JBG Tapped to Develop $200M Research Campus for National Cancer Institute
- Feb 24, 2010
February 24, 2010
By Allison Landa, News Editor
Chevy Chase, Md.-based JBG Companies has been chosen to spearhead a new $200 million facility for the National Cancer Institute.
JBG was selected by the General Services Administration to develop and own a 575,000 square-foot complex to house 2,100 employees. The nine-acre research campus is being built on land owned by Johns Hopkins University on its Montgomery County campus in the Life Sciences Center and will be comprised of two seven-story buildings with a shared entry, plus retail shops wrapping around a parking garage. The project is also angling for LEED gold certification with a host of environmentally friendly features including an adjacent stop for the Corridor Cities Transitway mass transit system.
The company has signed a ground lease with Johns Hopkins and plans to break ground later this year for completion in two years. HOK has been selected as the architect for the project.
It was also announced on Wednesday that JBG has procured a $576 million investment fund slated for properties and land in urban settings around the Washington, D.C. area. Those properties will be a mixture of office, retail, hotel and multi-family projects.
JBG develops, owns, and operates office, residential, hotel and retail properties with more than $10 billion in assets under management and development, which includes 8.5 million square feet of office space, 2.2 million square feet of retail space, 13,200 multi-family residential units and 2,500 hotel rooms throughout the metropolitan Washington area. The company was founded in 1960 and has been involved with transactions totaling 30 million square feet of office space, 5.5 million square feet of retail space, 15,000 residential units and 15 hotel properties totaling more than 4,500 rooms.