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JBG Smith is continuing its strategy of selling D.C. office assets, focusing on the buildings it acquired during its merger with Vornado.
The REIT is selling the Executive Building at 1399 New York Ave. NW to Miami-based Exan Capital, a JBG spokesperson confirmed to Bisnow. The sale comes out to $121M, or roughly $939/SF, GlobeSt. reports.
The 11-story, 129K SF building, sitting about two blocks from the White House, is 80% occupied. JBG took control of the property last year when it merged with Vornado/Charles E. Smith, which bought it for $107M in 2011.
JBG Smith CEO Matt Kelly in March told investors he sees D.C. as a seller's market and has identified opportunities to generate $700M of capital. The REIT then sold two Reston office buildings for $95M in April. In May, it sold the Bowen Building, which also came from Vornado, to JPMorgan Chase for $140M.
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