JBG SMITH, a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, announced today that it has acquired seven blocks of Citizens Broadband Radio Service (CBRS) spectrum stretching across Arlington County and the City of Alexandria through a national FCC auction that concluded in late August.
JBG SMITH’s investment in CBRS spectrum is part of a broader effort to develop National Landing into a world-class innovation district. The acquisition of spectrum accelerates JBG SMITH’s ability to partner with leading service providers to bring 5G and other technology infrastructure to National Landing. JBG SMITH envisions the area as a canvas for innovation in industry clusters such as defense and cybersecurity, cloud/edge computing, internet of things (IoT), and artificial intelligence (AI). This robust technology infrastructure will allow enterprises to connect everything and everyone in real time and transform customer engagement and experiences in National Landing.
JBG SMITH acquired four Priority Access Licenses (PAL) totaling 40 MHz in Arlington (the maximum allowed in one jurisdiction for a single entity) and three PALs (30 MHz) in Alexandria. A JBG SMITH subsidiary, SEAD LLC, purchased the seven licenses for $25.3 million. The licenses will span over 16.2 million square feet in National Landing and Potomac Yard, where JBG SMITH is the largest holder of existing and developable real estate. The submarket is also home to Amazon HQ2, the Virginia Tech Innovation Campus, and a diverse array of offices, apartments, retail, and open space.
“JBG SMITH recognized that the FCC’s CBRS spectrum auction was an opportunity to align National Landing with the needs of cutting-edge tenants, while significantly enhancing our broader smart city and digital placemaking plans throughout the neighborhood,” said Evan Regan-Levine, EVP Strategic Innovation and Research. “Our investment in next-generation connectivity infrastructure will further cement National Landing as a premier global destination for entrepreneurs, universities, and global technology companies to ideate, innovate, and scale globally.”
Matt Kelly, CEO, added, “We pursued ownership in spectrum to accelerate the roll-out of a ubiquitous 5G network in National Landing. We are eager to attract best-in-class service providers, so that our customers – the people that live, work, and play in National Landing – have the connectivity tools needed to innovate in an increasingly digital and flexible post-COVID economy.”
JBG SMITH and National Landing
National Landing is the interconnected and walkable neighborhood that encompasses Crystal City, the eastern portion of Pentagon City and the northern portion of Potomac Yard. Situated across the Potomac River from Washington, DC, National Landing is a well-located urban community known for its adjacency to Reagan National Airport and diverse array of offices, apartments, shops, restaurants and hotels. JBG SMITH currently owns 6.2 million square feet of existing office space, 2,850 units of existing multifamily space, and controls 6.9 million square feet of additional development opportunities in National Landing, excluding the land purchased by Amazon for its second headquarters campus. JBG SMITH is also partnering with Virginia Tech on its forthcoming $1 billion Innovation Campus.
In addition to the Amazon and Virginia Tech projects, JBG SMITH is currently constructing Central District Retail, a 109,000 square foot entertainment and shopping destination that will serve as the retail heart of National Landing. The retail components of Central District Retail and its planned development of 1900 Crystal Drive are expected to deliver almost 150,000 square feet of street-level retail featuring an Alamo Drafthouse Cinema, specialty grocer, restaurants, bars, and other experiential offerings.
About JBG SMITH
JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-growth mixed-use properties in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it now serves as the exclusive developer for Amazon’s new headquarters. JBG SMITH’s portfolio currently comprises 20.7 million square feet of high-growth office, multifamily and retail assets, 98% at our share of which are Metro-served. It also maintains a robust future pipeline encompassing 16.6 million square feet of mixed-use development opportunities. For more information on JBG SMITH please visit www.jbgsmith.com.