ARLINGTON, VA – Owner, operator and developer JBG SMITH has sold two assets in the Washington D.C. area for a combined total of $344 million.
The firm has sold its 12-acre PenPlace development site to Amazon for $198 million. The e-commerce retailer will utilize the site for the second phase of its HQ2. Arlington County recently granted approval for the site to house 3.2 million square feet of office space, more than 100,000 square feet of retail space and 2.75 acres of public open space.
The PenPlace sale was used to facilitate a like-kind exchange for JBG SMITH's purchase of The Batley, a 432-unit apartment building in Washington D.C., which closed in 2021.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
