JGB Smith Sells Warner Building For $377M
The REIT is rapidly shedding assets as it prepares for its all-in push to develop National Landing.
WASHINGTON, DC–Late last year GlobeSt.com reported that JBG Smith had the Warner Building under contract. That transaction has closed with the 613,000-square foot office at 1299 Pennsylvania Ave., NW., trading for $376.5 million, or $606 per square foot, according to the Washington Business Journal.
The REIT sold the property to CBRE Global Investors. It last traded in October 2010 for $445 million. The building is almost fully occupied now but is slated to lose Baker Botts LLP when it moves to Anthem Row in 2020.
JBG Smith is rapidly shedding assets as it prepares for its all-in push to develop National Landing.
Most recently, it sold The Investment Building, a 401,433-square foot office in the CBD for $385.4 million, or $960 per square foot. The buyer was an individual firm, Ponte Gadea, backed by a high net-worth investor. JBG Smith owned the building in a JV with JP Morgan Asset Management. The 94-year-old building, now about 92% occupied, was renovated in 2001. The last time it traded was in 2006 for $286.3 million.