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It may be obvious, but Amazon’s move is powering all the development and excitement around National Landing.
The company expects to invest $2.5B over the course of its move in the form of leases, renovations and new construction. Amazon plans to bring 25,000 high-paying jobs and expects to directly and indirectly create 22,000 other jobs. The company is planning to lease roughly 500K SF of existing office space at 241 18th St. South, 1800 South Bell St. and 1770 Crystal Drive, JBG Smith said.
JBG Smith expects to begin construction before the end of the year on the renovations at 1770 Crystal Drive, which include 272K SF of offices. But Amazon isn't waiting around; its head of global economic development, Holly Sullivan, told Bisnow one of its priorities in the search process was hiring hundreds of workers this year.
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Along with Amazon’s announcement came the unveiling of a $1B Innovation Campus for Virginia Tech, which will occupy a property 2 miles south in Potomac Yard, on StonebridgeCarras’s 13-acre Oakville Triangle site. The Innovation Campus will focus on computer science and software engineering.
Plans for the campus call for over 1M SF of facilities: 300K SF devoted to academics, research and development; 250K SF for startups and corporate offices; 350K SF for student and faculty housing; and 100K SF of retail and support spaces.
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Interstate Hotels & Resorts, a global hotel management company, signed a 15-year lease for 35K SF at JBG Smith's 2011 Crystal Drive, moving from its former headquarters in Ballston a few miles northwest. Interstate’s move is one of the first relocations to a JBG Smith property, as the landlord hopes to keep transforming National Landing into a hub for business.
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