JBG SMITH Announces Sale of Executive Tower to Exan Capital
CHEVY CHASE, Md.--(BUSINESS WIRE)--Sep 24, 2018--JBG SMITH ( NYSE: JBGS ), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, today announced the sale of Executive Tower to Exan Capital for $121.4 million. Executive Tower is an 11-story, approximately 130,000 square foot office building, located at 1399 New York Avenue in the East End submarket of Washington, DC. The building was approximately 93% leased as of June 30, 2018.
Matt Kelly, Chief Executive Officer of JBG SMITH stated, “We continue to make progress on our capital recycling goals with the sale of Executive Tower. Year-to-date, we have executed over $459 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. We plan to continue to capitalize on the current environment to dispose of assets.”
Collins Ege and Nicholas Pappas of Eastdil Secured represented JBG SMITH in the sale of Executive Tower.
About JBG SMITH
JBG SMITH is an S&P 400 company that owns, operates, invests in and develops assets concentrated in leading urban infill submarkets in and around Washington, DC. Our mixed-use operating portfolio comprises approximately 20 million square feet of high-quality office, multifamily and retail assets, 98% of which are Metro-served. With a focus on placemaking, we drive synergies across the portfolio and create amenity-rich, walkable neighborhoods. JBG SMITH’s future development pipeline includes over 17.2 million square feet of potential development density. For additional information on JBG SMITH please visit www.jbgsmith.com.
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CONTACT: JBG SMITH
Jaime Marcus, 240-333-3643
SVP, Investor Relations
KEYWORD: UNITED STATES NORTH AMERICA DISTRICT OF COLUMBIA MARYLAND
INDUSTRY KEYWORD: REIT URBAN PLANNING CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: JBG SMITH
Copyright Business Wire 2018.
PUB: 09/24/2018 04:30 PM/DISC: 09/24/2018 04:30 PM