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JBG Smith’s selling spree continues with downtown D.C. office building

JBG Smith Properties has shed yet another property, this time a D.C. office building that its predecessor Vornado Realty Trust bought in 2011.

Exan Capital, per a release, has acquired 1399 New York Ave. NW for $121.4 million. The 11-story building, also known as Executive Tower, total roughly 130,000 square feet and was about 93 percent leased as of June 30.

In a statement, JBG Smith CEO Matt Kelly said the Chevy Chase-based company has executed more than $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.”

Kelly said JBG Smith (NYSE: JBGS), the dominant owner of Crystal City, plans to continue to dispose of certain assets. It has set a goal of $700 million in sales.

Just last week it sold Bennington Crossings, a 308-unit apartment complex in Alexandria, to Morgan Properties for $62.3 million.

Vornado (NYSE: VNO) bought 1399 New York, located one block from…

Read the full story from the Washington Business Journal.



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