JBG SMITH closes additional $344m of capital recycling, increases share repurchase authorization to $1b

JBG SMITH has sold two assets for $344 million, as well as increasing the company’s common share repurchase authorization by $500 million to $1 billion total.

JBG Smith closed the $198 million sale of its PenPlace development site to Amazon for the second phase of its HQ2. The 12-acre site was recently approved by Arlington County to house 3.2 million square feet of office space, including the landmark Helix building, more than 100,000 square feet of retail and approximately 2.75 acres of public open space. As previously reported, the sale of PenPlace was used to facilitate a like-kind exchange for JBG SMITH’s acquisition of The Batley, a 432-unit apartment building in DC’s Union Market that closed in 2021.

Additionally, 1900 N Street was sold to German company Commerz Real, through its open-ended real estate fund Hausinvest. Delivered in 2019 and located in Washington, D.C.’s, Central Business District, 1900 N Street is an 11-story trophy office building compr