JBG SMITH Announces Sale of the Warner Building to CBRE Global Investors
CHEVY CHASE, Md.--(BUSINESS WIRE)--Jan 8, 2019--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 The Warner Building to CBRE Global Investors for $376.5 million. The Warner Building is a 583,453 square foot office building, located at 1299 Pennsylvania Ave, NW in the East End submarket of Washington, DC. JBG SMITH had a 55% ownership interest in the building, which was 98.3% leased as of September 30, 2018.
“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,” said JBG SMITH CEO, Matt Kelly. “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 JBG SMITH in the transaction.
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 19 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 19 million square feet of potential development density. For additional information on JBG SMITH please visit www.jbgsmith.com.
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CONTACT: Jaime Marcus
SVP, Investor Relations
KEYWORD: UNITED STATES NORTH AMERICA DISTRICT OF COLUMBIA MARYLAND
INDUSTRY KEYWORD: REIT CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: JBG SMITH
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PUB: 01/08/2019 05:06 PM/DISC: 01/08/2019 05:06 PM