Amazon.com Inc. (NASDAQ: AMZN) will pay about $35 per square foot in rent for its initial leased space in Crystal City, about $2 below average asking rents in the Arlington County submarket, its future landlord disclosed Thursday.
JBG Smith Properties (NYSE: JBGS) revealed the net effective rental rate and other financial details of the deal with Amazon in an investor presentation filed with the Securities and Exchange Commission. In the disclosure, JBG Smith CEO Matt Kelly said the Seattle-based company’s commitment to Crystal City and the larger National Landing area — a newly branded combination of Crystal City, Pentagon City and Potomac Yard — should yield benefits far beyond the 537,000 square feet of office space Amazon will lease from his Chevy Case-based real estate investment trust.
“Amazon’s decision to locate its new headquarters in National Landing is a watershed moment for our region and for JBG SMITH,” Kelly wrote in his letter to shareholders. “It validates the strength…Read the full story from the Washington Business Journal.