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JBG Commits to New-Build Bethesda HQ

| Commercial Real Estate News, Development, Office| Views: 274


The JBG Cos. recently announced it would be setting up its headquarters at 4747 Bethesda Ave., a trophy office building currently under construction in downtown Bethesda, Md. JBG, which will be merging with Vornado/Charles E. Smith into a new public company dubbed JBG Smith, broke ground on the glass-clad, state-of-the-art project, with completion scheduled for Q3 2019.

Located at the corner of Woodmont and Bethesda avenues, the development will include ground-floor retail space, a fitness center, a fourth-story private terrace, and an expansive rooftop terrace with a fire pit. The building is also expected to earn LEED Gold certification from the USGBC and the WELL Building Standard for Core & Shell.

4747 Bethesda will be conveniently situated immediately adjacent to Bethesda Row and a plethora of shopping, dining and entertainment options. The property also offers easy access to the Bethesda Metro station. JBG Cos. will move its headquarters from its current location at 4445 Willard Ave. in Chevy Chase, Md.

“The Bethesda-Chevy Chase market has been our home base for over 20 years and we’re proud of the community relationships and civic partnership we have with the county,” W. Matthew Kelly, managing partner of JBG and CEO-designate of JBG Smith, said in prepared remarks.

“This new location keeps more than 230 workers in our state, brings 138 jobs here, and creates 55 brand new jobs, further demonstrating that Maryland is open for business,” added Governor Hogan.

JBG Smith will be a newly formed, publicly traded company born from the spin-off of Vornado’s Washington, D.C., business and its merger with assets of the JBG Cos. The new entity is set to be the largest publicly traded, pure-play real estate company in the D.C. metropolitan area.

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