Madison Marquette Looks to Increase Investment

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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.