JBG SMITH Acquires Prime Development Site Directly Across from Amazon’s Forthcoming National Landing HQ2

Rhea-AI Summary

JBG SMITH (NYSE: JBGS) announced the acquisition of the former Americana Hotel site in National Landing, adjacent to Amazon’s upcoming headquarters. This 1.4-acre site includes a decommissioned 102-key hotel and parking lot, with potential for a multifamily development exceeding 500,000 square feet. Ed Chaglassian, Executive Vice President, highlighted the strategic importance of the location, noting access to public schools and major transportation. With the arrival of Amazon and Virginia Tech's Innovation Campus, the development opportunity is expected to enhance the area's value.

Positive

• Acquisition of a strategic site near Amazon's headquarters.
• Potential for over 500,000 square feet in multifamily development.
• Strong location with access to schools, transportation, and employment.

Negative

• None.

JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, announced today the acquisition of the former Americana Hotel situated directly across the street from Amazon’s future headquarters in National Landing.

The 1.4-acre Americana site, which encompasses a recently decommissioned 102-key hotel and adjacent parking lot, has the potential to accommodate a new multifamily development of more than 500,000 square feet.

“As the largest property owner and most active developer in National Landing, we have long viewed the Americana site as one of the best opportunities for development in the Capital region,” said Ed Chaglassian, Executive Vice President, Head of Acquisitions. “This location possesses all of the major ingredients for a successful project, including access to excellent public schools and close proximity to major transportation, retail, and employment opportunities. The potential for this development has only grown with the arrival of Amazon’s headquarters and the Virginia Tech Innovation Campus.”

About JBG SMITH

JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-growth mixed-use properties in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it now serves as the exclusive developer for Amazon’s new headquarters. JBG SMITH’s portfolio currently comprises 20.7 million square feet of high-growth office, multifamily and retail assets, 98% at our share of which are Metro-served. It also maintains a development pipeline encompassing 17.1 million square feet of mixed-use development opportunities. For more information on JBG SMITH please visit www.jbgsmith.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201221005224/en/

FAQ

What is the significance of JBG SMITH's acquisition of the Americana Hotel site?

The acquisition is significant as it positions JBG SMITH to develop a multifamily project near Amazon's headquarters, enhancing potential revenue and market presence.

What are the development plans for the acquired Americana Hotel site?

JBG SMITH plans to develop over 500,000 square feet of multifamily space on the 1.4-acre site.

How does Amazon's presence impact JBG SMITH's development strategy?

Amazon's presence increases demand for residential and mixed-use properties, making JBG SMITH's acquisition strategically valuable.

When was the Americana Hotel site acquired by JBG SMITH?

The acquisition was announced on the date of the press release, without a specific date mentioned.