JBG Smith To Sell Office Building At 1399 New York Ave. NW
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.