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D.C.-area commercial real estate firm The Donohoe Cos. is expanding its reach into multifamily property management, acquiring a firm with more than 9,000 units in its portfolio.
The 139-year-old firm announced Wednesday it "joined forces" with Borger Management, itself nearly a century old, with the deal effective at the start of the year. Donohoe didn't disclose the financial terms of the deal.
“We are thrilled to have Borger join the Donohoe family of companies to expand our overall commercial real estate presence,” Chris Bruch, president and CEO of Donohoe, said in a release. "Combined with Donohoe’s five existing divisions, no other company in the region has the breadth of services and experience of our legacy organizations.”
Donohoe is absorbing Borger's 400 employees, according to the Washington Business Journal, which first reported the acquisition.
As part of the merger, Donohoe is adding Borger Residential as a sixth business line directly responsible for multifamily property management, the company announced. Donohoe's other businesses span construction, development, hospitality and other services.
In addition to its 95 buildings totaling over 9,000 units, Borger's management portfolio included 2.5M SF of office and retail space, which Donohoe is integrating into its Commercial Real Estate division.
Several Borger executives will stay on as senior members of Donohoe. Within Donohoe Commercial Real Estate, Joseph Borger is now senior managing director and Claudia Good is now senior vice president and chief financial officer, a position she also holds for Borger Residential. Arianna Royster is now president of Borger Residential.
Thomas Borger, the former chairman of the 93-year-old company, also joined the Donohoe Cos. board.
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