Matt Kelly

JBG Smith under Matt Kelly’s leadership is transforming the D.C. region’s built environment. 

This June marked the opening of the first phase of its most notable project, Amazon’s National Landing headquarters, the biggest milestone since JBG Smith’s selection as the tech giant’s development partner in 2018. Amazon has already hired the majority of the 8,000 employees that will eventually staff the headquarters, many of whom live and work in the surrounding neighborhoods. 

The next two years are prime for National Landing. JBG Smith is bringing online four multifamily towers totaling 1,560 apartments. In addition, Kelly expects the initial building in the Virginia Tech Innovation Campus to be delivered next year and expects Amazon to continue building out its full vision for HQ2, despite a delay in its second phase.

“In the short term, we will open Water Park and Dining in the Park, two new outdoor destinations that will transform Crystal Drive with novel culinary experiences set among greenery and activated public space,” Kelly said. “Additionally, our digital infrastructure continues the rollout of 5G sites in National Landing, further differentiating the area as a tech ecosystem and uniquely anchored innovation district.”

JBG Smith also expects to complete the transition of its 9.7 million-square-foot  portfolio to  a primarily multifamily portfolio, a process it began prior to the pandemic. 

Kelly said he believes tighter financing conditions makes balance sheet strength and flexibility much more important. As such, the company ended 2022 with $1.7 billion of liquidity and access to multiple sources of capital. Last year, the company successfully exceeded its capital recycling goals, too, selling $1.2 billion of noncore office and land assets well in advance of the market’s downturn in the latter half of the year. It’s been a multiyear process.

“We were fast on the draw in recycling many of our more challenging assets prior to the current market turmoil and have continued to find success, illustrated by the recapitalization of our corporate headquarters during the first quarter of 2023,” Kelly said. “These moves have enabled us to advance our strategic transformation toward a majority multifamily portfolio and maintain balance sheet strength and liquidity.”