Warner BuildingAt the start of the year we reported that JBG Smith had sold the Warner Building for $376.5 million. Yesterday the REIT has confirmed the trade to CBRE Global Investors.
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JBG Smith has been disposing of a number of properties and for those not keeping track CEO Matt Kelly gave a specific number. “With the sale of The Warner Building we have closed over $760 million of asset sales and recapitalizations, the proceeds of which will be used to deleverage our balance sheet and create capacity for future investment opportunities,” he said. “We plan to continue to capitalize on the current environment to raise attractively priced capital.”
Collins Ege, Nicholas Pappas, and Sean McDermott of Eastdil Secured represented the REIT in the transaction.
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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.
