New York REIT Inc. and JBG Cos. have reached an agreement to combine their portfolios creating a real estate investment trust with an enterprise value of $8.4 billion.

The merged portfolio will include more than 9.7 million rentable square feet of office space, 1 million rentable square feet of retail space, and about 4,500 residential apartment units all located in

New York City and the Washington, D.C., metro area, the companies said.

The assets JBG will contribute include 43 office properties, 28 multifamily properties, 21 retail locations and 41 land bank assets. JBG has also agreed to invest $142 million in additional equity in the company before closing.

JBG CEO W. Matt Kelly said the combination with NYRT is a great way to accomplish his goal of finding a way into the New York market.

Ballard Spahr LLP is serving as Maryland counsel to JBG, with a team including Timothy P. Martin, Katherine M. Noonan, Ashley Haun, and Roger D. Winston.