Commercial real estate firms Madison Marquette and PMRG, which has a divisional office in Irvine, California, are in discussions to merge operations. Closing is anticipated in the next 30 days.
Madison Marquette is a privately held commercial real estate investment and operating company, and PMRG is a privately held commercial real estate firm specializing in project leasing, property management, investment management, and development services. PMRG’s dominance in the southern U.S. could be seen as a perfect match for Madison’s presence in primary gateway markets on both coasts. The companies’ shared clients include many of the top institutional owners and investors in the industry.
“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.”
According to Rick Kirk, chairman and CEO of PMRG, “The merger is an excellent match of culture and expertise — a tremendous win-win for our people, clients, and investment partners. The leadership of both firms will remain intact, and the combined company will maintain their primary office locations in Washington, DC, and Houston.”
Madison Marquette, which specializes in mixed-use and retail development and redevelopment, maintains offices in major urban gateway markets including New York, Washington, DC, Fort Lauderdale, San Francisco, Seattle, and Los Angeles. Madison Marquette’s signature projects include the $2.5 billion District Wharf in Washington, DC, in partnership with PN Hoffman; the Asbury Park Boardwalk redevelopment in New Jersey; the revitalized District La Brea in Los Angeles; and Pacific Place in Seattle. The company 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.
PMRG has provided its clients with comprehensive real estate services since 1954. Through divisional offices in Houston; Atlanta; Washington, DC; Boston; and Irvine, California, the company leases, manages, and provides investment and development expertise across a diverse portfolio of office, industrial, medical, and multifamily space in 17 states and 33 markets. Signature projects include trophy office property 3737 Buffalo Speedway and 2929 Wesleyan, a landmark 40-story multifamily development in Houston, as well as well The Confluence luxury multifamily tower in Denver and Mesa Acute Care Hospital in Mesa, Arizona. PMRG will be joining Madison Marquette as a Capital Guidance Company.