Vornado Realty Trust VNO announced the completion of its spin-off of JBG Smith properties from its New York-based business and merging the same with the operating company and specific Washington, D.C. metropolitan area assets of The JBG Companies (“JBG”). This move led to the formation of an independent public company – JBG Smith (JBGS) — which started trading on the NYSE on Jul 18.The combined entity has become the largest landlord to the U.S. government in the capital. While Vornado’s shareholders have 73% stake in the new company and JBG investors and management own 21% and 6% stake, respectively.According to Vornado’s announcement of the spin-off, JBG's senior management team would oversee the management of the newly formed business. The combined company’s portfolio would include 50 office properties, 18 multifamily properties and 11 other properties. These assets are located in the premier submarkets of the Washington, DC metropolitan area.The combined entity is anticipated to create synergies worth approximately $35 million. The company would be well funded, with strong liquidity and balance-sheet positions.After being criticized for venturing into too many sectors, Vornado spun off its shopping center business in 2015 into a publicly-traded REIT named Urban Edge Properties. The spin-off was an outcome of Vornado’s decision to separate two businesses, which were together for legacy reasons but with no real operating synergies.Such strategic spin-offs are likely to help Vornado in streamlining its business and create value for the company.The stock currently carries a Zacks Rank #5 (Strong Sell).Stocks to ConsiderA few better-ranked stocks in the space include ProLogis, Inc. PLD, PS Business Parks, Inc. PSB and Liberty Property Trust LPT, each carrying a Zacks Rank #2 (Buy). You can see the the complete list of today’s Zacks #1 Rank (Strong Buy) stocks hereWhile ProLogs has expected long-term growth rate of 4.3%, PS Business Parks and Liberty Property Trust have expected long-term growth rates of 5% and 6%, respectively.3 Top Picks to Ride the Hottest Tech TrendZacks just released a Special Report to guide you through a space that has already begun to transform our entire economy...Last year, it was generating $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for those who make the right trades early. Download Report with 3 Top Tech Stocks >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ProLogis, Inc. (PLD): Free Stock Analysis Report Vornado Realty Trust (VNO): Free Stock Analysis Report PS Business Parks, Inc. (PSB): Free Stock Analysis Report Liberty Property Trust (LPT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research