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 1600 K Street for $43 million. 1600 K Street is an eight-story office building, totaling approximately 82,000 square feet, located in the CBD submarket of Washington, DC. As of June 30, 2019, the building was approximately 92% leased to several tenants.
Matt Kelly, Chief Executive Officer of JBG SMITH stated, “We continue to make progress on our capital recycling strategy with the sale of 1600 K Street. This sale represents another successful outcome in our efforts to capitalize on attractive market pricing at or above NAV and allocate capital to higher growth opportunities across our portfolio.”
Drew Flood, Bill Collins, and Kevin Sidney represented JBG SMITH in the sale of 1600 K Street.
About JBG SMITH
JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-quality mixed-use properties in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it now serves as the exclusive developer for Amazon’s new headquarters. JBG SMITH’s portfolio currently comprises 20.6 million square feet of high-quality office, multifamily and retail assets, 98% at our share of which are Metro-served. It also maintains a robust future pipeline encompassing 18.7 million square feet of mixed-use development opportunities. For more information on JBG SMITH please visit www.jbgsmith.com.