JBG Smith?
Was wondering if anyone has intel or opinion on JBG Smith, there are a bunch of old threads but was wondering if anyone has any new opinions as of now.
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Bump, especially on the development side
I think they recently did some layoffs
Ya recently did layoffs but overall good rep but also only do work in Dc
Used to be unbelievably dominant in D.C. market.
Owners basically cashed out via a merger/IPO and it’s not the same since. I believe they are experiencing some significant pain. Basically are selling off their office portfolio to become an apartment company. Developing a lot near Amazon HQ2 site. Tough environment for that.
Culture was known for being pretty cutthroat/backstabby but I had heard the pandemic kinda made it relax a little.
They only hire for asset management out of undergrad, and those kids seem to recruit well after for both AM and acquisitions. They used to only hire MBAs to associate but relaxed on the policy some. It’s a good name and a job in a tough environment- just not sure about their long term prospects, but you could say that about a number of firms.
Appreciate the insight. When you mean it's not the same - are you referring to everyone jumping ship post IPO?
It’s really before my time- but the gist I get from older coworkers is that they used to be super active as a developer and owned great property all over the region. Now we don’t see them really compete for deals anymore outside of the Amazon stuff.
Not ripping on them at all, it’s a good company that had a ton of success and everyone is hurting right now.
Wouldn't shock me if they went private again at some point. That's been the rumor for some time. Good shop and name on your resume, but the old gray mare ain't what she used to be...
Threads like this just make me feel old. I wanted to work there badly when I was coming out of school.
100% me too, they were a powerhouse prior to going public, now they look like they are suffering
Great shop. Good exits.
Living in DC / Maryland / Virginia. No thanks!
They used to be the end-all be-all in the DC area for developers, I think HQ2 getting pushed and their office portfolio taking water has hurt them quite a bit. I've heard a bunch of turnover recently as well, but they used to be THE shop in DC. I honestly can't think of any developers that had nearly as dominant of a presence in one city like JBG had in DC.
Anecdotally I interviewed for them years back and they had a really pretentious vibe that felt less like a developer and more like traditional high finance.
Echo all the above comments that they used to be the developer in DC. But funny enough, all the developers - both those on the exec committee who had a stake in the OpCo, and those at more junior (read: VP, EVP, etc. just not partners) have left post merger.
What's left is a somewhat rudderless firm run by Matt and George that has been bit hard by their exposure to office. Part of that is market forces, but a lot of it was based on poor decision making, choosing to double down and become a fee developer for Amazon. People forget that office was ripping at the seams pre-covid.
As someone mentioned they are trying to re-brand their stock ticker / portfolio composition as an apartment firm, but it's going to be a long slog and the culture is a mess right now. I'm sure they'll be fine in the long run but the good old JBG we all knew and loved, which was run by cowboys (albeit polished ones) is long gone. There's just no way they'll be able to attract the talent they once did. But that's the story of any developer that gets too big.
Douglas had some cowboys, but idk what the latest is on that tbh. I toured 655 New York Ave a couple years ago which they did with Brookfield, that was a cool project.
Agree with what's been said above and would add that they are spending time in new markets looking to diversify geographically.
Where have you seen this? I thought they still only held assets in the DMV area?
They have not closed in other markets yet but I am aware of an apartment deal they tied up in the southeast
Yes, confirming they are looking in the southeast (don't know if there are also other markets).
Jbg is washed
They are having lots of issues with their office portfolios and development pipeline. Keeping faith in the DC office market was one of their biggest mistakes.
That said, still an amazing job for an entry level position. Not so much for mid-career types.
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