Bethesda, Maryland-(BUSINESSWIRE)-JBG Smith (NYSE: JBGS) and JP Morgan Global Alternative, the leading owners and developers of high-quality multipurpose facilities in the Washington, DC market, are joint ventures today. Announced a venture company to design, develop, manage and own a new multipurpose development of approximately 2 million square feet in Potomacyard, southern National Landing in Alexandria, Virginia.
Institutional investors advised by JP Morgan Global Alternative have provided approximately 1.3 million square feet of land that can be developed at Potomac Yard Land Bay F, while JBG SMITH has a development capacity of over 700,000 square feet at Potomac Yards. Provided adjacent land with. Landbay G. JBG SMITH acts as a pre-developer, developer, real estate manager, and leasing agent for all future commercial and residential real estate on the site, in addition to 50% ownership of the joint venture. To do. As a result of this transaction, JBG SMITH, which owns the co-ownership of Potomac Yard development rights, has increased by more than 285,000 square feet, bringing economic ownership of state-owned land to 79% of the total unimpeded future development density. Enlarged.
The assets included in this joint venture are adjacent to Virginia Tex’s $ 1 billion innovation campus. The campus virtually begins its first semester in the fall of 2020 and is about a mile south of Amazon’s new headquarters. On this campus, Virginia Tech will build an innovation ecosystem by co-locating academic and private sector applications to accelerate R & D spending and technology commercialization. The plan requires two apartments totaling approximately 419,000 square feet that will be placed in JBG SMITH’s short-term development pipeline and construction can begin within the next 12 months.
The remaining 1.6 million square feet of multipurpose development across Landbay F and G is expected to be developed over time and will be included in future development pipelines as a result.
We are pleased that this joint venture will promote the long-term vision of the national landing community group, a prosperous, public transport-oriented multipurpose destination and a world-class innovation district. JBG Smith. Virginia Tech plays a similar role in the southern part of National Landing, just as Amazon acts as a catalyst for further private investment in offices, apartments, recreation and public spaces in the heart of National Landing. This deal is a way to complement and strengthen the Virginia Tech Innovation Campus and help the surrounding area grow in step with Virginia Tech.
Prestonmeier, Managing Director of JP Morgan Asset Management Real Estate Americas, said Potomac Yard is a valuable opportunity to create an irreplaceable and differentiated community and to partner with JBG SMITH and Virginia Tech on this transformation project. I am very happy.
JBG SMITH has been a Master Developer of Potomac Yard Landbay F since 2013 and is currently a Master Developer of Virginia Tex’s $ 1 Billion Innovation Campus. The entire site is within walking distance to the new Potomac Yard Underground Station, which is scheduled to open by the spring of 2022.
About JBG SMITH
JBG SMITH owns, operates, invests and develops a dynamic portfolio of multipurpose properties in a high-growth and barrier-to-entry submarket in and around Washington, DC. With a focus on placemaking, JBG SMITH is exploring vibrant, amenity-rich and walkable areas throughout the Washington, DC metropolitan area. More than half of JBG SMITH’s stake is in the National Landing submarket in northern Virginia, acting as the exclusive developer for Amazon’s new headquarters, and Virginia Techs is planning a new $ 1 billion innovation campus. JBG SMITH’s portfolio currently consists of 17.3 million square feet of high-growth offices, apartments and retail assets, 98% of which are metro services. We also maintain a development pipeline that covers 16.8 million square feet of multipurpose development opportunities. For more information on JBG SMITH, please visit www.jbgsmith.com.
About JP Morgan Global Alternative
JP Morgan Global Alternative is an alternative investment arm of JP Morgan Asset Management. Over 50 years as an alternative investment manager, $ 163 billion in assets under management, over 600 professionals (as of December 31, 2020), real estate, private equity, credit, infrastructure and more, strategy across the spectrum of alternative investments It offers. Transportation, liquid alternatives, and hedge funds. Operated in offices in the Americas, Europe and Asia Pacific, 14 independent alternative investment engines combine expertise and a single focus with JP Morgan’s global reach, vast resources and strong infrastructure. It helps to achieve the specific purpose of each client. For more information, please visit jpmorganassetmanagement.com.
Description of future prospects
Certain statements contained herein may constitute forward-looking statements, as defined in Section 27A (Amendment) of the Securities Act of 1933 and Section 21E (Amendment) of the Securities Exchange Act of 1934. .. Forward-looking statements do not guarantee performance. They represent our intentions, plans, expectations and beliefs and are subject to many assumptions, risks and uncertainties. Therefore, the future results of the JBG SMITH property (JBG SMITH or us) may differ materially from those shown in these forward-looking statements. Find many of these statements by looking for words in this press release, such as roughly believe, expect, expect, intend, plan, suggest, do, may, or have similar expressions. I can. Also note the following forward-looking statements. Estimated square feet, including square feet planned for multi-household, office, and retail use. Estimated development density; Estimated construction time; Plans related to Virginia Tech’s innovation ecosystem. This includes simultaneous placement of academic and private sector use to accelerate R & D costs, and commercialization of technology. Many of these and other forward-looking statements and factors that determine the outcome of our plans are beyond our ability to control or predict. These factors include, among other things, adverse economic conditions in the Washington, DC metropolitan area, timing and costs associated with development and asset improvement, funding commitments, and general competitive factors. Our annual report on Form 10-K for the year ended in December details our forward-looking statements and other factors that may have a significant impact on the outcome of risks and uncertainties. See the notes regarding risk factors and forward-looking statements in the document. The 31st of 2020 and other periodic reports will be submitted by the Company to the Securities and Exchange Commission. These statements claim Safe Harbor’s protection against the forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Be careful not to overly rely on forward-looking statements. All subsequent written and oral forward-looking statements arising out of us or anyone acting on our behalf are expressly modified in their entirety by the notice contained or referenced in this section. I will. We undertake no obligation to publish any revisions to our forward-looking statements after the date of this document.
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