JBG SMITH has begun construction on an office-to-residential conversion at 2200 Crystal Drive in the National Landing district of Arlington, Virginia. The project marks the start of work to reposition an existing office building into a multifamily property within one of the company's core urban submarkets.
According to the company, the existing office asset at 2200 Crystal Drive will be transformed into a 195-unit multifamily community. The conversion continues JBG SMITH's strategy of reusing older office inventory for residential purposes in National Landing, reflecting ongoing changes in demand patterns across the local built environment.
Declaration Partners has joined the 2200 Crystal Drive project as a joint venture equity partner. On the debt side, BNY is providing the construction financing for the conversion, and Davis Construction has been engaged as the project's general contractor. The announcement underscores the participation of both institutional equity and bank capital in bringing the development forward.
Matt Ginivan, Executive Vice President and Co-Head of Development at JBG SMITH, described 2200 Crystal Drive as an example of the firm's focus on capital attraction and complex repositionings. He noted that the company is targeting the conversion of obsolete office buildings into multifamily communities and indicated that the unit mix at 2200 Crystal Drive is designed to be diverse and complementary to the existing residential and mixed-use environment in National Landing.
In a related move in the immediate area, JBG SMITH recently sold the adjacent property at 2100 Crystal Drive to a third-party developer. That separate project involves the conversion of the neighboring building into a 344-room, dual-branded hotel. Taken together, the hotel and the 195-unit residential conversion illustrate an ongoing shift in use for former office properties along Crystal Drive in National Landing.
The 2200 Crystal Drive conversion, backed by institutional equity and bank construction financing, adds another multifamily component to the broader National Landing ecosystem while also reducing the stock of traditional office space in the corridor. The project is part of a larger pattern of adaptation of older office buildings in the area, although specific project costs, construction timeline, and lease-up expectations were not disclosed.
