SEATTLE-The Joshua Green Corp., a Seattle-based investment firm, has made an investment in locally based real estate operating company Urban Renaissance Group. The transaction includes JGC’s existing $150-million portfolio, which now becomes part of URG, merging JGC’s real estate assets into URG’s operating platform.
JGC has also committed up to $50 million in additional investment for URG’s first fund, Urban Renaissance Investment Partners LLC. The fund will greatly expand the firm’s JV transactions with major institutional investors, according to a prepared statement, and expand its co-investment capability. It will create $1 billion of investment potential.
In recent years, the Joshua Green Corp. has focused its investment in private operating companies, according to a prepared statement. This deal “reflects an extension of the company’s real estate business strategy.”
Stan McCammon, president and CEO of the Joshua Green Corp., says that the investment “enables URG to execute its business plan on a broader scale and makes the firm a dominant player in the industry.”
Founded in 2006 by CEO Patrick Callahan, URG is a full-service real estate operator with services that include property and asset management, construction management, deal sourcing, investment, leasing and development. The company currently has offices and assets in Seattle, Bellevue, and Portland. It has also been active in the Denver market. According to Callahan, the investment provides the company with “an extraordinary balance sheet,” and allows URG “to acquire significant assets on its own account, to enhance services to existing clients, and to expand into additional markets.”
URG has roughly 50 employees and a 6-million-square-foot operating platform, which has increased to 6.5 million square feet with the close of this deal. The firm’s senior leadership, which includes CIO John Bliss, COO Kimberly Fuller and VP of development and construction, Vince Sheridan—each will continue in their current roles.
Check back with GlobeSt.com for more on the story.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
