JBG sells D.C. office asset for $142m, participates in $8.4b merger
The JBG Cos. has sold Jefferson Court in Washington, D.C., for $141.8 million, or approximately $447 per square foot. HFF marketed the property on behalf of JBG and procured the buyer, Alduwaliya Asset Management, a U.K.-based private investment vehicle representing a Qatari high-net-worth family.
Jefferson Court is 96 percent leased. The 315,248-square-foot, eight-story Georgetown office building was constructed in 1984 across from Georgetown Waterfront Park and two blocks south of the M Street corridor at 1025 Thomas Jefferson St. N.W.
Recently, Vornado Realty Trust reached a deal to spin off and merge with its D.C.-area portfolio with The JBG Cos. in an $8.4 billion transaction. Vornado’s board of trustees approved the tax-free spinoff of its Washington, D.C., properties into a publicly traded REIT that will merge with JBG to form JBG Smith Properties. It will trade on the New York Stock Exchange under the ticker “JBGS.
The merger creat