JBG SMITH and Federated Wireless Announce an Innovative Private Wireless Partnership in Conjunction with Federated Wireless' Corporate Headquarters Relocation to National Landing
Federated Wireless, a private wireless and shared spectrum leader, and JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC area, today announced a strategic partnership to innovate and deploy 5G Private Wireless in National Landing. As part of the strategic partnership Federated Wireless will relocate its corporate headquarters to National Landing, occupying approximately 36,000 square feet of office space in JBG SMITH's 2121 Crystal Drive.
JBG SMITH, alongside several industry partners, is developing a first-of-its-kind converged digital infrastructure platform that includes a dense neighborhood fiber network, edge data centers, ubiquitous indoor and outdoor public 5G and highly valuable private 5G networks utilizing private access mid-band spectrum. This integrated digital infrastructure platform is being purpose built to drive innovation and offer a customer experience currently unavailable on this scale anywhere else in the country.
Federated Wireless will join the platform and the National Landing innovation ecosystem as a foundational partner to deliver Private Wireless solutions at scale to a broad set of industry clusters, including government, high tech, professional services, aerospace, aviation, retail, academia, national defense, and cyber security.
To accelerate 5G Private Wireless adoption, Federated Wireless and JBG SMITH will create an interoperable 5G Private Wireless network showcase in National Landing, with a special focus on leveraging Private Wireless networks to support innovation in next generation technologies including IoT, AI, advanced robotics, AR/VR, and edge and cloud computing.
"We will be developing a showcase to demonstrate the power and cutting-edge capability that Private Wireless can bring defense contractors, government, retail clients, residential tenants, smart cities, and other customers and citizens in the area," said Chris Swan, Chief Commercial Officer, Federated Wireless.
In 2020, JBG SMITH acquired licensed CBRS Spectrum from the FCC covering all of Arlington County and the City of Alexandria, including the urban submarket of National Landing. The submarket is anchored by the Pentagon, Amazon's second global headquarters, Boeing's global headquarters, and Virginia Tech's STEM innovation campus. With nearly $12 billion of public and private investment occurring, National Landing is undergoing a generational transformation.
This first-of-its-kind private wireless partnership will leverage Federated Wireless' cutting edge private wireless capabilities to deploy and monetize JBG SMITH's $25.3 million investment in CBRS spectrum. The collaboration will enable National Landing tenants the opportunity to access wireless solutions on-demand in industry clusters requiring high speed/low latency private wireless connectivity.
"National Landing, with its diverse base of existing real estate, future development, and current and potential new tenants, acts as a microcosm for nearly any urban environment. This partnership advances our goals to deliver purpose built digital infrastructure, allowing innovators to create practical and applied solutions to a wide range of industries," said Adam Rashid, SVP at JBG SMITH. "With Federated Wireless as a foundational strategic partner, we look forward to leveraging the power of converged digital infrastructure to deliver a unique platform for some of the nation's most vital private and pubic institutions to innovate at scale."
Federated Wireless will design, deploy, and manage 5G Private Wireless networks available for tenants and residents in indoor and outdoor areas across JBG SMITH's National Landing portfolio, which includes 6.8 million square feet of existing office space, 4,439 residential units including those under-construction, and 6.5 million square feet of additional commercial, multi-family and retail development opportunities.
"JBG SMITH has spent the last several years cultivating unique public and private partnerships to transform National Landing into a beacon to attract global tech companies, renowned universities, and entrepreneurs that will lead the future of their industries," said Matt Kelly, CEO of JBG SMITH. "Working alongside Federated Wireless provides our customers strong and secure connectivity through 5G Private Wireless networks. By offering current and future tenants access to robust purpose-built digital infrastructure, National Landing will continue to grow as an indispensable hub of tech innovation."
"Cloud, Edge, and IoT combined with 5G Private Wireless represent a once in a generation opportunity to transform buildings, cities, and citizens' experience. The game-changer here is that the 5G Private Wireless network we're building with JBG SMITH is the catalyst that will bring that reality to life in National Landing," said Iyad Tarazi, CEO of Federated Wireless. "Our partnership with JBG SMITH is all about enabling shared spectrum solutions to power the next generation of connected businesses, cities and people."
About JBG SMITH
JBG SMITH owns, operates, invests in and develops a dynamic portfolio of mixed-use properties in the high growth and high barrier-to-entry submarkets in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, DC metropolitan area. Over half of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, where it serves as the exclusive developer for Amazon's new headquarters, and where Virginia Tech's planned new $1 billion Innovation Campus is located. JBG SMITH's portfolio currently comprises 15.5 million square feet of high-growth office, multifamily and retail assets at share, 98% of which are Metro-served. It also maintains a development pipeline encompassing 9.8 million square feet of mixed-use development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually. For more information on JBG SMITH please visit www.jbgsmith.com.
About Federated Wireless
Founded in 2012, Federated Wireless is the leading innovator of private wireless and shared spectrum services. The company's partner ecosystem includes more than 80 solution and edge partners, all of which are dedicated to collaboration in advance development and deployment of shared spectrum services. Federated Wireless' customer base includes companies spanning telecommunications, government, logistics, manufacturing, energy, hospitality, education, retail, office space, municipal and residential verticals, with use cases ranging from Private Wireless and Industrial IoT to network densification and mobile offload. For more information, visit: www.federatedwireless.com.
Certain statements contained herein may constitute "forward-looking statements" as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations, and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results of JBG SMITH Properties ("JBG SMITH") may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximate", "believes," "expects," "anticipates," "intends," "plans," "proposed," "would," "should," "may," or similar expressions in this press release. We also note the following forward-looking statements: estimated square feet, the impact of Private Wireless access on the community and other statements related to building and deployment of 5G and Private Wireless technology in National Landing and the buildout of interoperable 5G Private Wireless network showcase in National Landing. Many of the factors that will determine the outcome of these and our other forward-looking statements and plans are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, the timing of and costs associated with development and property improvements, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see "Risk Factors" and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements after the date hereof.
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