RMR Group Acquires Tremont Realty Capital
The RMR Group Inc, which became a public company in December, acquired Boston-based commercial real estate finance firm Tremont Realty Capital for more than $2M. According to RMR president and CEO Adam Portnoy, a commercial real estate finance business is a "logical extension of our existing operations" and "a platform for additional growth,” reports the Boston Business Journal.
Tremont Realty Capital co-founders Richard Gallitto and Daniel Mee will join RMR as SVPs. Newton-based RMR provides property management services for a variety of real estate operating companies, including such REITs as Senior Housing Properties Trust, Hospitality Properties Select Income REIT, and Government Properties Income Trust. It has more than $23B worth of real estate assets under management across 1,300 properties. [BBJ]