JBG Lands Rosslyn Deal; Eyes Another Office Sale

WASHINGTON, DC-The people at JBG Cos., it would seem, work around the clock. We will get to its recent round of activities in a moment; its latest news is that it has closed on a new joint venture partnership with the State Teachers Retirement System of Ohio to develop Central Place in Rosslyn, VA. It is the first time it is partnering with the fund.

The 31-story, mixed-used tower will be located between North Lynn and North Moore streets in Arlington County, adjacent to the Rosslyn Metro station. It will consist of 377 residential units, 25,230 square feet of retail space and a 15,000-square-foot public plaza. It will also be 355 feet tall, one of the tallest structures in JBG's development portfolio.

Site preparation work is underway, and construction is expected to begin in a few months.

In the past few weeks JBG has also:

Partnered with JBG and MRP Residential to develop The Griffith;

Sold two office buildings in Rockville, MD in separate transactions for a total of $48.6 million;

Sold 77 H St. in the District, which houses one of the first Walmart stores in the city; and

Been in talks to sell another office building, we are told by a source. The property in question is 801 Eye St., NW and the rumored purchase price is $315 million or $416 per square foot. We were unable to confirm these details with JBG. Meridian Group is said to be the buyer; it too did not return a call for confirmation.