JBG Smith Properties has completed its departure from a 50-year-old office building in Georgetown, which it acquired ten years ago through a joint venture with CBRE Global Investment Partners. According to the Washington Business Journal, the exit was formalized with a foreclosure notice for The Foundry at 1055 Thomas Jefferson St. NW, set to be auctioned on April 11.
The notice reveals that JPMorgan Chase Bank holds a $58 million debt on the property. This decision is in line with the firm’s Q4 2023 earnings report, which excluded The Foundry from its financial metrics due to an investment of zero value and no expected cash flow.
Once boasting high occupancy rates of 79.2% and annual rent of $9.2 million as one of JBG Smith’s key assets, The Foundry has experienced significant changes in fortune since then. This foreclosure reflects JBG Smith’s strategy of divesting non-core properties.
