BETHESDA: The JBG Companies Announces New Headquarters and Groundbreaking for 4747 Bethesda Avenue
The JBG Companies today announced its new headquarters will be located at 4747 Bethesda Avenue, a trophy office building being developed by JBG, located in the heart of downtown Bethesda delivering in Q3 2019. The announcement comes in advance of the merger of The JBG Companies and Vornado/Charles E. Smith into the new public company JBG SMITH (NYSE:JBGS).
4747 Bethesda Avenue is located at the corner of Woodmont and Bethesda Avenues, the “main and main” corner immediately adjacent to Bethesda Row and over 70 vibrant boutique dining, specialty retailer, and entertainment options in downtown Bethesda. JBG SMITH will occupy the lower floors, moving from 4445 Willard Avenue in Chevy Chase, Maryland.
“Our new headquarters will reflect our corporate goals of collaboration, cutting edge design and efficiency, and environmental sustainability,” said W. Matthew Kelly, Managing Partner of JBG and CEO-designate of JBG SMITH. “The Bethesda-Chevy Chase market has been our home base for over 20 years and we’re proud of the community relationships and civic partnership we have with the county. The abundance of transit options, fine schools and robust amenities make this a terrific location in which to do business. We are excited to lease space in one of our recently commenced development projects and we are especially appreciative of Montgomery County and the State of Maryland for their efforts and the incentives that will benefit our local economy and our shareholders.”
"We are pleased to welcome JBG SMITH to its new headquarters, which is a win for Montgomery County and for Maryland," said Governor Hogan. "This new location keeps more than 230 workers in our state, brings 138 jobs here, and creates 55 brand new jobs, further demonstrating that Maryland is open for business."
“I want to congratulate JBG for choosing Bethesda, a top destination with a growing number of corporate headquarters,” said Montgomery County Executive Ike Leggett. “As the region’s largest development company, JBG has long been a valuable member of our community and has contributed immensely to the region’s community-building and economic vitality. I look forward to the ribbon-cutting and wish the new company many more years of success in Montgomery County.”
“This expansion marks an exciting time for Montgomery County. The choice of downtown Bethesda as the new home of the newly-merged JBG SMITH once again demonstrates the attractiveness of doing business in MoCo,” said David Petr, President and CEO, Montgomery County Economic Development Corporation. “A new, world-class building will fuel more interest in locating in this dynamic area, adding tremendous capital investment and significant job growth. I couldn’t be happier with the efforts of our business expansion team at the MCEDC and our many partners.”The property is located three blocks to Bethesda Metro station, which is on the Red Line and adjacent to the future Purple Line and Capital Crescent Trail.
JBG SMITH will be a newly created, publicly traded company listed on the New York Stock Exchange under the symbol JBGS, following the spin-off of Vornado's Washington, D.C. business and its merger with certain select assets of the JBG Companies.
The new JBG SMITH will be the largest, publicly traded, pure-play real estate company in the Washington, DC metropolitan area. With a track record of over 50 years, JBG SMITH will own, operate, invest in and develop assets with a concentrated focus on leading urban infill submarkets in and around the Washington, DC metro area. The mixed-use operating portfolio will comprise approximately 20 million square feet of high-quality office, multifamily and retail assets, 98% of which are Metro-served. JBG SMITH’s emphasis on placemaking will drive value across the portfolio and creates unique, amenity-rich, walkable neighborhoods and attractive environments in the communities in which it invests. The future development pipeline will include over 18 million square feet of potential development density located in infill locations in the Washington, DC metropolitan area.