NY REIT, JBG to Create $8.4B JBG Realty Trust

New York REIT Inc. has struck a definitive agreement with the JBG Cos., based in Chevy Chase, MD to create JBG Realty Trust. The new REIT, worth $8.4 billion, will be one of the largest that owns office and mixed-use assets in urban-infill locations. The closing is anticipated for the end of 2016.

The combined companies’ portfolios will consist of 14.5 million square feet of office, residential and retail properties in New York and Washington, DC. Operations will be based in Chevy Chase, with an additional office in New York City.