and the revitalized District La Brea in Los Angeles.
The deal is expected to close this month with the leadership of both firms intact. The combined companies will maintain their primary office locations in Washington, D.C., and Houston.