JBG SMITH, a new publicly traded real estate investment trust formed from the merger of The JBG Companies and Vornado Realty Trust, will locate its new corporate headquarters in Bethesda, MD. The newly combined company will employ a total of 425 employees who will be housed in a 95,000-square-foot office within a new building at the corner of Bethesda and Woodmont avenues.
“The Bethesda-Chevy Chase market has been our home base for over 20 years and we’re proud of the community relationships and civic partnership we have with the county,” said W. Matthew Kelly, Managing Partner of JBG and CEO-designate of JBG SMITH. “The abundance of transit options, fine schools and robust amenities make this a terrific location in which to do business. We are excited to lease space in one of our recently commenced development projects, and we are especially appreciative of Montgomery County and the State of Maryland for their efforts and the incentives that will benefit our local economy and our shareholders.”
The company will be eligible for state and county tax credits, including Maryland’s Job Creation Tax Credit. The move and additional jobs are an asset for both the county as well as the state, according to Governor Larry Hogan.
“We are pleased to welcome JBG SMITH to its new headquarters, which is a win for Montgomery County and for Maryland,” said Gov. Hogan. “This new location keeps more than 230 workers in our state, brings 138 jobs here, and creates 55 brand new jobs, further demonstrating that Maryland is open for business.”
JBG SMITH’s announcement comes on the heels of announcements late last year by Marriott, which opted to remain in Montgomery County and build a new, $600 million headquarters in downtown Bethesda, and pharmaceutical giant GlaxoSmithKline, which announced Rockville will be home to its new global vaccine R&D center.
“The choice of downtown Bethesda as the new home of JBG SMITH once again demonstrates the continued draw of doing business in Montgomery County,” said Montgomery County Economic Development Corporation (MCEDC) President and CEO David Petr. “MCEDC’s business expansion team, along with our many partners, did a tremendous job in helping to bring this important move to fruition.
“JBG SMITH will be the initial anchor tenant of this new, high-end class-A office building, occupying 95,000 square feet,” added Petr. “We anticipate the remaining nearly 200,000 square feet will be a big attraction to many companies that are looking to relocate to the county that need a large footprint, a Metro-accessible location, and access to a diverse and highly-educated talent pool.”
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