Brookfield Property Partners acquired the Summit I and Summit II office buildings in Reston, Virginia, from JBG Smith for $95m. Currently 100 percent leased, the properties offer more than 290,000 sq ft of leasable space. CBRE represented JBG Smith and Brookfield Property Partners.
“The sale of Summit I and II is consistent with our strategy to take advantage of market conditions to recycle capital, deleverage our balance sheet, and reinvest the proceeds in higher-yielding growth opportunities,” said Matt Kelly, CEO of JBG Smith. “This transaction demonstrates continued investor interest in high-quality assets and we were pleased to work with Brookfield Property Partners through this process.”
