Brookfield Property Partners buys office properties in Reston for $95 million
JBG Smith announced the sale Wednesday of a two-building office project in Reston to Brookfield Property Partners for $95 million.
The Summit I and II buildings are 100 percent occupied and situated on Dulles Toll Road. According to JBG, based in Chevy Chase, Md., the project consists of more than 290,000 rentable square feet and about 700,000 square feet of additional density.
In the first quarter of this year, JBG Smith closed on the sale of land and temporary construction easements associated with the Summit site to the Metropolitan Washington Airports Authority for $2.2 million.
Matt Kelly, CEO of JBG Smith, said in a statement: “The sale of Summit I and II is consistent with our strategy to take advantage of market conditions to recycle capital, deleverage our balance sheet and reinvest the proceeds in higher-yielding growth opportunities. This transaction demonstrates continued investor interest in high-quality assets, and we were pleased to work with Brookfield Property Partners through this process.”
Brookfield is a global company that owns, operates and invests in commercial property.
Tom Cleaver, Dan Grimes and Rob Faktorow of CBRE represented JBG Smith and Brookfield Property Partners in the sale of Summit.