JBG will be retained to provide management and leasing services for the new owner, an affiliate of Morgan Stanley Real Estate. Commenting on the sale, Michael Glosserman, a JBG Managing Partner said: "These buildings have proven to be excellent investments for our investment funds, individual investors and partners. By taking advantage of the strong demand for institutional grade real estate, we have been able to structure a transaction with a top-tier investor that enables us to secure an excellent return on stabilized assets, re-deploy our capital into new value-add opportunities, and retain day-to-day involvement in these assets."
Headquartered in Chevy Chase, Maryland, JBG is an active developer, owner and operator of office, residential, retail and hotel properties. Upon completion of the sale, JBG's remaining stabilized and development portfolio will consist of approximately 7,000 residential units, 3,000 hotel rooms and 7 million square feet of office space. More information regarding JBG can be found at the company's website: www.jbg.com