MD: JBG SMITH to Construct New HQ in Bethesda, Create 55 Jobs
17 Jul, 2017
Governor Larry Hogan joined with Montgomery County Executive Ike Leggett to congratulate JBG SMITH for selecting downtown Bethesda as the real estate investment firm’s new headquarters. The firm, which is merging with Vornado/Charles E. Smith, will construct a new office building located at 4747 Bethesda Avenue and plans to move in by the third quarter of 2019. As part of the move, JBG SMITH will consolidate several area offices, retaining more than 230 employees in Maryland and bringing 138 jobs. The company also plans to create 55 new jobs over the next two to three years.
“The Bethesda-Chevy Chase market has been our home base for over 20 years and we’re proud of the community relationships and civic partnership we have with the county,” said W. Matthew Kelly, managing partner of JBG and CEO-designate of JBG SMITH. “The abundance of transit options, fine schools and robust amenities make this a terrific location in which to do business. We are excited to lease space in one of our recently commenced development projects and we are especially appreciative of Montgomery County and the State of Maryland for their efforts and the incentives that will benefit our local economy and our shareholders.”
The company will be eligible for state and county tax credits, including the state’s Job Creation Tax Credit.
"We are pleased to welcome JBG SMITH to its new headquarters, which is a win for Montgomery County and for Maryland," said Governor Hogan. "This new location keeps more than 230 workers in our state, brings 138 jobs here, and creates 55 brand new jobs, further demonstrating that Maryland is open for business."
“I want to congratulate JBG SMITH for choosing Bethesda, a top destination with a growing number of corporate headquarters,” said Montgomery County Executive Leggett. “As the region’s largest development company, JBG SMITH has long been a valuable member of our community and has contributed immensely to the region’s community-building and economic vitality. I look forward to the ribbon-cutting and wish the new company many more years of success in Montgomery County."
“This expansion marks an exciting time for Montgomery County. The choice of downtown Bethesda as the new home of the newly merged JBG SMITH once again demonstrates the attractiveness of doing business in MoCo,” said David Petr, president and CEO, Montgomery County Economic Development Corporation. “A new, world-class building will fuel more interest in locating in this dynamic area, adding tremendous capital investment and significant job growth. I couldn’t be happier with the efforts of our business expansion team at the MCEDC and our many partners.”