JBG SMITH Welcomes Amazon to Newly Renovated 1770 Crystal Drive

Rhea-AI Summary

JBG SMITH (NYSE: JBGS) has completed the construction of 1770 Crystal Drive, a 273,000 square-foot office building in National Landing, fully leased by Amazon for its HQ2 expansion. This milestone aligns with the two-year anniversary of Amazon choosing National Landing as its second headquarters. The building was finished two quarters ahead of schedule and under budget, contributing to Amazon's total leased space in the area, which now reaches 857,000 square feet across five buildings. JBG SMITH is also managing the construction of additional office and retail space as part of Amazon's headquarters.

Positive

• The 1770 Crystal Drive was completed two quarters ahead of schedule and under budget.
• The entire 259,000 square-foot office space is fully leased by Amazon, enhancing revenue stability.
• JBG SMITH's portfolio is expanding, with Amazon's total leased space in National Landing reaching 857,000 square feet.

Negative

• None.

JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, has completed construction of 1770 Crystal Drive, an approximately 273,000 square-foot office building in National Landing. The entire 259,000 square-foot office portion of the 14-story building is now leased by Amazon as part of its HQ2 expansion to Northern Virginia.

The opening of the newly reimagined 1770 Crystal Drive coincides with the two-year anniversary of Amazon’s selection of National Landing as the location of its second headquarters and JBG SMITH as its partner to house and develop the project. The building was completed two quarters ahead of schedule and under budget.

Amazon’s offices at 1770 Crystal Drive are part of the initial 537,000 square feet of existing National Landing office space the company agreed to lease from JBG SMITH in November 2018. Since then, Amazon has continued to grow its National Landing leased footprint, which now encompasses 857,000 square feet across five JBG SMITH buildings.

In addition, JBG SMITH is managing the construction of 2.1 million square feet of office space in two sustainably designed towers, 50,000 square feet of community-serving retail, and more than an acre of public open space, representing the first phase of Amazon’s new headquarters in National Landing.

“The return to productive use of 1770 Crystal Drive represents yet another significant milestone in National Landing’s ongoing transformation into a vibrant 18-hour neighborhood,” said Matt Kelly, Chief Executive Officer of JBG SMITH. “We are thrilled to partner with Amazon and accommodate its growing presence in the region as we continue to make progress on its modern new headquarters.”

Working with Gensler, JBG SMITH has reinvented 1770 Crystal Drive with a striking contemporary design. A floor-to-ceiling glass curtain wall and metal panels form the building’s sleek new façade, and a redesigned two-story lobby with high-end finishes create an elevated arrival experience. New outdoor terraces constructed on the upper floors offer expansive views of the DC skyline, Potomac River, and Reagan National Airport, and a double height pedestrian colonnade highlights 1770 Crystal Drive’s transformed retail spaces and storefronts. The building’s mechanical systems have also been upgraded, and the elevators have been modernized with destination dispatch technology.

1770 Crystal Drive is conveniently located just a short walk from the Crystal City Metro and VRE station and sits adjacent to a recently completed street-level retail project along Crystal Drive.

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.

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FAQ

What is the significance of the 1770 Crystal Drive completion for JBG SMITH (JBGS)?

The completion of 1770 Crystal Drive enhances JBG SMITH's portfolio by fully leasing 259,000 square feet to Amazon, bolstering revenue and positioning in National Landing.

When was the 1770 Crystal Drive building completed by JBG SMITH (JBGS)?

1770 Crystal Drive was completed ahead of schedule, marking its opening on the two-year anniversary of Amazon selecting National Landing for its second headquarters.

How much office space is Amazon leasing in National Landing through JBG SMITH (JBGS)?

Amazon is leasing a total of 857,000 square feet across five buildings in National Landing, including the newly completed 1770 Crystal Drive.

What developments are JBG SMITH (JBGS) managing for Amazon in National Landing?

JBG SMITH is overseeing the construction of 2.1 million square feet of office space and additional retail and public space as part of Amazon's new headquarters.