JBG Smith Update 12/13/23

JBG SMITH to Partner With Monumental Sports & Entertainment, Commonwealth of Virginia, and City of Alexandria on New Arena, Headquarters, and Entertainment District in Potomac Yard Section of National Landing

JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, D.C., market, announced today that, subject to definitive documentation and applicable governmental approvals, it is partnering with Monumental Sports & Entertainment (MSE), the Commonwealth of Virginia, and the City of Alexandria to develop a mixed-use Entertainment District, totaling approximately 9 million square feet, anchored by a new arena for the Washington Wizards and Washington Capitals in the Potomac Yard section of National Landing. Along with the arena, the plans call for a global corporate headquarters for Monumental Sports & Entertainment, a Monumental Sports Network media studio, the Wizards practice facility, a performing arts venue, and an expanded esports facility – all situated adjacent to the Virginia Tech Innovation Campus, the recently delivered Potomac Yard-VT Metro Station, and approximately 8.1 million square feet of future development opportunities.

“JBG SMITH is grateful for the opportunity to collaborate with Monumental, Virginia Tech, Amazon, and the public sector in cementing National Landing as a world-class mixed-use destination powered by innovation, commerce, entertainment, and higher education at the heart of economically vibrant Northern Virginia,” said Matt Kelly, Chief Executive Officer of JBG SMITH. “The arrival of this powerful entertainment and technology anchor to National Landing is a dramatic game changer that will enhance resident, employer, and visitor quality of life in the neighborhood for decades to come.”

The development plan calls for the arena to be constructed on a currently unoccupied 12-acre site situated between the Metro entrance and the first phase of the Virginia Tech Innovation Campus. The site is owned by JBG SMITH and its joint venture partner and will be sold to a proposed Virginia Sports and Entertainment Authority. JBG SMITH will serve as developer for the corporate MSE headquarters, arena, media studio, performing arts venue, and esports facility. The planned project also calls for significant joint infrastructure investment by the Commonwealth, the City, Monumental, and JBG SMITH.

JBG SMITH serves as the master developer of approximately 55 acres surrounding the project with a total potential density of approximately 8.1 million square feet, of which JBG SMITH owns approximately 1.5 million square feet of density. This potential development density is expected to be significantly catalyzed by Monumental’s expansion to Potomac Yard.

The development of this mixed-use Entertainment District in National Landing further builds upon JBG SMITH’s extensive effort to reimagine an area of Northern Virginia encompassing the interconnected neighborhoods of Potomac Yard, Crystal City, and Pentagon City just across the river from Washington, D.C. It adds an important entertainment component to a vibrant economy already driven by aerospace, technology, government, and higher education.

In 2018, Amazon selected JBG SMITH and National Landing for its second headquarters after conducting an extensive North American search. In June of this year, Amazon unveiled its 2.1 million square foot headquarters and has hired more than 8,000 employees to date in the region.

In addition to its work with Amazon and Virginia Tech, JBG SMITH has 1,583 multifamily units under construction, with 808 on track to deliver in early 2024. JBG SMITH also expects to triple the number of street level retailers serving National Landing by the end of 2024, before the addition of new retail that would come alongside the arena.

This fall, JBG SMITH unveiled 12 new dining destinations in National Landing, including Water Park, a 1.6-acre dining destination comprising 11 different food and drink concepts, and Surreal, Seven Reason’s chef Enrique Limardo’s newest concept at 2117 Crystal Drive. These novel culinary experiences, set among acres of greenery and enhanced walkable street life, deliver an indoor/outdoor dining and entertainment experience that is unique in the Washington Metro Area.

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