JBG SMITH Properties and J.P. Morgan Global Alternatives announced a joint venture to design, develop, manage, and own approximately 2.0 million square feet of new mixed-use development in Potomac Yard, the southern portion of National Landing in Alexandria, Virginia. Institutional investors advised by J.P. Morgan Global Alternatives contributed a land site that is entitled for approximately 1.3 million square feet of development it controls at Potomac Yard Landbay F, while JBG SMITH contributed adjacent land with more than 700,000 square feet of development capacity at Potomac Yard, Landbay G. In addition to its 50% ownership stake in the joint venture, JBG SMITH will act as pre-developer, developer, property manager, and leasing agent for all future commercial and residential properties on the site. As a result of this transaction, JBG SMITH’s at share ownership of development rights in Potomac Yard increased by more than 285,000 square feet, expanding its economic ownership interest in National Landing to 79% of all unencumbered future development density. The assets included in this joint venture are immediately adjacent to Virginia Tech’s $1 billion Innovation Campus, which virtually launched its inaugural semester in the fall of 2020 and is approximately one mile south of Amazon’s new headquarters. On this campus, Virginia Tech intends to create an innovation ecosystem by co-locating academic and private sector uses to accelerate research and development spending, as well as the commercialization of technology. The plans call for two multifamily buildings totaling approximately 419,000 square feet that have been placed in JBG SMITH’s Near-Term Development Pipeline and could start construction within the next 12 months. The remaining 1.6 million square feet of mixed-use development across Landbays F and G is expected to be developed over time and, consequently, are included in the Future Development Pipeline.