Amazon and JBG SMITH on Track to Deliver First Phase of Amazon’s National Landing Headquarters in Summer 2023

JBG SMITH today announced that work on the first phase of Amazon’s new National Landing headquarters remains on schedule for a summer 2023 opening without interruption or delay. Amazon’s new offices at Met Park will accommodate up to 14,000 Amazon employees, including the 8,000 workers that Amazon has already hired – which represents a 60 percent increase in its local workforce since its previous disclosure in spring 2022.

The 2.1 million square-foot development at Met Park represents phase one of Amazon’s long-term commitment to National Landing in Northern Virginia. In May 2022, Amazon completed the acquisition of JBG SMITH’s adjacent Pen Place development site. JBG SMITH continues to partner with Amazon in planning for the second phase of the development, which is expected to encompass 3.3 million square feet across three office buildings and The Helix, a unique biophilic double helix amenity center with plantings native to the Mid-Atlantic region.

“We are greatly encouraged by Amazon’s recently reaffirmed commitment to its second headquarters project and to hiring at least 25,000 workers at HQ2. This project continues to serve as a major catalyst for National Landing’s transformation into a global hub of innovation and a vibrant mixed-use urban community,” said JBG SMITH CEO Matt Kelly. “In addition to welcoming Amazon employees to its new 2.1 million square-foot headquarters this summer, we are moving eagerly ahead on Virginia Tech’s $1 billion Innovation Campus. JBG SMITH also remains on track to deliver 1,500 new apartments currently under construction in National Landing and expects to welcome 55 new retailers to the neighborhood over the next 18 months alone. All of these projects, along with billions of dollars in infrastructure improvements, have been made possible by Amazon’s commitment to National Landing.”

Kelly added, “We continue to work with Amazon to advance plans for Pen Place, and look forward to helping Amazon realize its complete vision for HQ2.”

About JBG SMITH

JBG SMITH owns, operates, invests in, and develops mixed-use properties in high growth and high barrier-to-entry submarkets in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, DC metropolitan area. Approximately two-thirds of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers: Amazon's new headquarters, which is being developed by JBG SMITH; Virginia Tech's under-construction $1 billion Innovation Campus; the submarket’s proximity to the Pentagon; and JBG SMITH’s deployment of next-generation public and private 5G digital infrastructure. JBG SMITH's dynamic portfolio currently comprises 15.3 million square feet of high-growth office, multifamily, and retail assets at share, 98% of which are metro-served. It also maintains a development pipeline encompassing 9.7 million square feet of mixed-use development opportunities. JBG SMITH’s capital allocation strategy is to shift the majority of its portfolio to multifamily and concentrate its office assets in National Landing. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually. For more information on JBG SMITH please visit www.jbgsmith.com.

Forward-Looking Statements

Certain statements contained herein may constitute “forward-looking statements” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results of JBG SMITH Properties (“JBG SMITH” or the “Company”) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximate,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “proposed,” “would,” “may,” or similar expressions in this press release. We also note the following forward-looking statements: estimated delivery and employee move in dates and estimated total project size. Many of the factors that will determine the outcome of these and our other forward-looking statements and plans are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, the timing of and costs associated with development and property improvements, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see “Risk Factors” and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements after the date hereof.

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