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Oxford, Norges Close $550M DC Office Deal

| Commercial Real Estate News, Deals, Office| Views: 416

Toronto-based Oxford Properties Group and Oslo-based Norges Bank Real Estate Management announced the closing of a double trophy office deal–the foreign investor joint venture now owns 900 16th Street and 1101 New York Avenue in Washington, D.C. Both office properties will be managed by the Oxford PG team.

The two trophy assets enjoy prime D.C. locations, both within blocks of Lafayette Square and the White House. Other notable neighboring properties include the Old and the New Executive Office buildings, Decatur House, the Department of Treasury, and the Hay Adams and St. Regis hotels.

900 Sixteenth Street

900 16 St (courtesy of Yardi Matrix)

The nine-story, 127,600-square-foot trophy office building was completed just last year. Located at the corner of 16th and Eye Streets, right in the middle of Downtown Washington, D.C., the property includes retail on the ground floor, a dramatic roof terrace, a fitness center, tenant storage and three levels of below-grade parking. Law firm Miller&Chevalier occupies roughly 70% of the LEED-Gold certified office building and is joined by Mirabelle, a contemporary, award-winning chef restaurant.

The JBG Cos. and ICG Properties joint venture, which also developed the iconic 16th Street office building, ensured the design is in keeping with the historic character of the neighborhood. “This property evokes the best of Washington’s past while meeting contemporary standards. 900 16th Street’s execution reflects our experience in creating premiere spaces within our nation’s capital,” said Britt Snider, executive vice president with JBG.

900 16th Street closed at $160 million, according to Yardi Matrix data. The sellers were The JBG Cos. and ICG Properties LLC, represented by John Duffy and Andrew Asbill of JLL.

1101 New York Ave NW

1101 New York Ave (courtesy of Yardi Matrix)

The 12-story, 379,329-square-foot Penn Quarter office property is also LEED-Gold certified. Developed by Property Group Partners in 2007, the property boasts 180-degree, uninterrupted panoramic views of the D.C. skyline from every floor. Tenant amenities for the 99%-leased property include an onsite fitness facility, rooftop terrace and underground parking.

Chris Mundy, senior vice president with Oxford, stated: “Adding these two high quality assets to our D.C. portfolio is directly in line with Oxford’s U.S. strategy of investing in core assets in core locations in well-defined markets. These are Oxford’s fifth and sixth projects in D.C., and we are very pleased to be making this investment beside the exceptional team from Norges Bank Real Estate Management.”

1101 New York Ave closed at $389.3 million, per Yardi Matrix. The sellers were insurance holding company W.R. Berkley Corp. and Morgan Stanley Real Estate Investing.

Oxford’s Washington, D.C., portfolio also includes Washington Center, 600 Massachusetts Ave and Gallery Place.

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