CBRE Global Investment Partners has formed a joint venture with The JBG Companies to invest in Washington DC on behalf of a club of investors.

The recently renamed real estate multi-manager will invest in office, retail and multifamily assets in the city alongside the JBG Investment Fund IX.

The ‘programmatic’ joint venture will initially provide approximately $250m (€204m) of equity to acquire $500m of property in the state capital.

It has already made its first investment, acquiring The Foundry, a 232,000sqft office building Georgetown, which JBG intends to renovate.

The joint venture is targeting assets with a core-plus risk profile in submarket locations where there is the ability to increase income and add value through leasing and repositioning.