WASHINGTON — There is a new, publicly traded company in the D.C. region, and it is a big one.
Chevy Chase, Maryland-based JBG Cos. has completed its merger with Vornado Realty’s Charles E. Smith commercial real estate business, creating JBG Smith Properties.
The deal combines the already huge D.C.-area portfolio of JBG Cos. with Charles E. Smith’s Washington holdings and creates a company with 20 million square feet of office, multifamily and retail property, 98 percent of which is Metro-served.
JBG Smith Properties also has more than 18 million square feet of potential development in the works.
The newly-formed company trades on the New York Stock Exchange under the ticker symbol “JBGS,” and has a market capitalization of more than $3.5 billion.
JBG Smith Properties also is moving its D.C. headquarters to a JBG building under construction at 4747 Bethesda Ave. in downtown Bethesda, Maryland, when the project is complete in the third quarter of 2019.
JBG Smith Properties stock (NYSE: JBGS) was down $1.15 to $36.08 per share in early Tuesday trading.