Politics & Government
3 National Landing Offices Deemed Obsolete To Close: Report
JBG Smith plans to close three National Landing offices it considers obsolete to make way for buildings with more prospects, reports say.
ARLINGTON, VA — JBG Smith Properties cited the oversupplied office market as the reason it planned to replace three National Landing offices it considers obsolete and replace then with buildings that will have better prospects, according to news reports.
In a letter sent to shareholders on Tuesday, CEO Matt Kelly said the company was reducing its office stock by 12 percent, which equates to 743,00o square feet, according to the Washington Business Journal.
Kelly told shareholders the reduction would allow JBG Smith to "curate a healthier, long-term office market in National Landing over the next few years," WBJ reported. The company would then focus its leasing efforts on buildings with "long-term viability, concentrating occupancy in areas of National Landing that we amenitized and are near multi-modal transportation.”
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