Mega Real Estate Merger

Posted on Posted in RealEstate

DC’s largest real estate developer, the JBG Cos will merge with Vornado’s DC arm. The merged company will form an $8.4B public company entitled JBG Smith. The combined company will be named JBG Smith Properties and will be led by JBG’s senior management team. Steven Roth, Vornado’s chairman and CEO, will be chairman of JBG Smith. W. Matt Kelly, a managing partner of JBG, will be CEO of JBG Smith and a member of the board, while Rob Stewart, a managing partner of JBG, will be executive vice chairman. JBG Smith intends to be listed on the New York Stock Exchange under the ticker symbol JBGS. It will be the largest pure-play Washington, DC real estate company, and the largest landlord to the U.S. Government in the nation’s capital. Beyond DC, Kelly plans to turn Crystal City, where Vornado owns a majority of the real estate, into a “vibrant mixed-use community.”

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