A local developer and an investment firm are joining forces to complete $10 billion worth of real estate construction in the greater Washington area.
Chevy Chase-based The JBG Companies and San Francisco-based MacFarlane Partners are coming together to form JBG Urban LLC, the companies announced Monday.
The joint venturewill handle a portfolio of 93 assets to be developed or redeveloped within the next five years, according to Victor MacFarlane, CEO of MacFarlane Partners. The project is the company’s largest investment to date.
The projects involved include office, retail, hotel and residential developments. Some of the major projects include Mark Center, a mixed-campus project in Alexandria; Twinbrook Commons, a “transit village” already under development; the Bethesda North Marriott; and the Rosslyn Gateway office buildings.
Nearly 60 percent of the sites are adjacent or near public transit stations, including the Metro system, in order to encourage residents to use it as their major mode of transportation.
“I think they’re one of the leading developers in the metropolitan region, and one of the better ones in the country,” MacFarlane said of JBG. “Between them and [our other investments] we have the best of the class of partners in the area.”
MacFarlane Partners already has existing area real estate investments with Monument Realty and the Jair Lynch Companies. Victor MacFarlane is the principal investor in Washington’s soccer team, D.C. United.
