WASHINGTON, DC—Los Angeles-based CBRE Global Investment Partners and The JBG Cos. of Chevy Chase, MD have formed a joint venture to acquire $500 million in office, retail and multifamily properties in the DC region.
The companies expect to invest about $250 million in equity in connection with its DC acquisition initiative. The companies say they will explore broadening their relationship if their DC venture proves successful, according to the Washington Business Journal.
"The JBG Companies has deep local relationships, market knowledge and operating expertise and this venture provides our clients an opportunity to acquire high-quality assets in one of the largest U.S. metros," Paul Sisson, head of the Americas for CBRE Global Investment Partners, said in a statement.
The joint venture will invest its funds on behalf of a club of CBRE Global Investment Partners investors and the JBG Investment Fund IX, which JBG recently closed after raising $680 million. The JBG and CBRE affiliate acquired The Foundry building in Georgetown earlier this month for $79.5 million, according to the D.C. Office of Tax and Revenue. See story in the Washington Business Journal.
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