JBG Smith Moving HQ To Downtown Bethesda Development
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The D.C. area's largest development company will soon be based out of Downtown Bethesda.
JBG Smith, the soon-to-be-official merged entity of The JBG Cos. and Vornado, will move from Chevy Chase to its new development at 4747 Bethesda Ave. when the building delivers in 2019, the company announced Wednesday.
“The Bethesda-Chevy Chase market has been our home base for over 20 years, and we’re proud of the community relationships and civic partnership we have with the county," JBG Smith CEO Matt Kelly said in a release. "The abundance of transit options, fine schools and robust amenities make this a terrific location in which to do business."
The developer had been waiting to sign an anchor tenant before going vertical on the 287K SF office building. It appears to have taken matters into its own hands, announcing the project's groundbreaking along with its HQ move. The building's two-story retail component, anchored by a 14K SF Dean & Deluca, is already under construction and the gourmet market plans to open later this year.
JBG said it will occupy the lower floors, but did not release the square footage of its expected footprint. The company is moving out of 4445 Willard Ave., its 251K SF Chevy Chase tower.
The property sits just east of the Bethesda Row retail plaza and one block west of Carr Properties' planned 937K SF Apex Building development, which would be the western terminus of the Purple Line if a judge allows the light-rail project to move forward. A block north of Carr's site, StonebridgeCarras this week acquired the final parcel needed to move forward with the 500K SF office project it has planned for the current site of the 2nd District Police Station.
Marriott International is also moving its HQ to downtown Bethesda. The hotel giant selected Bernstein Cos.' and Boston Properties to build a 700K SF office building and 200-room hotel on the 7750 Wisconsin Ave. site. The Montgomery County market has more positive momentum than Crystal City in Arlington, where Vornado owns millions of square feet of offices and has located its regional headquarters.
Shares of JBG Smith will be available on the New York Stock Exchange on July 18, starting at an estimated $41.34/share. The company's portfolio will consist of 20M SF of D.C.-area office, multifamily and retail properties, with another 18M SF in the pipeline.