JBG Smith's new headquarters will be at 4747 Bethesda Ave.WASHINGTON, DC–JBG SMITH has sold 1233 20th St. to a joint venture between GreenOak and MRP Realty for $65 million. The property is a 157,000 square foot office that was approximately 87.1% leased as of June 30, 2018.
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The sale is part of the REIT's capital recycling, according to CEO Matt Kelly. He said that year-to-date, the company has closed over $549 million of asset sales and recapitalizations. It is using the proceeds to deleverage its balance sheet and for future investment opportunities. “We plan to continue to capitalize on the current environment to raise attractively priced capital,” he says in a prepared statement.
JBG SMITH has sold a number of properties lately including the apartment community Bennington Crossings for $62.3 million and the Executive Tower at 1399 New York Ave., NW, for $121 million.
It is also developing a trophy building at 4747 Bethesda Ave. in Bethesda, MD, that it will use for its own headquarters. A number of companies have secured pre-leases there.
Jim Meisel, Andrew Weir, Matt Nicholson, and Dave Baker of HFF represented JBG SMITH in the sale of 1233 20th Street.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
