Two of the D.C. area’s top development firms have undergone an eight-month merging process—and now the process is complete. Bisnow reported that New York City-based developer Vornado Realty Trust and Chevy Chase-based developer The JBG Cos. are now known as JBG SMITH and have already begun trading on the New York Stock Exchange.
As the largest developer in the D.C. area, JBG SMITH offers over 20 million square feet of mixed-use projects with over 50 office properties and over 11,000 residential units. The developer’s projects include Shaw’s Atlantic Plumbing project and Pentagon City’s The Bartlett. Still under construction is Navy Yard’s West Half and 1221 Van Street SE projects, which will total approximately 750 residential units.
By 2019, their headquarters will switch from Chevy Chase to downtown Bethesda at 4747 Bethesda Avenue.
In August 2016, it was reported that The JBG Cos. and New York REIT called off a proposed $8.4 billion merger that would have allowed JBG to become a publicly traded company. In a press release, REIT disclosed that the merger collapsed due to resistance from shareholders.
• Vornado to merge with JBG, create JBG Smith Properties [Curbed DC]