A banner near where the building steps down to the two-story retail structure announces the future arrival of JBG Smith. In a moribund Montgomery County that has failed to attract a single major corporate headquarters in over two decades, the developer found a novel solution to nonexistent demand - moving its own headquarters from down the street in Chevy Chase into this building.
40 comments:
Reminder: The Chase branch is in 4749 Bethesda Avenue, completely separate from 4747.
Partially correct - the bank is indeed at 4749, but that structure is also part of 4747. Nothing was even said about Chase in this article, so it sounds like you just had a compulsive episode and had to type something critical. You lost.
"It sounds like you just had a compulsive episode and had to type something critical. You lost."
You mean like this?
"In a moribund Montgomery County that has failed to attract a single major corporate headquarters in over two decades, the developer found a novel solution to nonexistent demand - moving its own headquarters from down the street in Chevy Chase into this building."
8:28: That's a factual statement directly related to the banner cited in the article, moron.
"The Parva only closed later when it was time to renew their lease...they were no longer able to afford the rising rent for the new lease. The same thing happened to Parker's - they couldn't afford the rent increase and had to close."
Seems to me it is the landlords who are responsible for increasing rent (as with Barnes & Noble as well), not the Nighttime Economy Task Force or the County Council. And it's hardly an indication of moribundity, just the opposite in fact.
"CVS cut back the overnight hours of the pharmacy because there wasn't enough business anymore to justify staffing it all night, thanks to the collapse of the nighttime economy. That's the sole deciding factor as to how a business sets hours. Again, you are ignorant of how business works."
Did you actually contact them? Or is this just your own speculation running wild again?
"The bank is indeed at 4749, but that structure is also part of 4747."
LOL, nope. It's a separate structure that was built three years earlier.
As 6:35 has said.
Separate structure (separate property 4749 built 1943; 4747 built 2019)
Separate owner (4747 by JGB-Bethesda Ave LLC; 4749 by JGB-Woodmont II LLC)
Separate division (4749 is part of Millers Sub; 4747 is part of 7200 Wisc)
Only you can find a down side to news that JBG Smith, one of DC's largest commercial and residential developers, you know, the one that helped land Amazon HQ2, the one that is building a trophy office building in Bethesda Row, that was nearly fully leased 12 months before it will be completed, and is occupying 4 floors of that building with their own HQ, is in ANY way bad news. You need to get help son. JBG Smith IS a major corporate tenant!
8:35: I am master and commander of 4749 - I covered its construction from start to finish, dumbass. It is also part of the larger 4747 project. In fact, you have repeatedly claimed that JBG will be using the top floor and rooftop in your trolling.
9:18: I'm just going to get out of the way and let you embarrass yourself by claiming 4749 was built in "1943." LOL It's a brand new building.
JBG shell companies are...still JBG.
9:42: LOL - JBG was already located in Montgomery County. Like Marriott, they are simply sliding their chair down the deck of the Titanic of moribund MoCo.
It was only "nearly fully leased" because they moved their own HQ into it. Now that leaves their current building with a large vacancy in Chevy Chase, and that building isn't that old itself.
JBG was hugely successful in getting Amazon, but....that's in Virginia, not MoCo.
So we're all having trouble understanding how this is a major win for Montgomery County, "son."
I took the info from here:
MDDAT
See, it shows the Primary structure was built in 1943.
If it's wrong, then I'm wrong and I apologize. That simple. There's no shame in it.
But they still show it as two separate properties, which was the point being discussed.
Robert's delete button is going full speed this morning
"JBG was already located in Montgomery County. Like Marriott, they are simply sliding their chair down the deck of the Titanic of moribund MoCo."
Except that Marriott acquired Starwood (formerly headquartered in Connecticut) and JBG merged with the Charles E. Smith division of Vornado in the past 3 years. They are both much larger now.
6:41: And they were both already here. Now back to the bleak reality: No major corporate HQ attracted to MoCo in over 20 years.
Wa wa wa waaaaaaaa
I think you're missing 6:41's point.
Starwood's headquarters were in Connecticut and Charles E Smith/Vornado is located in Virgina. I assume you've already reported on the hundreds of new jobs moving from those locations.
So...why doesn't growing local companies matter to you? Why does only stealing them from elsewhere matter? Are you some kind of Communist who believes that wealth cannot be created, only redistributed?
5:16: You're the Communist who believes in Montgomery County's high-tax policies, and supports the card-carrying communists and Fellow Travelers currently occupying the Council seats. As a wealth-redistributor, you're in no position to make your argument.
3:18: Wrong. Vornado is in New York, and owns over 70% of JBGSmith. You seem to have overestimated how many Starwood jobs would be coming to Marriott HQ - a lot of duplication as both are hotel chains.
Most importantly, we're talking about attracting new corporate HQs, not mergers. MoCo hasn't attracted a major corporate HQ in over two decades.
Humiliating!
"Wrong. Vornado is in New York, and owns over 70% of JBGSmith."
It sounds like you don't understand how a spinoff works.
"Vornado shareholders on July 17, 2017" /= "Vornado".
9:24: I do understand - a "spinoff" is not Vornado. Vornado is in New York, and is not "moving" to Bethesda. In fact, no major corporation has moved to MoCo in over twenty years.
#moribund
Vornado spun off Charles E. Smith, which became part of JBG Smith. You really are dense, Dyer.
9:57: You're repeating back what I just explained to you, and you want to call me "dense?" LOL
No, I repeated what I explained to you. Because you haven't retracted your earlier incorrect claim here:
"Vornado owns over 70% of JBG Smith."
5:44: Vornado does own over 70% of JBG Smith. But you most certainly repeated what I explained to YOU, because you originally said Vornado "is located in Virginia," and would be moving to 4747 Bethesda Avenue.
