HOUSTON-PM Realty Group is working to boost its development and investment components by taking advantage of  its market position throughout the United States. To that end, the locally based firm has hired Dan Leverett as executive vice president, who will find equity, capital and sites so PMRG can move forward on its development strategy.

“Historically, PMRG was a service company. About 10 years ago, we began to move more toward the development and investment component,” explains PMRG chairman and CEO Rick V. Kirk. In recent years, he tells GlobeSt.com, the company had launched developments in Dallas and a handful in Houston. “Given Houston is our home base and we’re bullish on the market, we had an eye on opportunities,” Kirk says.

Enter Leverett who, while PMRG was moving toward the development and investment arenas, was handling a lot of development oversight at the Woodlands Development Corp., an entity overseeing building and operations in the Woodlands, a 2,800-acre master-planned community approximately 50 miles due north of the Houston CBD. During his tenure, The Woodlands saw development in a variety of real estate sectors, from office buildings to retail.

Before joining TWDC, Leverett served stints with Exxon Corp. (where he managed the energy company’s industrial portfolio in the Americas) and Friendswood Development (where he marketed and developed CRE office and retail properties).  Leverett’s 30-year background “was a strategic fit with my experience and where they wanted to head,” Leverett says, adding that the goal of the development team is primarily in the office market, especially given Houston’s growth and demand for office space.

PRMG and Leverett’s timing when it comes to a focus on development is fortunate because, at least on the capital side, banks and other lenders are slowly starting to release funds. “In office and multifamily, especially urban multifamily, there are some tremendous lending opportunities,” Leverett tells GlobeSt.com. “We’re coming back to more normal times, and I think banks are understanding they need to lend money to make money.” The developers are somewhat more realistic too, he goes on to say and, as a result “the finance side is making a comeback.”

Kirk says that, at this time, there are no plans to add to PMRG’s development team, but points out that Leverett has a short list of individuals who could come on board quickly, should the need arise.  “We already have a great talent base with a variety of backgrounds and experiences,” Kirk adds. “We’re excited to have someone of Dan’s quality, background and character coming on board.”