JBG Smith Properties subsidiary JBG Federal Center LLC is selling the U.S. Department of Transportation headquarters in Capitol Riverfront in Washington, D.C., for $760 million to the General Services Administration, the Washington Business Journal reported.

In February 2018, the General Services Administration was reported to have earmarked $767.9 million in its fiscal year 2019 budget request to buy the 1.47 million-square-foot building at 1200 New Jersey Ave. SE.

The asset has an assessed value of close to $700 million, the publication noted, citing D.C. records.

The deal is expected to close in March 2020.

GSA had an option to buy the building at the end of the Department of Transportation's lease term on Oct. 19, 2021. The agency has said it will save $99.8 million in avoided rent costs and another $409 million by owning rather than leasing the property.