JBG SMITH, a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, revealed the sale of the Bowen Building to JPMorgan Chase for $140 million. The building will serve as JPMorgan Chase’s first regional headquarters.
The Bowen Building is a class-A office asset located at 875 15th St. NW at the corner of McPherson Square in the Central Business District submarket of Washington, DC. The 12-story building is 86.1% occupied and consists of approximately 231,000 SF with 101 parking spaces.
According to a prepared statement, JBG SMITH will continue to provide property management services for the asset.
Matt Kelly, CEO of JBG SMITH stated, “We continue to execute our strategic recycling program with the sale of the Bowen Building to JPMorgan Chase, who plans to own and occupy the property. Year to date, we have executed over $335 million of asset sales and recapitalizations, and we will continue to pursue opportunities to capitalize on the attractive market environment that exists today.”
Renovations will begin in 2019 and JPMorgan Chase intends to move into the new facility in 2021. The firm will also continue to operate offices in Tysons Corner, Norfolk and Richmond, Virginia and Baltimore, Maryland to serve small and mid-sized businesses and has opened a new office in Bethesda, Maryland. This investment follows JPMorgan Chase’s recent announcement to expand its branch network to the Greater Washington, D.C. area and make several new lending and philanthropic investments that support economic growth in the region.
“We are deeply committed to the region and have been growing our business here for nearly 20 years,” said Peter Scher, Chairman of the Mid-Atlantic Region, JPMorgan Chase. “This new regional headquarters and branch expansion in Greater Washington will help us continue to invest here long term and play our part in continuing to grow the economy of this great region.”