JBG SMITH Launches $40M Office Repositioning To Capture ‘A Bigger Piece Of A Shrinking Pie’


By Jon Banister

June 18, 2024

The REIT is launching a $40M repositioning effort of the 11-story building at 2011 Crystal Drive, adding a suite of amenities that it says will attract companies not only to that property but to the ones it owns nearby. JBG SMITH shared the renderings with Bisnow, and Chief Strategy Officer Evan Regan-Levine laid out the theory for why this bet on office will pay off.

The plan began when JBG SMITH saw the office market settling into a post-Covid normal, with companies taking far less space as employees maintained remote and hybrid work schedules.

“We wanted to understand what we could do to position the portfolio for leasing success in a world where there’s just less aggregate overall demand,” Regan-Levine said. “So if we were going to capture a bigger piece of a shrinking pie, we wanted to make sure we were programming the elements of our office buildings the right way for how people are using space.”

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