The Public Sector Pension Investment Board (PSP) has acquired full ownership of The Wharf, an acclaimed mixed-use waterfront development in Washington, D.C.

PSP bought out its its long-time development partner Madison Marquette. According to Bisnow, the transaction is valued at approximately US$1.8 billion.

PSP, which ranks among Canada’s largest institutional commercial real estate investors, previously held a financial equity stake in the project and has now taken full control of the 3.5-million-square-foot neighbourhood along the Potomac River.

A PSP spokesperson told Bisnow that the pension fund manager decided to acquire the remaining stake in The Wharf because it believes the asset will generate strong returns.

And, PSP aims to continue to improve the importance of The Wharf within its community while optimizing operation and improving the placemaking experience.

Madison Marquette, which partnered on the long-term development project with Hoffman & Associates, expressed pride in the transformation it led over the past 15 years.

“Madison Marquette’s vision for The Wharf, built and brought to life over the past 15 years, succeeded in completely re-imagining an important under-utilized area of the City’s riverfront,” said Amer Hammour, chairman of Madison Marquette. “We carefully curated every element of the new Wharf neighborhood, and as the project stabilized last year, we completed the largest and most successful project in Washington D.C.”

Hammour highlighted the property’s strong performance, including high office occupancy and rental rates, full apartments, top-tier hotels, and a vibrant entertainment scene that includes more than 300 concerts and events annually.

With this acquisition, PSP is expected to continue advancing The Wharf’s role as a major cultural and commercial destination in the U.S. capital.

Pictured: The Wharf in Washington, D.C.

Photo: Madison Marquette

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