JBG Smith Sells Two-Building Office Property in Metro D.C. to BPY for $95M

RESTON, VA. — JBG Smith has sold Summit, a two-building office campus in Reston, to Brookfield Property Partners (BPY) for $95 million. Summit I and Summit II are located along Dulles Toll Road, roughly 22 miles northwest of Washington, D.C. The property, which includes more than 290,000 rentable square feet, was fully leased at the time of sale. In 2016, nonprofit science and technology company Noblis Inc. signed a 160,000-square-foot lease at the property, taking all of Summit I and a portion of Summit II, according to the Washington Business Journal. Tom Cleaver, Dan Grimes and Rob Faktorow of CBRE arranged the transaction on behalf of both JBG Smith and BPY. Summit features a fitness center, showers, bike racks, an on-site deli and shuttle service to Reston Town Center, a mixed-use development featuring offices, retail and restaurant space. The property is located one mile from the future Reston Town Center Metro station.