JBG SMITH Selling Vornado Asset For $121M

WASHINGTON, DC–A source tells us that JBG Smith is selling the Executive Tower at 1399 New York Ave., NW, for $121 million, or $939 per square foot.

EXAN Capital, based in Miami, FL., is the buyer, our source tells us.

JGB Smith inherited Executive Tower from Vornado Realty Trust, which acquired the 128,886-square foot, 11-story building in 2011 for $107 million.

The CBD property is now about 80% occupied and features almost 5,000 square feet of storefront retail space.