JBG's Merger Will Not Include Rosslyn's Central Place
The JBG Cos' Central Place residential tower in Rosslyn will not be included as part of the company's proposed merger with New York REIT announced last week.
Central Place is one of nearly three-dozen properties, totaling $1.8B in assets, that JBG is withholding from the merger, the Washington Business Journal Reports.
JBG owns 72 assets in the DC region and also has a massive development pipeline. The company plans to sell off 14 of the withheld assets before the merger, including 800 N. Glebe Road in Ballston and 1025 Thomas Jefferson St NW in Georgetown.
Among the other withheld properties are the Hyatt Place Hotel in NoMa, the Wardman Tower Condos and Cameron Park in Alexandria.
As a privately held firm for more than half a century, JBG has not had to disclose company information publicly until last week's SEC filings outlining the merger. These filings also reveal their 2015 operating revenue minus expenses came out to $250M, a 25% jump from 2013.
The merger, which will create an $8.4B company JBG Realty Trust, drew skepticism from Wall Street investors last week. Shares of New York REIT dropped 8% following the announcement, their largest decline since going public in 2014. [WBJ]
