{"id":1004567731,"date":"2022-02-16T03:56:54","date_gmt":"2022-02-16T11:56:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004567731"},"modified":"2022-12-09T00:09:11","modified_gmt":"2022-12-09T08:09:11","slug":"jbg-smith-forms-jv-to-recapitalize-580m-office-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jbg-smith-forms-jv-to-recapitalize-580m-office-portfolio\/","title":{"rendered":"JBG SMITH Forms JV to Recapitalize $580M Office Portfolio"},"content":{"rendered":"
\"7200<\/a>

7200 Wisconsin Ave. in Bethesda, Md. Image courtesy of Sam Kittner<\/p><\/div>\n

As it continues to focus more on multifamily and the National Landing submarket in northern Virginia, owner-developer JBG SMITH<\/strong> has agreed to form a joint venture with affiliates of Fortress Investment Group<\/strong> to recapitalize a 1.6 million\u00ad-square-foot portfolio of seven office buildings in the Washington, D.C., metro valued at $580 million.<\/p>\n

The properties are: 7200 Wisconsin Ave. in Bethesda, Md<\/a>.; 1730 M St. in Washington, D.C.; RTC West I, II and III in Reston, Va.; and Courthouse Plaza I and II in Arlington, Va. The properties are all located in amenity-rich, Metro-served locations. The transaction is expected to close in the first half of the year. Eastdil Secured<\/strong> served as exclusive advisor to JBG SMITH.<\/p>\n

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READ ALSO<\/strong>: Why Flex Office Space Is Flourishing Again<\/a><\/p>\n

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Citing JBG SMITH\u2019s expertise and the strong competitive position of the office properties, Fortress Managing Director Apostolos Peristeris said in prepared remarks Fortress sees significant opportunity for profitable growth across the portfolio. A global investment manager, Fortress manages $54.2 billion of assets under management on behalf of approximately 1,800 institutional clients and private investors.<\/p>\n

National Landing Focus<\/strong><\/h2>\n

George Xanders, JBG SMITH chief investment officer, said in a prepared statement the firm had announced plans last year to sell at least $1.5 billion of non-core office and land assets, primarily outside National Landing to deleverage its balance sheet and provide more capacity for multifamily development and acquisitions and share repurchases. He said the partnership with Fortress accelerates its capital recycling initiatives and advances the firm\u2019s planned portfolio shift to majority multifamily, with an office concentration in National Landing.<\/p>\n

\"7200<\/a>

7200 Wisconsin Ave. in Bethesda, Md. Image courtesy of Sam Kittner<\/p><\/div>\n

More than half of JBG SMITH\u2019s holdings are in the National Landing submarket, where it serves as the developer for Amazon<\/strong>\u2019s new headquarters<\/a> and Virginia Tech\u2019s planned $1 billion Innovation Campus<\/a>. In May 2021, JBG SMITH and institutional investors advised by J.P. Morgan Global Alternatives formed a joint venture to own, design, develop and manage about 2 million square feet of new mixed-use development in Potomac Yard<\/a>, adjacent to the Amazon HQ2 and the Innovation Campus. As part of the project, JBG SMITH will develop two multifamily buildings totaling 419,000 square feet of space, with the remaining 1.6 million square feet of development to follow in subsequent years.<\/p>\n

The Bethesda, Md.-based firm\u2019s portfolio currently comprises 17.1 million square of high-growth office, multifamily and retail assets. It also has a development pipeline of about 16.6 million square feet of mixed-use development opportunities.<\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction is part of the company\u2019s increased focus on multifamily as well as the National Landing project.<\/p>\n","protected":false},"author":1068,"featured_media":1004567742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,11,21742,21747,1615],"tags":[33101,34375,34007],"class_list":["post-1004567731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-midatlantic","category-latest","category-office","category-washington-dc","tag-eastdil-secured","tag-fortress-investment-group","tag-jbg-smith-properties"],"acf":[],"yoast_head":"\nJBG SMITH Forms JV to Recapitalize $580M Office Portfolio - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"JBG SMITH has agreed to form a joint venture with Fortress Investment Group to recapitalize seven office buildings in Washington, D.C.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-forms-jv-to-recapitalize-580m-office-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JBG SMITH Forms JV to Recapitalize $580M Office Portfolio\" \/>\n<meta property=\"og:description\" content=\"JBG SMITH has agreed to form a joint venture with Fortress Investment Group to recapitalize seven office buildings in Washington, D.C.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-forms-jv-to-recapitalize-580m-office-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-16T11:56:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:09:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/7200-Wisconsin-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"790\" \/>\n\t<meta property=\"og:image:height\" content=\"610\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-forms-jv-to-recapitalize-580m-office-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-forms-jv-to-recapitalize-580m-office-portfolio\/\",\"name\":\"JBG SMITH Forms JV to Recapitalize $580M Office Portfolio - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-forms-jv-to-recapitalize-580m-office-portfolio\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-forms-jv-to-recapitalize-580m-office-portfolio\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/7200-Wisconsin-featured.jpg\",\"datePublished\":\"2022-02-16T11:56:54+00:00\",\"dateModified\":\"2022-12-09T08:09:11+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"description\":\"JBG SMITH has agreed to form a joint venture with Fortress Investment Group to recapitalize seven office buildings in Washington, D.C.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-forms-jv-to-recapitalize-580m-office-portfolio\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-forms-jv-to-recapitalize-580m-office-portfolio\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-forms-jv-to-recapitalize-580m-office-portfolio\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/7200-Wisconsin-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/7200-Wisconsin-featured.jpg\",\"width\":790,\"height\":610,\"caption\":\"7200 Wisconsin Ave. in Bethesda, Md. 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