Executive TowerWASHINGTON, 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.
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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.
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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.
