JBG SMITH, a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, has sold Executive Tower to Exan Capital for $121.4 million. Executive Tower is an 11-story, approximately 130,000-square-foot office building, located at 1399 New York Ave. in the East End submarket of Washington, DC.
The building was approximately 93% leased as of June 30, 2018, according to a prepared statement.
Matt Kelly, CEO of JBG SMITH stated, “We continue to make progress on our capital recycling goals with the sale of Executive Tower. Year-to-date, we have executed over $459 million of asset sales and recapitalizations, the proceeds of which will be used to deleverage our balance sheet and create capacity for future investment opportunities. We plan to continue to capitalize on the current environment to dispose of assets.”
Collins Ege and Nicholas Pappas of Eastdil Secured represented JBG SMITH in the sale of Executive Tower.
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.