JBG Smith Properties down 7% after Amazon pauses HQ construction

Shares of JBG Smith Properties (JBGS) are sharply lower after Amazon.com (AMZN) confirmed to Bloomberg that it is pausing construction on its second headquarters in Arlington, Virginia. John Schoettler, Amazon’s real estate chief, said Amazon remains committed to Arlington, where by 2030 Amazon has committed to spend $2.5B and hire 25,000 workers, according to Bloomberg’s Matt Day. The construction moratorium will delay the company’s full arrival in Arlington and coincides with Amazon’s biggest ever job cuts, Day pointed out. Amazon and its developer, JBG Smith Properties, had for months been discussing modifying the PenPlace plans, the report noted. JBG Smith shares are down $1.17, or 7%, to $15.88 following the news. Reference Link