AECOM Capital, the investment arm of AECOM, a premier, fully integrated global infrastructure firm, and Houston-based PMRG, one of the nation’s leading real estate companies, announced today that they have closed on equity and debt financing to develop 328 multifamily units and 14,967 square feet of ground-floor retail in a luxury high-rise tower located on a 1.16-acre site at 3300 Main Street in Houston’s midtown district. Broad Street Real Estate Credit Partners III (BSRECP III), a fund managed by the Goldman Sachs Merchant Banking Division, will provide the construction loan. The site is located equidistant between downtown Houston and the Texas Medical Center, adjacent to the Main Street stop of the METRORail Red Line.
“We are excited to partner with PM Realty Group in the development of this new residential tower in the dynamic and burgeoning Mid-Town area of Houston,” said Timothy Haskin, AECOM Capital Real Estate’s senior managing director. “3300 Main marks a continuation of AECOM Capital Real Estate’s strategy to invest in transit-oriented developments in transforming neighborhoods with strong development partners.”
The 29-story tower will feature canted bay window and balcony projections that emphasize downtown views to the north and east, and continuous balconies on the south and around the amenity terrace that will provide shade and optimal views of the activity below. Residents will enjoy large units averaging 1,114 square feet, a two-story fitness center and aqua lounge, and a 3/4-acre pool and amenity deck. The amenity space will open onto Main Street facing east and the pool terrace facing west. Units above the retail space will line the parking structure on Main Street, maintaining a lively streetscape that will feature two restaurants. 3300 Main will be a LEED Silver residential tower. An architecturally-striking amenity building will reinforce the amenity deck as a place to be seen in this up-and-coming district adjacent to downtown Houston.
“PMRG is excited to partner with both AECOM Capital and BSRECP III on what will be the premier multifamily building in Midtown. This is the right building for a transit oriented development and a building that is sure to attract discerning residents working in the CBD and the Texas Medical Center,” said Rick Kirk, PMRG’s chairman and chief executive officer.
AECOM Hunt will serve as construction manager for the project, with expected construction completion in 2020. Construction of the project will commence immediately.
AECOM is built to deliver a better world. We design, build, finance and operate infrastructure assets for governments, businesses and organizations in more than 150 countries. As a fully integrated firm, we connect knowledge and experience across our global network of experts to help clients solve their most complex challenges. From high-performance buildings and infrastructure, to resilient communities and environments, to stable and secure nations, our work is transformative, differentiated and vital. A Fortune 500 firm, AECOM had revenue of approximately $18.2 billion during fiscal year 2017. See how we deliver what others can only imagine at aecom.com and @AECOM.
About AECOM Capital
AECOM Capital, a subsidiary of AECOM, is an investor and developer of real estate, infrastructure and public-private partnerships across North America and select international markets. Targeting high-quality, risk-adjusted investments, AECOM Capital leverages AECOM’s vast resources across all engineering, design and construction services for deal flow, due diligence, execution and project delivery. AECOM Capital Real Estate has a total development value of approximately $5 billion across approximately 10 million square feet. For more information, visit www.aecomcapital.com.
Forward-Looking Statements: All statements in this press release other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including statements relating to the completion of the Houston multifamily development as well as other future economic and industry conditions. Actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important risk factors that could cause actual results to differ materially from our forward-looking statements are set forth in AECOM’s periodic report on Form 10-Q for the quarter ended March 31, 2018, and other reports filed with the U.S. Securities and Exchange Commission. AECOM does not intend, and undertakes no obligation, to update any forward-looking statements.
ABOUT THE MERCHANT BANKING DIVISION OF GOLDMAN, SACHS & CO.
Founded in 1869, the Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for Goldman Sachs’ long-term principal investing activity. With nine offices across seven countries, the Merchant Banking Division of Goldman Sachs is one of the leading private equity investors in the world with equity and credit investments across corporate, real estate, and infrastructure strategies. Established in 1991, the Real Estate Principal Investment Area within MBD has invested in real estate and real estate related assets totaling approximately $53 billion in equity across more than 800 investments located in 35 countries. Investments include office, retail, industrial, hospitality, residential, acquiring real estate companies, real estate projects, loan portfolios, debt recapitalizations and direct property.