CHEVY CHASE, Md.--(BUSINESS WIRE)--
JBG SMITH Properties (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, announced today that premier lodging real estate company Host Hotels & Resorts and top management consulting company Booz Allen Hamilton will join JBG SMITH as lead tenants in the company’s new headquarters at 4747 Bethesda Avenue. Host Hotels & Resorts has signed a 55,000-square-foot lease and Booz Allen Hamilton has signed a 65,000-square-foot lease at the trophy office building located in the heart of downtown Bethesda. The future building will house executive management teams for three of the leading public companies in the Washington DC region, with all three tenants scheduled to occupy in 2019.
“The vision for 4747 Bethesda Avenue is to deliver an office environment for top tier organizations at a level of quality and experience well beyond those offered in the Bethesda-Chevy Chase submarket to date. We are thrilled that Host Hotels and Booz Allen Hamilton have elected to join us as future ‘neighbors’ in the building as they clearly represent the types of best-in-class companies we sought to attract to the building,” said David Ritchey, Executive Vice President at JBG SMITH. “Since breaking ground in July 2017, our new headquarters is now 71 percent leased, reflecting a strong market response to this world-class, innovative building design that integrates distinguished architecture, a phenomenal location and a strong amenity base, including retail, restaurants, and the Capital Crescent Trail in the surrounding neighborhood. With two floors remaining, we are now able to entertain proposals from groups with a smaller footprint, but similarly seeking a five-star level of office experience in downtown Bethesda.”
Located at the intersection of Woodmont and Bethesda Avenues, 4747 Bethesda Avenue will add 281,000-square-feet of office space and 6,000-square-feet of retail adjacent to the abundant transit and 70 vibrant dining, specialty retailer, and entertainment options of Bethesda Row.
The 15-floor building’s cutting-edge design includes floor-to-ceiling glass, a two-story curved steel and curtainwall façade system, and penthouse rooftop terrace complete with an indoor/outdoor lounge, fire pit, conference, and event space. Exemplifying JBG SMITH’s commitment to health and wellness offerings and environmentally friendly policies, the building is targeting LEED Gold and will include a 3,600-square-foot state-of-the-art fitness facility with studio space, including shower and locker rooms, and secure storage for over 90 bicycles and bicycle repair station.
“While we considered other areas, we ultimately decided that Maryland and specifically downtown Bethesda offers us the most convenient transit access, amenity-rich location and high-quality, efficient office space,” said James F. Risoleo, President and Chief Executive Officer at Host Hotels & Resorts. “We look forward to creating a space where we can foster an energetic and entrepreneurial culture.”
“Moving to this thriving urban destination was the right decision for the company,” said Deane Edelman, Vice President of Real Estate for Booz Allen Hamilton. “We have been an important component of Maryland’s increasing business and social impact on the region and look forward to continuing that role going forward.”
The property is located three blocks from the Bethesda Metro station, which is on the Red Line and adjacent to the future Purple Line and Capital Crescent Trail.
Lou Christopher, Jordan Brainard, and Brad Wilner of CBRE were the brokers representing Host Hotels & Resorts on the lease.
Donna Gravely, Gareth Hallam, and Brad Wilner of CBRE were the brokers representing Booz Allen Hamilton on the lease.
About JBG SMITH
JBG SMITH is an S&P 400 company that owns, operates, invests in and develops assets concentrated in leading urban infill submarkets in and around Washington, DC. Our mixed-use operating portfolio comprises approximately 20 million square feet of high-quality office, multifamily and retail assets, 98% of which are Metro-served. With a focus on placemaking, we drive synergies across the portfolio and create amenity-rich, walkable neighborhoods. JBG SMITH’s future development pipeline includes over 17.6 million square feet of potential development density. For additional information on JBG SMITH please visit www.jbgsmith.com.
Forward Looking Statements
Certain statements contained herein constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Risk Factors” in the final Information Statement in our Current Report on Form 8-K filed with the SEC on June 27, 2017. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect events or circumstances, whether as a result of future events, new information or otherwise.
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