A new generation is taking the reins at Foulger-Pratt.
The Potomac, Maryland-based real estate company told Bisnow Wednesday it is transitioning management and majority ownership to Cameron Pratt, Bryan Foulger, Brigg Bunker and Peter Ognibene.
The four will serve as managing partners and members of the board of directors. Cameron Pratt will lead the company as CEO and Ognibene as chief financial officer.
The three previous owners, Bryant Foulger, Clayton Foulger and Brent Pratt, will continue to serve as partners, and members of the board of directors and investment committee. Bryant Foulger will continue to serve as chairman of the board.
The ownership change represents the first leadership succession at the company since 1982, when founder Sid Foulger transitioned majority ownership to Bryant Foulger, Clayton Foulger and Brent Pratt.
"We are thrilled that this transition has commenced,” Bryant Foulger said in a release. "Now more than ever, Foulger-Pratt strives to maintain an even bolder footprint in the Washington metro region and elsewhere. I am confident that these four very capable individuals will provide continued success for our company, and at the same time stay true to Foulger-Pratt’s vital core values."
Foulger-Pratt has contributed to the transformation of several parts of the D.C. region, especially Silver Spring. It built the Downtown Silver Spring retail complex, the National Oceanic and Atmospheric Administration headquarters and three multifamily buildings in the area. Last year, it acquired the former Discovery Communications headquarters in Silver Spring and secured a loan to reposition the property.
The developer has also built major projects in Potomac, Northeast D.C. and elsewhere in the region. Foulger-Pratt in 2017 opened a San Diego office, led by Bryan Foulger, to begin pursuing projects in Southern California.