October 17, 2017
Washington – Washington, D.C.-based Perseus Realty LLC, a full-service development company, today announces it has entered into a joint venture with Transwestern Development Co. (TDC®), a development company with multiple offices nationwide. The joint venture will allow the firms to expand their activities in the Mid-Atlantic market as premier developers of office, residential and mixed-use projects.
“Perseus is an ideal partner for TDC because of its deep local ties and market knowledge, and there is a great cultural fit between the principals of the respective firms,” said Carleton Riser, TDC President. “The Washington metro area is a primary target for TDC’s long-term growth, and we look forward to building on Perseus’ track record and robust project pipeline.”
Perseus was founded by Washington real estate veteran Bob Cohen in 2004 and has developed and acquired numerous assets including residential, office, hotel and urban retail properties.
“TDC shares our dedication to collaborative, relationship-oriented execution, and we look forward to leveraging their resources to continue growing the business. We expect to make several new project announcements in the coming months to kick off this new partnership. And, we believe the integration of these two firms creates a powerful base for success,” said Cohen.
The venture will take advantage of the market knowledge and execution capabilities of the existing Perseus team, combined with the national reach and capital markets expertise of TDC. It will provide principal and fee development services with a focus on urban residential, office and mixed-use projects in Washington, D.C. and the core suburban markets of Virginia and Maryland. The venture will continue to operate under the Perseus name, Cohen will continue in his current role of President/CEO, and Adam Peters will continue as Executive Vice President of Development. The partners will collaborate in operating the company and will co-invest in new projects. The overarching goal is to maintain the entrepreneurial spirit of the locally based team while providing the operating leverage and depth of resources and expertise in various areas that comes with a national organization.
ABOUT PERSEUS REALTY LLC
Perseus Realty LLC invests in well-located, Metro-centric properties in the Washington, D.C., metropolitan area that allow the company to add value through skilled entitlement planning, design, risk management, and operations. The company has expertise in office, residential and mixed-use and invests capital alongside its financial partners. The principals have decades of experience in the Washington real estate market.
ABOUT TRANSWESTERN DEVELOPMENT COMPANY
Transwestern Development Company is a diversified business with expertise and experience in all commercial property types. The firm executes projects through a variety of venture and contract structures and has been creating commercial landmarks for itself, its partners and valued customers throughout the U.S. since 1978. Based in Houston, Transwestern Development Co. operates as a principal, investing capital alongside its institutional equity partners in the development of speculative and build-to-suit projects, and as a fee developer for clients and user-owners. The company has amassed valuable experience in construction, design, sustainability, leasing, acquisitions, finance and asset management. As a member of the Transwestern family of companies, the firm capitalizes on the market insights and operational expertise of its affiliates, which include a diversified real estate services firm with 35 U.S. offices and a real estate investment management company. Please visit transwesterndevelopment.com for more information.