JBG SMITH Accelerates Capital Recycling Initiatives Through $580 million Business Portfolio Joint Venture with Fortress Investment decision Team

BETHESDA, Md., February 14, 2022–(Company WIRE)–JBG SMITH (NYSE: JBGS), a major operator and developer of high-quality, mixed-use properties in the Washington, DC current market, entered into a definitive arrangement with affiliate marketers of Fortress Expenditure Team LLC (“Fortress”) to kind a joint venture to recapitalize a 1.6 million sq. foot portfolio of seven workplace structures owned by JBG SMITH valued at $580 million.

The portfolio consists of 7200 Wisconsin Avenue in Bethesda, MD, 1730 M Street in Washington, DC, RTC West I, II and III in Reston, VA, and Courthouse Plaza I and II in Arlington, VA. The qualities are all located in amenity-prosperous, metro-served areas throughout the Washington, DC region. The transaction is envisioned to near in the to start with half of this calendar year, topic to funding and customary closing conditions.

“In 2021, we declared designs to provide at least $1.5 billion of non-core office environment and land assets, mainly outdoors Nationwide Landing, to deleverage our stability sheet and deliver ability for multifamily advancement and acquisition options and share repurchases,” stated George Xanders, JBG SMITH Main Investment decision Officer. “This partnership with Fortress, a prime-tier financial commitment administration agency, accelerates our funds recycling initiatives and innovations our prepared portfolio shift to majority multifamily, with an office environment focus in National Landing.”

“We are honored to lover with JBG SMITH to speed up the firm’s strategic transition and cement its placement as a major owner and developer of sustainable, amenity-abundant, blended-use qualities in the DC current market,” mentioned Fortress Managing Director Apostolos Peristeris. “With JBG SMITH’s deep abilities and the strong competitive situation of these business buildings, we see significant prospect for worthwhile progress throughout this portfolio in the yrs ahead.”

Eastdil Secured served as exclusive advisor to JBG SMITH in the transaction.


JBG SMITH owns, operates, invests in and develops a dynamic portfolio of mixed-use attributes in the significant advancement and significant barrier-to-entry submarkets in and close to Washington, DC. By means of an intense concentration on placemaking, JBG SMITH cultivates lively, amenity-rich, walkable neighborhoods during the Washington, DC metropolitan space. Above half of JBG SMITH’s holdings are in the National Landing submarket in Northern Virginia, the place it serves as the developer for Amazon’s new headquarters, and wherever Virginia Tech’s prepared new $1 billion Innovation Campus is positioned. JBG SMITH’s portfolio currently includes 17.1 million square ft of superior-development place of work, multifamily and retail property at share, 98% of which are Metro-served. It also maintains a growth pipeline encompassing 16.6 million square feet of combined-use enhancement chances. JBG SMITH is dedicated to the procedure and progress of green, good, and wholesome properties and options to retain carbon neutral operations every year. For extra details on JBG SMITH you should pay a visit to www.jbgsmith.com.

About Fortress Expense Group

Fortress Expenditure Team LLC is a primary, hugely diversified international expenditure manager. Launched in 1998, Fortress manages $54.2 billion of belongings less than management as of September 30, 2021 on behalf of roughly 1,800 institutional customers and personal buyers worldwide throughout a selection of credit and genuine estate, personal fairness and long-lasting money expense approaches.

Forward-Wanting Statements

Sure statements contained herein could constitute “ahead-hunting statements” as these kinds of phrase is outlined in Section 27A of the Securities Act of 1933, as amended, and Portion 21E of the Securities Trade Act of 1934, as amended. Forward-searching statements are not guarantees of effectiveness. They represent our intentions, designs, expectations and beliefs and are subject matter to various assumptions, threats and uncertainties. Therefore, the foreseeable future success of JBG SMITH Properties (“JBG SMITH” or the “Business”) may well vary materially from those expressed in these forward-seeking statements. You can uncover quite a few of these statements by searching for phrases these kinds of as “approximate”, “believes,” “expects,” “anticipates,” “intends,” “strategies,” “proposed,” “would,” “could,” or very similar expressions in this press release. We also note the subsequent forward-looking statements: whole sq. footage, valuation, and deal completion day. A lot of of the variables that will figure out the consequence of these and our other forward-on the lookout statements and plans are further than our capability to management or predict. These things involve, amid others: adverse economic ailments in the Washington, DC metropolitan region, the timing of and fees involved with improvement and house advancements, funding commitments, and standard competitive factors. For even further discussion of elements that could materially have an impact on the consequence of our ahead-on the lookout statements and other challenges and uncertainties, see “Possibility Aspects” and the Cautionary Assertion Relating to Ahead-On the lookout Statements in the Company’s Once-a-year Report on Type 10-K for the 12 months ended December 31, 2020 and other periodic stories the Corporation information with the Securities and Trade Fee. For these statements, we declare the defense of the safe harbor for ahead on the lookout statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-hunting statements. All subsequent published and oral forward-wanting statements attributable to us or any man or woman acting on our behalf are expressly certified in their entirety by the cautionary statements contained or referred to in this portion. We do not undertake any obligation to launch publicly any revisions to our forward-wanting statements after the date hereof.

Perspective source variation on businesswire.com: https://www.businesswire.com/information/home/20220214005818/en/


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