Author Topic: JBGS - JBG Smith  (Read 4886 times)

thepupil

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Re: JBGS - JBG Smith
« Reply #20 on: September 25, 2020, 10:29:47 AM »
In case AMZN's committment to National Landing was in doubt, they are buying and demolishing a hotel (for $150mm) next to HQ2 to make it bigger.

Quote
The site was always part of Amazon’s HQ2 plans, but the hotel remained the last holdout, and it appeared the company would just build around it......

Amazon’s HQ2 is currently in the midst of its 2.1 million-square foot Phase 1, which consists of two 22-story office towers plus retail, and is situated to the south in Metropolitan Park, land that Amazon acquired earlier this year from JBG Smith for a little under $155 million. The project is projected to deliver by 2023.

https://commercialobserver.com/2020/09/amazon-acquires-pentagon-city-hotel-for-148m-setting-stage-for-next-phase-of-hq2/


bizaro86

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Re: JBGS - JBG Smith
« Reply #21 on: September 25, 2020, 07:15:41 PM »
$100MM per acre...


LounginMKL

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Re: JBGS - JBG Smith
« Reply #23 on: October 20, 2020, 12:34:12 PM »
Pupil- thank you for the write-up.

I wonder if the recent Big Tech land-grab in NYC would pull the demand away from National Landing.

Excerpt:
After Amazon bought the Lord & Taylor building, it announced in August that 2,000 employees would eventually work there, increasing by half its current tech work force of 4,000.

Amazon now has eight office properties in New York, most of which are clustered in Midtown. The company recently expanded outside Manhattan, leasing space on the Brooklyn waterfront for its Amazon Music team.

“We know that talent attracts talent, and we believe that the creative energy of cities like New York will continue to attract diverse professionals from around the world,” said Ardine Williams, Amazon’s vice president of work force development.

Source: https://www.nytimes.com/2020/10/13/nyregion/big-tech-nyc-office-space.html

I know a few software engineers in NoVA. When I asked them whether they are interested in working for the Big Tech (albeit 7-10 years ago), they gave me blank stares. I'm under the impression that once you have a Security Clearance, there is little incentive for them to leave the gov't/ gov't contracting ecosystem. They are well-paid, have job security, good work-life balance. I wonder if National Landing HQ2 will be limited to initiatives that sell AWS to the federal government.

thepupil

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Re: JBGS - JBG Smith
« Reply #24 on: October 21, 2020, 04:09:00 PM »
I don't really see it as zero sum. AMZN has committed to 25,000 jobs there (there are only at 1,000 now) and has demonstrated that commitment very recently by voluntarily expanding the campus by paying up for some very expensive dirt (the hotel). Virginia Tech's campus was just approved. I see no evidence of AMZN pulling back from their commitment. 

I think it's hard to argue that having 25,000 people making an average of $150K, working (at least part of the week) next door to your asset base / development pipeline won't be a good thing. there's also lots of public $ going into the area for infrastructure, metro, stuff, making it less damn ugly, etc. 

National Landing/DC area will be a metro-connected dense millennial gen z or whatever playground where you can code to sell cloud services, lobby, lawyer it up, kill people with drones, save the world working at a non-profit, etc. and JBGS will probably benefit from that...eventually.
« Last Edit: October 21, 2020, 04:19:59 PM by thepupil »