Chevy Chase, Md. (June 20, 2014)—The JBG Companies and CIM Group have closed on the sale of The Woodley, a new residential development in the desirable Woodley Park neighborhood in Washington, D.C., to financial services firm TIAA-CREF. The sale is in keeping with JBG’s investment strategy, which seeks to find, develop and maximize creative opportunities in prime locations, enhancing communities and adding shareholder value.
A joint venture between JBG and CIM Group, the eight-story Woodley features classic architecture and 212 spacious apartments on the edge of Rock Creek Park. Rich with amenities, The Woodley has a 24-hour concierge, a library, fitness center, pet grooming area, lounge with catering kitchen, a resort-style pool, a landscaped rooftop terrace with grilling stations, walking paths and spectacular views of Washington.
“In developing The Woodley, JBG is proud to have created an innovative benchmark for new luxury apartment residences in Washington, D.C.,” said Edward Chaglassian, a JBG principal. “We are proud of our work on such a landmark property, which offers an unparalleled living experience to future residents of this iconic address.”
The Woodley is the first high-end high rise built in decades in prestigious and historic Woodley Park. It offers potential residents a unique opportunity to lease spacious, luxury residences nestled among the stately neighborhood’s trees and early 20th century homes.
To achieve a classic design with modern accents, JBG engaged architects David M. Schwarz, Cooper Carry Inc. and design firm VOA. Each was able to bring a different expertise to the challenge of designing a new building that integrates well with historic Woodley Park.
HFF arranged the sale between JBG and TIAA-CREF. HFF is one of the largest commercial real estate capital intermediaries in the country.
About The JBG Companies
Headquartered in Chevy Chase, Md., The JBG Companies is a private real estate development firm that develops, owns and manages office, residential, hotel and retail properties. The company has more than $10 billion in assets under management and development in the Washington, DC area. Since 1960, JBG has been active in the communities where it invests, striving to make a positive impact. More information can be found by visiting the company's website: www.JBG.com, or by calling 240.333.3600.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products