JBG SMITH, a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, recently revealed the sale of Summit I and Summit II to Brookfield Property Partners for $95 million. Summit is a 100% occupied, two-building office project prominently situated on the Dulles Toll Road in Reston, VA.
According to a prepared statement, the project consists of more than 290,000 rentable square feet and approximately 700,000 square feet of additional density. In addition, in the first quarter of 2018, JBG SMITH closed on the sale of land and temporary construction easements associated with the Summit site to the Metropolitan Washington Airports Authority for $2.2 million.
Matt Kelly, CEO of JBG SMITH said that “The sale of Summit I and II is consistent with our strategy to take advantage of market conditions to recycle capital, deleverage our balance sheet, and reinvest the proceeds in higher-yielding growth opportunities.”
Kelly adds that the transaction “demonstrates continued investor interest in high-quality assets and we were pleased to work with Brookfield Property Partners through this process.”
Tom Cleaver, Dan Grimes and Rob Faktorow of CBRE represented JBG SMITH and Brookfield Property Partners in the sale of Summit.