CHEVY CHASE, Md.--(BUSINESS WIRE)--JBG SMITH Properties (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, is pleased to announce that Pebblebrook Hotel Trust (NYSE: PEB) will relocate its headquarters to 4747 Bethesda Avenue in downtown Bethesda, Maryland. The upscale lifestyle-oriented hotel owner will occupy approximately 16,000 square feet bringing the building to 83% pre-leased.
“Pebblebrook Hotel Trust is another best-in-class addition to the roster of tenants at 4747 Bethesda Avenue,” said David Ritchey, Executive Vice President at JBG SMITH. “The building has a commanding presence in the heart of downtown Bethesda, and we are honored that multiple marquis companies have chosen to make it their headquarters location.”
Pebblebrook is the fifth tenant to commit to 4747 Bethesda Avenue and the fourth to make the building its headquarters location. The company will consolidate from nearby 7315 Wisconsin Avenue following its $5.1 billion acquisition of LaSalle Hotel Properties, located at 7550 Wisconsin Avenue, in November 2018.
The newly combined company is now the largest owner of lifestyle-oriented hotels and resorts in the country, with a portfolio of more than 60 upper upscale and luxury hotels and resorts in or near 18 key urban markets. Pebblebrook owns some of the Washington area’s most iconic hotels including The Donovan, Hotel George, Hotel Monaco, Mason and Rook Hotel, and the Sofitel Washington, DC.
“We’re excited to relocate our expanded headquarters to JBG SMITH’s newest office development,” noted Raymond D. Martz, Chief Financial Officer of Pebblebrook Hotel Trust. “Bethesda has become the hotel capital of the world, so placing our headquarters in the heart of downtown Bethesda makes sense for our company, as well as for our employees. JBG SMITH’s team has been fantastic to work with, and we look forward to moving in later this year.”
4747 Bethesda Avenue, delivering in the Fall of 2019, is a 291,414 square foot, trophy office building located in the heart of downtown Bethesda, Maryland. The building is 15 floors and will feature cutting-edge amenities and design including: a two-story, curved steel and curtainwall façade system, floor-to-ceiling glass, and a penthouse rooftop terrace, complete with conference and event space, a fire pit, and an indoor/outdoor lounge. Exemplifying JBG SMITH’s commitment to health and wellness offerings and environmentally friendly policies, the building is seeking LEED Gold certification and includes a 3,600 square foot, state-of-the-art fitness facility, with studio space, shower/locker rooms, and secure storage for over 90 bicycles, with a bicycle repair station. 4747 Bethesda Avenue is located one block from the Red Line and future Purple Line Metro entrance, as well as the Capital Crescent Trail.
Josh Hartman of Avison Young represented the tenant. “Josh Hartman was instrumental to the process with Pebblebrook, and we thank him for his diligence and professionalism. This lease execution was a great outcome for all,” said Ritchey.
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% at our share 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 19.6 million square feet of potential development density at our share. For additional information on JBG SMITH, please visit www.jbgsmith.com.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust is a publicly traded real estate investment trust (“REIT”) that owns primarily upper upscale and luxury full-service hotels and resorts located in major gateway cities. The Company owns more than 60 hotels, totaling approximately 15,000 guest rooms, located in 10 states and the District of Columbia. For more information, please visit us at www.pebblebrookhotels.com and follow us on Twitter at @PebblebrookPEB.