Vornado agrees to sell DC properties to JBG for $8.4B

Vornado Realty Trust on Monday signed a “definitive agreement” to sell its Washington, D.C. properties to JBG Companies for $8.4 billion, the real estate investment trust announced in its quarterly earnings report. Prior to the agreement, Vornado’s board approved the D.C. properties’ spinoff into a separate entity, paving the way for the merger. Steve Roth, Vornado’s CEO, will serve as chairman of the board of trustees for the new company. The company will be called JBGSmith … [more]

Source: Real Estate

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