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JBG Smith Continues Capital Recycling Program with $121M D.C. Deal
Exan Capital acquired Executive Tower, an 11-story, roughly 130,000-square-foot office building in Washington, D.C., from JBG Smith for $121.4 million. Located at 1399 New York Ave. in the East End submarket, the building was approximately 93% leased as of June 30, 2018.
JBG Smith’s Matt Kelly says, “We continue to make progress on our capital recycling goals with the sale of Executive Tower. Year-to-date, we have executed over $459 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 dispose of assets.”
Eastdil Secured’s Collins Ege and Nicholas Pappas represented JBG Smith in the sale of Executive Tower.
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- ◦Sale/Acquisition