JBG Smith, Landmark JV sells office for $167m

JBG Smith has announced the sale of 500 L’Enfant Plaza, a 215,000-square-foot asset in Washington, D.C., owned through a partnership between JBG Smith (49 percent) and Landmark Partners, an Ares company (51 percent), for $167 million.

Delivered in 2019, the asset was 96 percent 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.

“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 noncore office assets, primarily outside of National Landing,” said George Xanders, CIO of JBG Smith. “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 t