We present multi-wavelength observations of the radio magnetar PSR J1622–4950 and its environment . Observations of PSR J1622–4950 with Chandra ( in 2007 and 2009 ) and XMM ( in 2011 ) show that the X-ray flux of PSR J1622–4950 has decreased by a factor of \sim 50 over 3.7 years , decaying exponentially with a characteristic time of \tau = 360 \pm 11 days . This behavior identifies PSR J1622–4950 as a possible addition to the small class of transient magnetars . The X-ray decay likely indicates that PSR J1622–4950 is recovering from an X-ray outburst that occurred earlier in 2007 , before the 2007 Chandra observations . Observations with the Australia Telescope Compact Array show strong radio variability , including a possible radio flaring event at least one and a half years after the 2007 X-ray outburst that may be a direct result of this X-ray event . Radio observations with the Molonglo Observatory Synthesis Telescope reveal that PSR J1622–4950 is 8 ^ { \prime } southeast of a diffuse radio arc , G333.9+0.0 , which appears non-thermal in nature and which could possibly be a previously undiscovered supernova remnant . If G333.9+0.0 is a supernova remnant then the estimates of its size and age , combined with the close proximity and reasonable implied velocity of PSR J1622–4950 , suggests that these two objects could be physically associated .