JBG Sells Georgetown Office Building Ahead Of Merger
The JBG Cos has been looking to sell a 317k SF Georgetown office building since June to deleverage its portfolio ahead of a potential merger, and now just as it announces a huge merger, the developer has found a buyer for the property.
JBG is selling the Class-A office building at 1025 Thomas Jefferson St NW to Alduwaliya Asset Management for $141.8M, with HFF brokering the deal.
Alduwaliya, a UK-based private investment firm representing a wealthy Qatari family, joins a growing list of foreign investors in DC real estate, who most often put their money in trophy office buildings.
When JBG began marketing the property, it was preparing to merge with New York REIT. That merger fell through in August and JBG is now merging with Vornado/Charles E. Smith in an $8.4B deal expected to close in Q2 2017.