JPMorgan Chase bought the Bowen Building in Washington, DC, for $140m. The 12-story class A office property at the corner of McPherson Square in the cityās Central Business District offers 231,000 sq ft and 101 parking spots and is currently 86 percent occupied. The building will serve as JPMorgan Chaseās first regional headquarters. The seller, JBG Smith, will continue to provide property management services. Renovations will begin in 2019, and JPMorgan Chase intends to move into the new facility in 2021.
āWe continue to execute our strategic recycling program with the sale of the Bowen Building to JPMorgan Chase, who plans to own and occupy the property. Year to date, we have executed over $335m of asset sales and recapitalizations, and we will continue to pursue opportunities to capitalize on the attractive market environment that exists today,ā said Matt Kelly, CEO of JBG Smith.
