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WASHINGTON, DC-Madison Marquette is preparing to enhance its footprint in the DC area as well as key markets on both coasts next year, according to CFO Paul Andrews. “Because we have built up our operating company over last couple of years we now have the ability to do more projects on an ongoing basis,” he tells GlobeSt.com. “Instead of one or two projects we now anticipate up sourcing ten new projects a year.” He declined to say by how much Madison Marquette would increase its investment allocation or the source of its new funds.

Madison Marquette has sourced one deal in the DC area this year; an expansion of the Festival, a 500,000-sf retail center in Waldorf, MD. Earlier this year it acquired an 8.2-acre parcel from the developers of an office complex next to the center called Waldorf Tech Park. Plans call for the development of a 40,000-sf lifestyle retail center that will include boutique retailers, walkways for pedestrians and other amenities. Construction is expected to begin in Summer 2007 with a target completion date in Spring 2008.

Next year, Andrew says, it hopes to complete at least two deals here. One aspect of its business plan that will remain the same, though, is the way it sources deals. The firm will continue to work with local operators to identify prospects, Andrews says. In DC that would be Madison Retail Group, a tenant representation and leasing firm that is repositioning itself in anticipation of these changes at Madison Marquette as well as in response to a number of staff departures recently.

These include former partners Roger Carlson and Scott Thiell that have launched their own firm, First Retail Partners, here and the mass departure of ten employees that joined KLNB LLC in Baltimore, as reported by GlobeSt.com.

Jim Farrell, a principal of Madison Retail Group tells GlobeSt.com these employees left on amicable terms as Madison was re-orientating its focus to meet Madison Marquette’s new business plan. At the end of this week Madison Marquette plans relocate its corporate headquarters to 2001 Pennsylvania Ave. The move was initiated in order to accommodate the growing number of Madison Marquette and Madison Retail Group employees, the companies said in a release. Madison Marquette now has over 80 employees in its Washington, D.C. headquarters; double the number a year ago.

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