URG acquires Touchstone and will operate it as a wholly-owned subsidiary; Deal includes investment by URG in six Touchstone projects
Touchstone owners to remain invested as General Partners with URG in all current projects
SEATTLE –December 18,2014,– Seattle-based real estate firms Urban Renaissance Group LLC (URG) and Touchstone today announced an alignment that includes investment by URG in six current Touchstone projects.
The transaction also includes the acquisition of Touchstone by URG and retention of all current Touchstone employees. This acquisition enables Touchstone owners Douglas Howe, Jim O’Hanlon and Shawn Parry to step back from day-to-day operation of the firm.
While the owners have sold the Touchstone operating company, they will continue to serve as advisors to it and remain invested as General Partners with URG in all current projects, seeing them through to completion.
“For more than 30 years, we’ve focused on creating great urban projects–and it was important for us to find a partner who would give Touchstone the freedom to continue to do just that,” said Touchstone Founder Douglas Howe. “I’ve known Pat for many years and URG is the right partner to ensure the Touchstone legacy continues.”
“We’ve been looking for the right opportunity to expand our operating platform to include a robust development company,” said URG Founder and Chief Executive Officer Patrick Callahan. “Touchstone’s reputation for innovative and successful urban development is unmatched in this region. Our goal is to give the Touchstone team the freedom to continue doing what they do best.”
Go to www.urbanrengroup.com for further details.