SEATTLE-As GlobeSt.com previously reported, the Joshua Green Corp., a Seattle-based investment firm, recently 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.
GlobeSt.com chatted with URG CEO Patrick Callahan on the deal and he notes that the deal wasn’t driven by timing. “It was more a matter of building a long-term company with a long-term view.”
Callahan tells GlobeSt.com that URG will continue to invest in valued-added office and retail properties “in top central business districts and well-located suburban markets.” Geographically, he says, URG will focus on Seattle, with an emphasis on expanding its portfolio in Portland first, then Denver and ultimately San Francisco “when the timing is right.”
This deal wasn’t driven by timing, Callahan explains to GlobeSt.com. “It was more a matter of building a long-term company with a long-term view.”
URG and Joshua Green have had the opportunity to work together since late 2007—first when URG was hired to evaluate and oversee the renovation of the 100-year-old Joshua Green Building in downtown Seattle and again in 2012 when URG managed the underwriting and purchase of Plaza 600 on behalf of Joshua Green, he explains. “These interactions reinforced Joshua Green’s decision to advance a more holistic approach to real estate and investing and ultimately led to this transaction,” he tells GlobeSt.com.
One of the things that attracted McCammon to URG was its existing management team. “In particular, the background of the principals and key employees, the firm’s track record since formation, and their success at previous companies were all factors in our decision to invest in this operating company,” he says.
Callahan tells GlobeSt.com that the business of real estate has become increasingly competitive. “An environment where there is such a strong focus on results, deal flow and operational efficiencies often leads to increased merger activity.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
