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Asbury Park boardwalk redeveloper Madison Marquette, headquartered in Washington, D.C.,  are in talks to merge with Houston based PMRG, according to news statements released Thursday. 

The real estate development firms, two of the largest in the nation, expect to close a deal in the next 30 days. The merger, being done to expand Madison Marquette’s reach in the south, would result in a combined 600 employees in 12 offices, and an estimated 20 job cuts.

“Our real goal here is to build a fully integrated real estate investment company,” Madison Marquette Chairman Amer Hammour told CoStar.  “Investors prefer investment managers who have full on-the-ground capabilities.”

Hammour, also, is a managing director at Capital Guidance.

“We anticipate a highly complementary combination that significantly expands the capabilities of both firms,” Hammour said in a PR Newswire. “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.

Hammour said the combined companies will have a total of approximately $7.5 billion in assets under management. The combined firm will maintain a headquarters in D.C. and Houston, and will manage 350 properties.

For more about the merger, click here.

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