JBG SMITH Begins Latest Office-to-Residential Conversion in NoVa
The company has several other conversion projects ongoing in the area.
JBG SMITH has started the office-to-residential conversion of 2200 Crystal Drive, a former office building in National Landing in Northern Virginia that is being transformed into 195 multifamily units.
Declaration Partners has joined the project as a joint venture equity partner with an undisclosed investment amount. The firm stated it was made through Declaration Partners Real Estate Fund II, LP, a $303 million vehicle, which is more than 60 percent committed. Declaration’s real estate investment strategy includes proprietary joint ventures, preferred equity investments and participation from co-GP partnerships. The firm has approximately $2 billion in assets under management.
BNY is providing construction financing for the project. The amount was not released. Davis Construction is the general contractor.
Closer look at Crystal Drive plans
2200 Crystal Drive was built in 1968, and totals 315,000 square feet of space across 11 stories.
JBG SMITH filed plans for the conversion of 2200 Crystal Drive for residential use and another vacant office building at 2100 Crystal Drive into a hotel in December 2024. The developer received approval for the adaptive reuse project from Arlington County, Va., in July 2025. The two former office buildings have a total of 550,000 square feet.
JBG SMITH recently sold 2100 Crystal Drive to an unidentified third-party developer who is transforming the building into a 344-key, dual-branded hotel featuring both lifestyle and extended-stay brands.
READ ALSO: Why Reservations About Hotel Conversions Are Subsiding
The site is adjacent to the forthcoming Crystal City to Reagan National Airport Multimodal Connection pedestrian bridge, which will link National Landing to the airport. The property is also near the planned Virginia Railway Express/Amtrak rail station. Downtown Washington, D.C., is less than 5 miles away. Residents will also be near major employers in the area including Amazon HQ2, the Pentagon and Boeing’s corporate headquarters.
The building at 2200 Crystal Drive is across from the recently opened Concorde, a 13,000-square-foot conference and events venue that accommodates up to 470 people. The development also features Altitude and Constellation, two new dining concepts from Episcope Hospitality founder David Morton.
Experienced adaptive reuse developer
Including 2200 Crystal Drive, JBG SMITH has more than 1,500 units of residential conversions already completed.
The company is on track to tackle similar projects in National Landing. Earlier this month, the Arlington County Board approved JBG Smith’s proposal to convert office buildings at 1800 and 1901 S. Bell St. into more than 300 residential units.
In February 2024, JBG SMITH topped out on construction of Valen, a 25-story, 355-unit residential tower at 2000 S. Bell St. that delivered in the summer of 2025. Its sister tower, The Zoe at 2001 S. Bell St. with 420 units, was completed in late 2024. Both buildings have street-level retail.
More D.C. conversions
The greater Washington, D.C., metro is the second most active location in the U.S. for office-to-residential conversions. According to RentCafe data, New York City leads the nation with 16,000 units planned for this year. The D.C. metro has about 8,500 planned for redevelopment.
Last week, Insight Property Group began work on Hunter’s Branch, a 452-unit office-to-residential project in Fairfax, Va. after securing a $107.7 million construction loan from CIBC Bank and Citizens Bank.
Earlier this year, Post Brothers closed on $575 million in funding for The Geneva, an office-to-residential project in Washington, D.C., that will convert two office buildings into a 530-unit rental community. The package included $465 million in Commercial Property Assessed Clean Energy financing, making it the largest C-PACE deal in history.
