CHEVY CHASE, MD—Locally-based The JBG Cos. has launched a new multi-million dollar real estate fund.
The company, which broke ground earlier this month on two major projects in the Washington DC area, raised as of April 25 approximately $6.5 million with its new fund—JBG/Fund IX. The fund opened on March 17. Its last fund raised $753 million, according to the Washington Business Journal.
On April 23, JBG broke ground on the residential tower at Central Place—a 31-story mixed-use development above the Rosslyn Metro station. A day earlier, JBG and partners ICG Properties and Rittenhouse Partners began construction on 900 Sixteenth St., a new mixed-use building located two blocks from the White House at the corner of 16th and I Streets NW.
The new property will feature 125,000 square feet of office space of which law firm Miller & Chevalier will occupy approximately 70%. The development will also include 4,000 feet of ground-floor retail and three levels of below-grade parking. See story in the Washington Business Journal.