JBG SMITH Announces Sale of 500 L’Enfant Plaza

JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, today announced the sale of 500 L’Enfant Plaza, a 215,000 square foot asset owned through partnership between JBG SMITH (49%) and Landmark Partners, an Ares Company (51%), for $167 million.

Delivered in 2019 and designed by ZGF Architects, 500 L’Enfant Plaza is a LEED Gold asset, 96% leased to seven tenants at the time of the sale. The building serves as the Urban Institute’s global headquarters and is home to other major tenants including Cobec Consulting, Noblis, and the Office of the Inspector General for the Washington Metropolitan Area Transit Authority (WMATA).

“We continue to make progress on our capital recycling goals as we shift to majority multifamily through a combination of investing in multifamily assets and divesting of non-core office assets, primarily outside of National Landing,” said George Xanders, Chief Investment Officer. “With the sale of 500 L’Enfant Plaza, we have executed more than $92 million of dispositions in 2021, the proceeds of which will be used to deleverage our balance sheet and create capacity for future multifamily investment opportunities. We plan to continue to capitalize on the current environment to dispose of assets as the market begins to recover from the COVID-19 pandemic.”

Jim Meisel and Matt Nicholson of Jones Lang LaSalle Americas Inc., (“JLL”), exclusively represented JBG SMITH in the sale.

About JBG SMITH

JBG SMITH owns, operates, invests in and develops a dynamic portfolio of mixed-use properties in the high growth and high barrier-to-entry submarkets in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, DC metropolitan area. Over half of JBG SMITH’s holdings are in the National Landing submarket in Northern Virginia, where it serves as the exclusive developer for Amazon’s new headquarters, and where Virginia Tech’s planned new $1 billion Innovation Campus is located. JBG SMITH's portfolio currently comprises 17.2 million square feet of high-growth office, multifamily and retail assets at share, 98% of which are Metro-served. It also maintains a development pipeline encompassing 17.0 million square feet of mixed-use development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually. For more information on JBG SMITH please visit www.jbgsmith.com.