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JBG Smith sheds more real estate to fund its development pipeline while warning of Amazon risks

February 26, 2020 / Daniel J. Sernovitz
SHARESHARESHARE

JBG Smith Properties sold a 50% stake in its 552,000-square-foot Central Place office tower in December for $220 million, the Bethesda-based firm disclosed in its 2019 annual report released Tuesday.The sale to PGIM Inc. of the Rosslyn asset netted JBG Smith (NYSE: JBGS) $53.4 million and comes as the company seeks to both shed properties outside of its core business and fuel a development pipeline. In all, JBG Smith sold or recapitalized around $426 million last year, above previously stated expectations of around $400 million, according to the regulatory filing.Heading into 2020, JBG Smith is marketing another $500 million in assets, with revenue fueling activities including its ongoing redevelopment projects in Crystal City, where Amazon.com Inc.'s HQ2 has been gobbling up space and has executed deals for about 857,000 square feet of space spread over five buildings.Longer term, Amazon (NASDAQ: AMZN) plans to shift much of the footprint of its second headquarters from leased spa...