- JBG Smith (JBGS +0.4%) enters an agreement that gives Amazon (AMZN +0.3%) exclusive rights to lease space in several of its buildings and to buy land owned by JBG Smith in northern Virginia's National Landing, as part of Amazon's HQ.
- Under the proposed transaction, Amazon is expected to take the following steps:
- Lease about 500,000 square feet of existing 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 4.1M square feet.
- Engage JBG Smith as its development partner, property manager, and retail leasing agent.
- Start predevelopment and planning of the first office building in 2018 with construction expected to start in 2019.
- Previously: Citi makes room for Amazon at Long Island City building (Nov. 13)
- Previously: NYC gives Amazon $1.5B incentive for split HQ2 (Nov. 13)
- Now read: Riding The Amazon Wave All The Way Home
Original article