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JBG SMITH Divests 500 L’Enfant Plaza in DC
JBG SMITH and Landmark Partners have sold 500 L’Enfant Plaza, a 215,000-square-foot office property in Washington, DC, for $167 million. The buyer wasn’t identified. JLL’s Jim Meisel and Matt Nicholson represented JBG SMITH.
Delivered in 2019, 500 L’Enfant Plaza was 96% leased to seven tenants at the time of the sale. The building serves as the Urban Institute’s global headquarters. Other tenants include Cobec Consulting, Noblis, and the Office of the Inspector General for the Washington Metropolitan Area Transit Authority.
“With the sale of 500 L’Enfant Plaza, we have executed more than $92 million of dispositions in 2021, the proceeds of which will be used to deleverage our balance sheet and create capacity for future multifamily investment opportunities,’ said George Xanders, CIO with JBG SMITH. “We plan to continue to capitalize on the current environment to dispose of assets as the market begins to recover from the COVID-19 pandemic.”
- ◦Sale/Acquisition
