New JV Paves Way for Mixed-Use Waterview Development

Conception of Waterview dates back almost a decade; but for those involved, timing is everything and now is the right time to move full steam ahead. JBG and Trizec had been involved with the project before CIM joined the party, presenting the extra capital to propel the development forward. Additionally, market conditions are more favorable now.

"There was a perception that Downtown Washington, DC tenants weren't willing to cross river and go into Virginia," JBG Cos. managing partner Brian Coulter tells GlobeSt.com. "But we are building a world-class office building that just happens to not be in the CBD. That was one of the challenges before. The market has changed and tenants are more receptive--and there are fewer options in DC. We have always maintained that Rosslyn is essentially an extension of the CBD"

CIM's addition to the team brings more than just additional funding to the endeavor; it helps create a mix that will facilitate a smooth development and operations process. "The development and management now in place plays to the core strengths and strategic plans of the respective organizations," a Trizec spokesperson adds. CIM bought its way into the partnership with the acquisition of the two-acre site on which the property will be built, from Trizec and JBG.

Already a force on the West Coast, CIM's involvement will allow the company to further penetrate the Metropolitan Washington, DC market. JBG, which is in place as the JV's general partner, will serve as the developer of the hotel and residential segment of the property. Trizec will join JBG in the development of the office space. Ultimately, CIM Group will retain 50% ownership, leaving JBG and Trizec with a 25% stake, each.