Amazon’s National Landing landlord plans stock offering

Amazon’s future HQ2 landlord will sell more stock to the public to fund new development.

Chevy Chase, Maryland-based JBG Smith has filed for a secondary stock offering. It will sell 10 million shares at $42 per share, and give underwriters the option to buy an additional 1.5 million shares.

The secondary offering could raise as much as $472.3 million, and may come to market April 18.

JBG Smith — which owns buildings in Crystal City that Amazon has leased and has sold 4.1 million square feet of developable space in Pentagon City to Amazon for additional HQ2 space it will develop — will use the proceeds from the secondary offering to fund new development and general corporate purposes, it said in a Securities filing.

Morgan Stanley, Bank of America, Merrill Lynch and Goldman Sachs are managing the secondary offering.

JBG Smith, one of the largest landlords in the Washington market, went public in 2017 after JBG’s merger with Vornado Realty’s Washington-area division, Charles E. Smith Companies.

Vornado acquired Charles E. Smith in 2002.

JBG Smith is the largest commercial property and land owner in Crystal City, Amazon’s new National Landing front yard.

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Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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