Canada Pension Plan Investment Board’s joint venture with JBG SMITH to develop 1900 N Street in Washington, D.C.


Debevoise & Plimpton LLP advised Canada Pension Plan Investment Board on the deal

JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, finalized a joint venture with Canada Pension Plan Investment Board (CPPIB) to develop and own 1900 N Street, an under-construction office asset consisting of approximately 271,000 square feet in the CBD of Washington, DC. CPPIB will commit approximately $101 million for a 45% interest based on a total capitalization of approximately $225 million. The property was 29.6% preleased as of the third quarter of 2017. JBG SMITH will continue to develop, manage and lease the asset.

JBG SMITH is an S&P 400 company that owns, operates, invests in and develops assets concentrated in leading urban infill submarkets in and around Washington, DC. Our mixed-use operating portfolio comprises approximately 20 million square feet of high-quality office, multifamily and retail assets, 98% of which are Metro-served.

Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 20 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. The Firm, led by Heather Munroe-Blum, Ian A. Bourne, Robert L. Brooks, Ashleigh Everett, Tahira Hassan, Douglas W. Mahaffy, John Montalbano, Mary Phibbs, Karen Sheriff, Jackson Tai, Kathleen Taylor and Jo Mark Zurel, is Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, São Paulo and Sydney.

The Debevoise team was led by partner Peter J. Irwin (Picture) and included partner Michael Bolotin and associates Gregory A. Arutiunov, Brooke A. Fodor and Richard A. Grossmann.

Involved fees earner: Peter Irwin – Debevoise & Plimpton; Brooke Fodor – Debevoise & Plimpton; Richard Grossmann – Debevoise & Plimpton; Michael Bolotin – Debevoise & Plimpton; Gregory Arutiunov – Debevoise & Plimpton;

Law Firms: Debevoise & Plimpton;

Clients: Canada Pension Plan Investment Board;

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Author: Ambrogio Visconti