Investors - NOVEMBER 1, 2016

To read this full article you need to be subscribed to Newsline.

Sign in Sign up for a FREE subscription

JBG sells D.C. office asset for $142m, participates in $8.4b merger

by Andrea Waitrovich

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

Forgot your username or password?