November 14, 2018
Amazon selected JBG Smith as its partner to house and develop a new headquarters location at National Landing in Arlington, VA. The Chevy Chase, MD-based owner and developer reached an agreement for exclusivity and negotiations that will give Amazon exclusive rights to lease space in several JBG Smith buildings and to purchase land owned by JBG Smith, where one of the new Amazon headquarters will be located.
Amazon revealed its decision this week about the locations of HQ2, which ended up being two new headquarters facilities, one in Arlington and another in New York.
National Landing is the newly-defined interconnected and walkable neighborhood that encompasses Crystal City, the eastern portion of Pentagon City and the northern portion of Potomac Yard. It is situated across the Potomac River from Washington, D.C.
JBG Smith owns 6.2 million square feet of existing office space, 2,850 units of existing multifamily space, and controls 7.4 million square feet of additional development opportunities, excluding Amazon’s proposed land purchase, in National Landing.
Amazon plans to:
– Lease roughly 500,000 square feet of existing office space at 241 18th Street S., 1800 South Bell Street, and 1770 Crystal Drive.
– Purchase Pen Place and Met 6, 7, 8 land in JBG Smith’s future development pipeline with estimated potential development density of up to 4.1 million square feet. JBG Smith has the right to time the expected closings of the land parcel sales to facilitate 1031 exchange opportunities.
– Engage JBG Smith as its development partner, property manager, and retail leasing agent.
– Commence predevelopment and planning of the first office building in 2018, with construction expected to begin in 2019.
For comments, questions or concerns, please contact Dennis Kaiser