Two Longtime DC CRE Companies Join Forces
By Keith Loria January 4, 2023 5:06 pm
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The Donohoe Companies, a Bethesda, Md.-based development company, has acquired Borger Management, taking the D.C.-based multifamily property management company under its wings.
The price of the acquisition was not disclosed.
The 139-year-old Donohoe Companies will absorb the 93-year-old Borger Management’s portfolio of 95 multifamily buildings comprising 9,000 units under a new business line named Borger Residential. Arianna Royster, Borger’s executive vice president, will serve as president of the new Donohoe division and remain in the District.
Donohoe already possessed five lines of commercial real estate services — development, construction, hospitality, real estate services and building services
Following the acquisition, Donohoe Real Estate Services is now known as Donohoe Commercial Real Estate. Under Borger’s commercial property management portfolio, 2.5 million square feet of office and retail space with Donohoe Commercial Real Estate’s offices will come to Bethesda, the District and Tysons Corner, according to a statement.
“We’re excited to integrate Borger into the larger family of Donohoe Companies, and we are committed to carrying on the legacy of the Borger family, who have dedicated themselves to serving the housing needs of the greater D.C. area,” Chris Bruch, Donohoe’s president and CEO, told Commercial Observer. “Donohoe develops, builds, and owns multifamily real estate, and Borger owns and manages multifamily residential. Adding a sixth Donohoe operating division with Borger Residential creates value and growth opportunities for all involved.”
Claudia Good will serve as senior vice president and chief financial officer for both Donohoe Commercial Real Estate and Borger Residential.
Under terms of the deal, Thomas Borger, Borger’s longtime chairman, will join the board of The Donohoe Companies sometime later this year.
“It’s a rarity to find companies with long-standing reputations of such high integrity; it’s even more rare when the two come together,” Borger said in a prepared statement.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
