One of the Skyline office properties.
WASHINGTON, DC–You can't say you didn't see this coming. After failing to acquire New York REIT's assets earlier this year, JBG Cos. has reportedly talked with Vornado Realty Trust about buying its local assets, according to a report in Bloomberg which cited unnamed sources.
Bloomberg wrote:
Under a plan that has been discussed, the Washington portfolio, which includes more than 16 million square feet (1.5 million square meters) of office space, would be spun off into a new company, the people said, asking not to be identified as the details aren't public. JBG would then acquire the new entity, gaining a public market listing, they said.
The business could be valued at about $4 billion to $6 billion depending on exactly which assets are included, one of the people said. No final decision has been made and there's no guarantee a deal will be reached, they said.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
