JBG Smith Merger Finalized As D.C.'s Largest Developer Begins Trading On The NYSE
The eight-month process of merging two top D.C. development firms into one powerhouse is complete.
JBG Smith began trading on the New York Stock Exchange Tuesday after Vornado officially spun off its D.C. business and combined it with The JBG Cos.
The company, trading as JBGS, began the day at $36.59 per share. As part of the merger, shareholders of Vornado received one JBG Smith share for each Vornado share they owned.
Matt Kelly will lead the company as CEO, with fellow JBG veterans Robert Stewart and David Paul as executive vice chairman and chief operating officer, respectively. Steve Theriot has left Vornado to be JBG Smith's chief financial officer. JBG Smith's board of trustees will be chaired by Vornado chairman Steven Roth, and Mitchell Schear, formerly the head of Vornado's D.C. region, will be a trustee. The firm also hired Dave Ritchey from CBRE to lead its commercial leasing effort.
Now the largest developer in the D.C. region, JBG Smith has an operating portfolio of over 20M SF of multifamily, office and retail assets. Its office portfolio includes more than 50 properties throughout the region, heavily concentrated in Crystal City, the R-B Corridor, the CBD/East End, Bethesda and Rockville. Its residential portfolio includes more than 11,000 units with popular mixed-use properties such as Atlantic Plumbing in Shaw and Pentagon City's The Bartlett.
The developer is based in Chevy Chase at its 4445 Willard Ave. tower, but it will move its HQ to downtown Bethesda when its new development at 4747 Bethesda Ave. delivers in 2019.
JBG Smith also has projects under construction in the District, including two multifamily buildings near Nats Park and office projects near Dupont Circle and L'Enfant Plaza.
Its future development pipeline includes at least 18M SF of density. It has plans for a three-building project in NoMa anchored by a Landmark Theater that it has put on pause with no announced timeline for construction.