TIAA-CREF Closes Second Deal with JBG This Month, Buying The Woodley
- Jun 25, 2014
By Adrian Maties, Associate Editor
The JBG Cos. and TIAA-CREF are doing business again. At the start of the month, JBG sold The Louis at 14th/U, a residential and retail development located in the heart of the U Street Corridor-Logan Circle neighborhood, to the financial services firm. Now, the Chevy Chase-based company has closed the sale of The Woodley, a new residential development in Washington, D.C.’s desirable Woodley Park neighborhood. The price of the transaction was not disclosed. HFF arranged the sale.
The Woodley is one of the first new residential developments to arrive in many years in the Woodley Park neighborhood. It is an eight-story building with 212 spacious apartments and numerous amenities, including a library, a fitness center, a resort-style pool, a landscaped rooftop terrace with grilling stations, walking paths, a spacious courtyard and 272 parking spaces in a below-grade garage.
JBG, recently recognized as one of the best places to work in Washington by The Washington Post, developed the project in a joint venture with the CIM Group, a leading real estate and infrastructure investment firm headquartered in Los Angeles. Architects David M. Schwarz, Cooper Carry Inc. and VOA designed the 280,000-square-foot building to fit within the historic Woodley Park. They took inspiration from the neighboring Marriott Wardman Park Hotel, listed on the National Register of Historic Places, and the grand apartment buildings along Connecticut Avenue.
“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, in a statement. “We are proud of our work on such a landmark property, which offers an unparalleled living experience to future residents of this iconic address.”
Photo credit: The JBG Cos.