WASHINGTON, DC–Earlier this week we reported that JBG Smith sold the Bowen Building, a 231,000-square foot property located at 875 15th St., NW, for $139 million to JPMorgan Chase. Yesterday the company confirmed the sale, albeit at $140 million, and further announced that the financial institution would be using the building as its first regional headquarters.

Renovations will begin in 2019 and JPMorgan Chase will move into the new facility in 2021. The firm, which will continue to operate offices in Tysons Corner, Norfolk and Richmond, Virginia and Baltimore, Maryland to serve small and mid-sized businesses, has also opened a new office in Bethesda as part of its recent announcement to expand its branch network to the DC area. “This new regional headquarters and branch expansion in Greater Washington will help us continue to invest here long term and play our part in continuing to grow the economy of this great region,” says Peter Scher, Chairman of the Mid-Atlantic Region, JPMorgan Chase in a prepared statement.

For JBG Smith, the sale was part of its strategic recycling program, according to CEO Matt Kelly. “Year to date, we have executed over $335 million of asset sales and recapitalizations, and we will continue to pursue opportunities to capitalize on the attractive market environment that exists today,” he said.