CHEVY CHASE, Md.--(BUSINESS WIRE)--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 Summit I and Summit II (collectively, “Summit”) to Brookfield Property Partners for $95.0 million. Summit is a 100% occupied, two-building office project prominently situated on the Dulles Toll Road in Reston, VA. The project consists of over 290,000 rentable square feet and approximately 700,000 square feet of additional density.
In addition, in the first quarter of 2018, JBG SMITH closed on the sale of land and temporary construction easements associated with the Summit site to the Metropolitan Washington Airports Authority for $2.2 million.
Matt Kelly, Chief Executive Officer of JBG SMITH stated, “The sale of Summit I and II is consistent with our strategy to take advantage of market conditions to recycle capital, deleverage our balance sheet, and reinvest the proceeds in higher-yielding growth opportunities. This transaction demonstrates continued investor interest in high-quality assets and we were pleased to work with Brookfield Property Partners through this process.”
Tom Cleaver, Dan Grimes and Rob Faktorow of CBRE represented JBG SMITH and Brookfield Property Partners in the sale of Summit.
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 17.9 million square feet of potential development density. For additional information on JBG SMITH please visit www.jbgsmith.com.