Madison Marquette, PMRG Complete Merger
PMRG CEO Rick Kirk says the clients’ response has been overwhelming.
WASHINGTON, DC–Madison Marquette and PMRG have closed their previously-announced merger.
Madison Marquette is a commercial real estate investment and operating company, and PMRG is a real estate firm specializing in project leasing, property management, investment management and development services. As two privately held companies, they did not disclose the terms of the transaction.
Amer Hammour, chairman of Madison Marquette, told GlobeSt.com in an earlier interview that the goal of the merger is to build up the investment management group. He says the combined companies will have a total of approximately $7.5 billion assets under management. The company will have 600 employees, which doubles the number of employees of each entity. The new firm will manage 350 properties nationwide, having 12 offices.
“Our growth strategy is to be responsive to client demand for expanded investment and property services and for broader expertise in more markets,” says Hammour in a prepared statement announcing the merger’s closing.
Feedback from clients since the announcement “has been overwhelmingly positive,” according to PMRG Chairman and CEO Rick Kirk.
The companies’ shared clients include many of the top institutional owners and investors in the industry. PMRG’s dominance in the southern US is complementary to Madison’s presence in primary gateway markets on both coasts. The combined company will be headquartered in Washington, DC with a major presence in Houston, TX. Key executives, client services and corporate functions will be located in 12 regional offices across the US.
While the operating platforms are in transition, the two companies will retain their individual brands.