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JBG SMITH partners with Canadian pension fund on Washington, DC, project

JBG SMITH Properties brought in Canada Pension Plan Investment Board as a joint venture partner for the office building at 1900 N St. currently under development in Washington, D.C.

The pension fund is contributing about US$101 million, based on a total capitalization of roughly US$225 million, in exchange for a 45% stake in the asset. The Washington, D.C.-focused mixed-use property company will remain as the asset's developer, manager and landlord.

The property spans about 271,000 square feet and was 29.6% pre-leased as of the 2017 third quarter, according to a release.