D.C. development to yield $10 billion

A Maryland developer and a local investment firm are joining forces to complete $10 billion worth of real estate construction in the greater Washington, D.C., area.

Chevy Chase, Md.-based The JBG Companies and San Francisco-based MacFarlane Partners are coming together to form JBG Urban LLC, the companies announced Monday.

The joint venture will 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, Va.; 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.

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