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JBG Smith sells Virginia development site to Amazon unit

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JBG Smith sells Virginia development site to Amazon unit

JBG Smith Properties sold the Metropolitan Park site in Arlington, Va., to Amazon.com Inc. subsidiary Acorn Development LLC for roughly $155 million, the Washington Business Journal reported, citing Arlington County records.

The diversified real estate investment trust is acting as the development manager on the property, where the first pair of towers for Amazon's second headquarters will be built. It is poised to sell the nearby 10-acre Pen Place site, which was last assessed at $68 million, to the e-commerce giant in 2021.

JBG earlier said it would use proceeds from the sale of the Met Park to acquire the 325-unit F1rst Residences multifamily building in Washington, D.C.

An Amazon spokesperson confirmed the acquisition, while JBG Smith did not comment on the matter, according to the publication.