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JBG SMITH Secures Lease with HII in National Landing
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
JBG SMITH has signed a 11.5-year lease with HII for 36,809 square feet at 2451 Crystal Drive, National Landing. This move strengthens HII's proximity to key clients, particularly the U.S. Navy, and boosts its presence in the national capital region. The lease reflects ongoing growth, with JBG SMITH securing over 1.4 million square feet of new leases since April 2020. This expansion positions both companies amidst a burgeoning hub for defense technology alongside industry leaders like Boeing and Raytheon.
Positive
HII's lease reinforces proximity to its largest customer, the U.S. Navy.
JBG SMITH secured over 1.4 million square feet in leases since April 2020, indicating strong demand for space.
HII joins other major defense firms in the National Landing area, enhancing the locale's reputation.
Negative
None.
America’s Largest Shipbuilder and Global Defense Technology Provider – HII – Joins Growing Roster of Defense Tech Firms Operating in National Landing
BETHESDA, Md.--(BUSINESS WIRE)--
JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, announced today that it has completed a new, 36,809-square-foot lease with HII (NYSE: HII) at 2451 Crystal Drive in National Landing.
(Photo: Business Wire)
For Virginia-based HII, one of the state’s largest employers, the move maintains proximity to the company’s largest customer, the U.S. Navy. It also improves access to HII’s expanded customer set across the U.S. Department of Defense, and enhances the company’s overall national capital region presence. HII’s shipbuilding divisions are responsible for the majority of the U.S. Navy fleet; HII also builds and delivers all-domain defense technology solutions in growth markets such as unmanned systems and autonomy, big data, AI/ML, cyber, and LVC solutions.
As part of its 11.5-year lease, HII will now occupy space minutes from the Pentagon and Reagan National Airport. HII will move into the space in late summer 2023, and will have signage rights to the 11-story office tower. The company remains headquartered in Newport News, Virginia, and will maintain company office space next to the Navy Yard.
Since April 2020, JBG SMITH has secured over 1.4 million square feet of new leases and extensions with federal agencies and government contractors in National Landing. HII joins the growing roster of defense-adjacent companies with major presences in the region, including Boeing and Raytheon, both of which are establishing their global headquarters in the National Landing area.
“We’re pleased to welcome HII to National Landing,” said David Ritchey, Executive Vice President, Commercial Leasing and Asset Management of JBG SMITH. “They join an impressive array of leading innovators in the defense industry that have been drawn to National Landing’s proximity to the Pentagon and the Department of Defense, as well as the full suite of digital amenities we are introducing throughout the community.”
JBG SMITH is developing a first-of-its-kind converged digital infrastructure platform in National Landing that includes a dense neighborhood fiber network, edge data centers, ubiquitous indoor and outdoor public 5G via a partnership with AT&T and highly valuable private 5G networks deployed by Federated Wireless. To accelerate the development of National Landing into a world-class innovation district, in 2020, JBG SMITH acquired licensed CBRS Spectrum from the FCC that covers all of Arlington County and the City of Alexandria.
2451 Crystal Drive sits within a five-building office campus that offers direct access to multiple Metro stations, Richmond Highway, GW Parkway, the Virginia Railway Express (VRE) and the forthcoming CC2DCA pedestrian bridge to Reagan National Airport. The building features a repositioned lobby and renovated fitness center.
HII was represented by Adam Schindler and Perry Frazer of Colliers International. JBG SMITH was represented in-house by Andrea Murray, Senior Vice President, and Connor Stewart, Associate.
About JBG SMITH
JBG SMITH owns, operates, invests in and develops a dynamic portfolio of mixed-use properties in the high growth and high barrier-to-entry submarkets in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, DC metropolitan area. Over half of JBG SMITH’s holdings are in the National Landing submarket in Northern Virginia, where it serves as the developer for Amazon’s new headquarters, and where Virginia Tech’s $1 billion Innovation Campus is under construction. JBG SMITH's portfolio currently comprises 15.5 million square feet of high-growth office, multifamily and retail assets at share, 98% of which are metro-served. It also maintains a development pipeline encompassing 9.8 million square feet of mixed-use development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually. For more information on JBG SMITH please visit www.jbgsmith.com.
Forward-Looking Statements
Certain statements contained herein may constitute “forward-looking statements” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results of JBG SMITH Properties (“JBG SMITH” or the “Company”) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximate”, “believes,” “expects,” “anticipates,” “intends,” “plans,” “proposed,” “would,” “may,” or similar expressions in this press release. We also note the following forward-looking statements: estimated square footage, lease terms, and move in date, and infrastructure plans. Many of the factors that will determine the outcome of these and our other forward-looking statements and plans are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, the timing of and costs associated with development and property improvements, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see “Risk Factors” and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements after the date hereof.
