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JBG Smith has brought on an equity partner for the office building it is constructing near Dupont Circle.
Canada Pension Plan Investment Board is spending $101M for 45% of the development at 1900 N St. NW, JBG Smith announced Monday.
The 271K SF building is about 30% leased to Goodwin Procter. JBG Smith signed the law firm in April for 80K SF, allowing construction to begin on the project, a deal Bisnow first reported.
The deal puts the value of the project at $225M, or roughly $830/SF. The project has an estimated cost of $137M, according to a presentation Vornado released following the announcement of the companies' $8.4B merger that formed JBG Smith.
The Montgomery County-based REIT will continue to develop, manage and lease the property. Sitting about two blocks from the Dupont Circle Metro station, the project will also have 12,500 SF of retail.
"This transaction represents continued interest from institutional investors in high-quality assets in the Washington, D.C. market, and is consistent with our strategy to bring in well capitalized partners, deleverage our balance sheet, and position JBG Smith for future growth opportunities within our portfolio," JBG Smith CEO Matt Kelly said in a statement.
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