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 the Bowen Building to JPMorgan Chase (NYSE: JPM) for $140 million. The building will serve as JPMorgan Chase’s first regional headquarters.
The Bowen Building is a Class-A office asset located at 875 15th St. NW at the corner of McPherson Square in the Central Business District (CBD) submarket of Washington, DC. The 12-story building is 86.1% occupied and consists of approximately 231,000 SF with 101 parking spaces. JBG SMITH will continue to provide property management services for the asset.
Matt Kelly, Chief Executive Officer of JBG SMITH stated, “We continue to execute our strategic recycling program with the sale of the Bowen Building to JPMorgan Chase, who plans to own and occupy the property. Year to date, we have executed over $335 million of asset sales and recapitalizations, and we will continue to pursue opportunities to capitalize on the attractive market environment that exists today.”
Renovations will begin in 2019 and JPMorgan Chase intends to move into the new facility in 2021. The firm will also continue to operate offices in Tysons Corner, Norfolk and Richmond, Virginia and Baltimore, Maryland to serve small and mid-sized businesses and has opened a new office in Bethesda, Maryland. This investment follows JPMorgan Chase’s recent announcement to expand its branch network to the Greater Washington, D.C. area and make several new lending and philanthropic investments that support economic growth in the region.
“We are deeply committed to the region and have been growing our business here for nearly 20 years,” said Peter Scher, Chairman of the Mid-Atlantic Region, JPMorgan Chase. “This new regional headquarters and branch expansion in Greater Washington will help us continue to invest here long term and play our part in continuing to grow the economy of this great region.”
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.
ABOUT JPMORGAN CHASE
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.