Wrong!
I then corrected you - Vornado is in New York - and you then copied what I said, and called me "dense" even though I was right and you were wrong. Classic beta male posturing.
"Vornado does own over 70% of JBG Smith."
Wrong. Why do you keep saying this?
"you originally said Vornado "is located in Virginia," and would be moving to 4747 Bethesda Avenue."
No one said that. They said that Charles E. Smith, formerly a division of Vornado, had its offices in Virginia.
"Classic beta male posturing."
You sound insecure and childish. Do you actually believe anyone sees you as an "alpha-male"?
6:14: Compared to you, anyone can be an alpha male.
6:00: I keep saying it because it's true. YOU said "Charles E. Smith/Vornado is located in Virginia." That's an exact quote. It sounds like you would make better use of your time researching and understanding the JBG Smith merger deal rather than trolling here.
"It sounds like you would make better use of your time researching and understanding the JBG Smith merger deal rather than trolling here."
Since you still have not retracted your claim that "Vornado does own over 70% of JBG Smith", it is clear that you do not understand what a spin-off actually is.
And Charles E. Smith's offices were located in Virginia, during the time that they were an independent company, and later when they were a division of Vornado. Everyone seems to know this except you.
7:12: Vornado owns 70% of the entity that was created, JBG Smith. I look forward to you marching into the Vornado shareholders meeting and informing them otherwise.
Your furious backpedaling on your false claim that Vornado is in Virginia and would be moving to Bethesda is quite entertaining. Your original comments are still above for all to see and verify.
"Vornado owns 70% of the entity that was created, JBG Smith."
You still don't understand what a spin-off is.
Persons who were Vornado SHAREHOLDERS in July 2017 were given 70% of the stock in the new company, JBG Smith. That is NOT the same thing as "Vornado owns 70% of JBG Smith". Vornado and JBG Smith became two separate companies in July 2017.
Rule #847: -All inconvenient questions and statements of facts will be promptly deleted, and retroactively proclaimed "defamatory".
"Your furious backpedaling on your false claim that Vornado is in Virginia"
It looks like Dyer is the only one who misunderstood what @ 3:18 wrote. Everyone else understood that s/he was referring specifically to Charles E. Smith as a division of Vornado, and not to Vornado as a whole.
A couple of corrections to be noted.
1- Downtown Bethesda has attracted more than 1 HQ tenant - JBGS, Marriott, and Host Hotels. Granted those tenants already are in Montgomery County, but let's not expect to attract anyone from DC or VA. We just aren't competitive and moving an HQ across jurisdictions (especially into a jurisdiction like MoCo) is difficult for a number of reasons.
2- Vornado and JBGS were completely separated when JBGS went public
Unfortunately we will never be attractive for HQ relocation other than maybe a biotech. Just the reality of it unless our county government wakes up and looks around. But that won't happen, so lets just be happy with what we've got.
7:53: The original commenter stated that Charles E. Smith/Vornado was in Virginia (Wrong! Vornado is in New York) and would be moving to 4747 Bethesda (also false).
9:06: That's one of many key differences between myself and the current County Council - I'm not willing to "just be happy with what we've got." MoCo used to be a major economic development player in the region, and we can be again, with a change in who we elect to the Council.
7:34: Vornado got 70% of the new entity. Vornado shareholders, not Montgomery County taxpayers, were the biggest winners in the deal. Vornado is NOT coming to Bethesda.
"The original commenter stated that Charles E. Smith/Vornado was in Virginia (Wrong! Vornado is in New York) and would be moving to 4747 Bethesda (also false)."
Two days later, and only you misunderstood the original comment. Charles E. Smith, during the time it was an independent company (before 2002) and during the time it was a division of Vornado, had its offices in Virginia. The comment did NOT say that Vornado as a whole was based in Virginia.
"Vornado got 70% of the new entity."
Nope. You still don't understand this, either. JBG Smith is an independent company. It is completely separate from Vornado. The former Charles E. Smith division of Vornado was spun off from Vornado, and immediately merged with the former JBG.
"Vornado is NOT coming to Bethesda."
No one said it was. However, the new JBG Smith, which is approximately three times as big as the original JBG, is moving its combined offices to Bethesda. The offices of Charles E. Smith were in Virginia.
5:34: All you have to do is scroll up to the original comment to find that you/the original commenter referred to "Charles E. Smith/Vornado" as being in Virginia (false, only Charles E. Smith was in VA) and that both would be moving to Bethesda (also false).
Vornado got 70% of the new entity.
You said "Charles E. Smith/Vornado" was moving to Bethesda. Facts. Also not true. Obviously the intent was to make it sound like a much bigger company was moving in than actually is. Four Pinocchios!
You refuse to even try to understand how a spin-off works.
JBG Smith is not 70% owned by Vornado. It is not a joint venture. It is an independent company.
5:52: Vornado got 70%+ of the new entity. Big win for shareholders, old sport.
Vornado spun off their former Charles E. Smith division. They no longer own it.
Individuals who owned shares of Vornado stock as of September 7, 2017, received more shares in JBG Smith than shareholders of the former JBG did, simply because the former Charles E. Smith division of Vornado was twice as big as the former JBG.
The former Charles E. Smith division of Vornado is now part of a company that is headquartered in Chevy Chase, soon to move to Bethesda.
7:45: Quite a different story from what the original commenter spun. Indeed, the existing deck chair is simply moving up Wisconsin Avenue to Bethesda Avenue, much like the Marriott move. Meanwhile, there is high energy in Tysons and Rosslyn.
...and even in Crystal City!
Both "chairs" got much bigger.
Marriott bought Starwood.
JBG merged with Charles E. Smith.
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