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 1233 20th Street to a joint venture between GreenOak and MRP Realty for $65.0 million. 1233 20th Street is a 157,000 square foot office building, located at 1233 20th Street NW in the CBD submarket of Washington, DC. The building was approximately 87.1% 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 1233 20th Street. Year-to-date, we have closed over $549 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 raise attractively priced capital.”
Jim Meisel, Andrew Weir, Matt Nicholson, and Dave Baker of HFF represented JBG SMITH in the sale of 1233 20th Street.
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.