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BETHESDA, Md. - JBG SMITH (NYSE: JBGS), a real estate investment trust with a market capitalization of $1.57 billion and trading near its 52-week high, has acquired Tysons Dulles Plaza, a three-building office campus in Tysons, Virginia, according to a company press release. According to InvestingPro analysis, the company appears slightly undervalued based on its Fair Value calculations.
The 15-acre property includes approximately 500,000 square feet of office space and 1,553 parking spaces. Located near the Spring Hill Metro station and adjacent to Route 267, the campus is positioned within Northern Virginia’s business district.
JBG SMITH plans to redevelop one of the three buildings for residential use while modernizing the remaining two for continued office occupancy.
"Notwithstanding regional economic headwinds and the negative impact of remote work on the office sector, we see distress leading to extremely attractive office investment opportunities," said George Xanders, Chief Investment Officer at JBG SMITH.
The acquisition follows the company’s redevelopment approach previously implemented in National Landing, where it reduced office inventory and converted buildings to residential and retail uses.
"In National Landing we were able to reduce the stock of operating office buildings and transform many of them into new residential and retail offerings," said Evan Regan-Levine, Chief Strategy Officer at JBG SMITH.
The company indicated it is seeking similar investment opportunities that align with its strategy of acquiring well-located properties at favorable pricing.
JBG SMITH currently manages 11.9 million square feet of multifamily, office and retail assets, with 98% located near Metro stations. The company also has a development pipeline of 8.9 million square feet of primarily multifamily projects.
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