DC’S Madison Marquette Acquiring Boston-Based Real Estate Advisor Roseview
Washington, D.C.-based developer Madison Marquette announced plans on Monday to acquire Boston-based real estate investment and advisory firm The Roseview Group, whose CEO will serve as the combined firm’s chief executive.
The merger creates “a national platform that provides a unique new industry choice for owners, investors and corporations seeking a service partner with an ownership perspective focused on long-term value creation,” said Roseview CEO Vince Costantini. He will become CEO of Madison Marquette, serving under Amer Hammour, the current executive chairman of Madison Marquette, who will maintain that title, per the release. Madison Marquette currently does not have a CEO.
Terms were not disclosed for the deal, which is expected to close within 45 days, according to a release from the developer. The combined firm will operate under the Madison Marquette moniker.
A co-developer of The Wharf—a 3.5-million-square-foot waterfront development in southwest D.C.—Madison Marquette offers integrated leasing and management services with a portfolio of 330 assets in 24 states and manages an investment portfolio valued at over $6 billion, per a release. The firm employs a total of 600 professionals in 13 regions across the country, including 80 who work out of its D.C. headquarters at 1000 Maine Avenue SW.
The 20-person Roseview Group has offices in Boston, Seattle, Philadelphia and Michigan.
Costantini will split his time between Boston and Madison Marquette’s D.C. office, according to a Madison Marquette spokeswoman. The rest of Roseview’s executives will remain at Roseview’s Boston office.
The acquisition announcement comes on the heels of Madison Marquette’s merger with Houston-based real estate developer PMRG in June 2018.
Historically, The Roseview Group “partnered successfully” with PMRG on several “value-added office investments,” according to Hammour, explaining why the firm chose to acquire The Roseview Group in a prepared statement. Roseview Group also “aligned with our vision and investment strategy,” Hammour said. “We share a commitment to leveraging a fully integrated services platform to create value and to deliver transformative, innovative projects for our clients and investors.”