Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
JBG SMITH Forms $580M Office Portfolio JV with Fortress Investment Group
Bethesda, MD-based JBG SMITH has entered into an agreement with affiliates of Fortress Investment Group, LLC, to form a joint venture to recapitalize a 1.6-million-square-foot portfolio of seven office buildings owned by JBG SMITH and valued at $580 million.
- 7200 Wisconsin Avenue in Bethesda, MD
- 1730 M Street in Washington, DC
- RTC West I, II and III in Reston, VA
- Courthouse Plaza I and II in Arlington, VA
“In 2021, we announced plans to sell at least $1.5 billion of non-core office and land assets, primarily outside National Landing, to deleverage our balance sheet and provide capacity for multifamily development and acquisition opportunities and share repurchases,” said George Xanders, JBG SMITH CIO. “This partnership with Fortress, a top-tier investment management firm, accelerates our capital recycling initiatives and advances our planned portfolio shift to majority multifamily, with an office concentration in National Landing.”
Eastdil Secured served as advisor to JBG SMITH in the transaction.
Photo: 7200 Wisconsin Avenue in Bethesda, courtesy Sam Kittner
- ◦Financing
