CHEVY CHASE, Md.--(BUSINESS WIRE)--JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, today announced the sale of a 99-year term leasehold interest in 1700 M Street to Skanska. 1700 M Street is a 34,000 square foot development site located in the CBD submarket of Washington, DC. JBG SMITH will retain the fee ownership of the land.

“We continue to make progress on our capital recycling goals with the sale of a leasehold interest in 1700 M Street,” said JBG SMITH CEO, Matt Kelly. “The ground lease structure allows us to convert land immediately into an attractive income stream that is accretive to our long-term NAV and creates balance sheet capacity for future investment opportunities.”

Drew Flood, Bill Collins, and Paul Collins of Cushman and Wakefield represented JBG SMITH in the transaction.

About JBG SMITH

JBG SMITH is an S&P 400 company that owns, operates, invests in and develops assets concentrated in leading urban infill submarkets in and around Washington, DC. Our mixed-use operating portfolio comprises approximately 19 million square feet of high-quality office, multifamily and retail assets, 98% of which are Metro-served. With a focus on placemaking, JBG SMITH drives synergies across the portfolio and creates amenity-rich, walkable neighborhoods. JBG SMITH’s future development pipeline includes over 19 million square feet of potential development density. For additional information on JBG SMITH please visit www.jbgsmith.com.