WASHINGTON, DC–Vornado Realty Trust is moving forward with its $8.4 billion Washington DC property spin off that it announced last year with JBG Cos. In a regulatory filing it reported that it has formed JBG SMITH Properties, a wholly owned direct subsidiary of Vornado, and it also provided more details about the forthcoming new REIT and its main growth drivers — its suburban Crystal City portfolio and a sizeable land bank for development.

The land bank will consist of approximately 23.5 million square feet of potential development density — a pipeline that has the potential to double the size of JBG SMITH and make it the fastest growing real estate company in the nation, it said. “We expect that JBG SMITH will be a major developer of multifamily assets and that over time its mix of assets will become more balanced between office and multifamily.”

As for the Crystal City holdings, they offer “tremendous value creation,” according to the filing. The Crystal City market “currently lacks sufficient residential scale, amenities and a true retail core. Our vast holdings here will allow the JBG SMITH team to flex its placemaking muscles on an unprecedented scale to drive occupancy and rent growth,” it said.