JBG Sells VA Office Property for $95M

Summit comprises two buildings totaling more than 290,000 square feet in Reston. The firm also closed the sale of the land and temporary construction easements associated with the site for $2.2 million.
2000 Edmund Halley Drive, Reston, Va.

JBG SMITH has completed the sale of Summit I and II, a two-building office campus in D.C.‘s submarket of Reston, Va. Brookfield Property Partners acquired the asset for $95 million. The firm has also closed the sale of the land and temporary construction easements associated with the site to the Metropolitan Washington Airports Authority, for $2.2 million.

Located at 2000 Edmund Halley Drive, the properties are both 100 percent leased and comprise a total of more than 290,000 square feet, plus an additional 70,000 square feet of density. Summit I features 156,375 square feet and is LEED Gold certified. The six-story asset was constructed in 1986. Summit II encompasses 154,375 square feet, with 1,500 of that dedicated to retail. The 1987-built, six-story property is LEED Silver certified and was completely renovated in 2012.

“The sale of Summit I and II is consistent with our strategy to take advantage of market conditions to recycle capital, deleverage our balance sheet, and reinvest the proceeds in higher-yielding growth opportunities,” said Matt Kelly, CEO of JBG SMITH, in prepared remarks. “This transaction demonstrates continued investor interest in high-quality assets and we were pleased to work with Brookfield Property Partners through this process.”

Tom Cleaver, Dan Grimes and Rob Faktorow of CBRE represented both the buyer and seller in the transaction.

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