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Report: JBG SMITH to sell 2 Reston, Va., assets, for $217M

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Report: JBG SMITH to sell 2 Reston, Va., assets, for $217M

JBG SMITH Properties agreed to sell two properties in Reston, Va., for roughly $122 million and $95 million, respectively, the Real Estate Alert reported.

The $122 million deal to sell the 408,000-square-foot Commerce Metro Center to Meridian Group LLC translates to a price of $300 per square foot. The three-building complex, which is at 1850 Centennial Park Drive and 11400-11440 Commerce Park Drive, is 87% occupied.

Brookfield Asset Management Inc. agreed to buy the Summit 1&2 complex at 2000-2002 Edmund Halley Drive for $95 million, or $326 per square foot. The fully leased complex spans 291,000 square feet.

JBG Smith expects to attract bids of about $135 million, or $582 per square foot, for its newly listed Washington, D.C., office property, the newswire added.

The 232,000-square-foot Bowen Building is at 875 15th St. NW, just two blocks from the White House. Law firm Paul Hastings is slated to move out in 2020, which would bring the asset's occupancy rate down to approximately 30% from 86%.

Vornado Realty Trust paid $132 million for the asset in 2005 before merging its Washington-area operations and portfolio with JBG Cos. to form JBG Smith, the report noted.