Cohen & Steers forms joint venture for DC retail center

NEW YORK - Cohen & Steers (NYSE:CNS) and Lincoln Property Company have established a joint venture to acquire Cityline at Tenley, a retail center in Washington D.C.’s Tenleytown neighborhood, according to a press release issued Thursday.

The property is located above the Tenleytown Metro Station and is anchored by a Target store. The retail center is situated in what the companies describe as an affluent area with favorable demographics, including a median household income of $142,000 within a three-mile radius.

James S. Corl, Head of the Private Real Estate Group at Cohen & Steers, said, "We are pleased to acquire Cityline at Tenley, an attractively located, Target-anchored shopping center in northwest D.C."

The joint venture partners noted that retail properties across the U.S. are experiencing high occupancy rates amid limited new construction. According to data cited in the announcement, shopping centers currently have the highest occupancy rates among major commercial property types in the country.

Cohen & Steers is an investment manager specializing in real assets and alternative income, while Lincoln Property Company operates as a private real estate firm with a management and leasing portfolio of more than 680 million square feet of commercial space.

Financial terms of the transaction were not disclosed in the announcement.

In other recent news, Cohen & Steers Inc. reported its financial results for the second quarter of 2025, with earnings per share (EPS) of $0.73, falling short of the expected $0.76. However, the company surpassed revenue expectations, achieving $136.13 million compared to the projected $133.19 million. Additionally, Cohen & Steers declared a quarterly dividend of $0.62 per share, payable on August 21 to stockholders of record as of August 11. In a strategic move, the company amended its $100 million credit facility with Bank of America, extending the maturity date to August 15, 2029. This amendment updates their senior unsecured revolving credit facility, enhancing borrowing capacity. The company also announced the resignation of Executive Vice President and Chief Financial Officer Raja Dakkuri, effective October 17, 2025. Michael Donohue, currently Senior Vice President and Controller, will serve as Interim Chief Financial Officer. Cohen & Steers is actively searching for a permanent successor, considering both internal and external candidates.

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