Crystal City is maybe on the precipice of winning Amazon.com Inc.’s second headquarters (or maybe not) and JBG Smith Properties (NYSE: JBGS) is experiencing a stock surge as a result.
The primary landowner in the Arlington community saw its stock hit an all-time high Monday morning of $40.23 per share, following the weekend news that Crystal City is in advanced talks with Amazon (NASDAQ: AMZN) about landing HQ2. As of 11:55 a.m. Monday, JBG Smith stock was up nearly 6 percent for the day, trading at $39.72 per share.
JBG Smith, a spin-merge of The JBG Cos. and Vornado Realty Trust’s Greater Washington portfolio, debuted on the New York Stock Exchange on July 7, 2017, at $34.65 per share. It hit a low of $30.86 about 12 months ago and generally hovered between $31 and $34 per share until March. Since then, it has risen steadily as Crystal City picked up steam as an HQ2 contender.
The Chevy Chase-based real estate investment trust has a market cap of about $4.76 billion, up from $4.17…Read the full story from the Washington Business Journal.