Oxford Bolsters its Washington, D.C. Portfolio Through an Investment in Quadrangle Development's Washington Center Property
WASHINGTON, Feb. 20, 2015 /PRNewswire/ -- Oxford Properties Group, the real estate arm of OMERS, the pension plan for municipal employees in the Province of Ontario, Canada, announces that it has partnered with Quadrangle Development Corporation by investing in Washington Center, a 335,000 square foot Class A office building located at 1001 G Street, N.W., Washington, D.C.
The 12-story property, developed by Quadrangle in 1989, has direct internal access to the Metro Center Metrorail station, the main regional mass transit hub serving the Red, Orange, Blue, and Silver lines. In the heart of the thriving East End district, the superbly located property incorporates the historic Beaux Arts-style McLachlen building and is adjacent to the Grand Hyatt Hotel.
Washington Center's established track record of high occupancy and blue-chip tenants testifies to the quality of its location, management, and amenity base. Recent lease expirations provide further opportunity to add value to the venture, and the available space is appealing to a wide variety of high-quality tenants. QDC Property Management will continue to manage the asset on behalf of the joint venture and QuikPark, another Quadrangle affiliate, will continue to manage the five-story below-grade garage.
The transaction reinforces Oxford's commitment to the East End submarket, following on Oxford's recent investments in Gallery Place and its development projects at 900 New York Avenue and 600 Massachusetts Avenue. Chris Mundy, Senior Vice President of Oxford, commented: "We are excited to be partnering with the Quadrangle team and feel that 1001 G Street, arguably the best located building in the City, is a great addition to our growing Washington, D.C. portfolio."
Christopher Gladstone, President of Quadrangle, commented: "We are very pleased to have found in Oxford a partner whose commitment to long-term ownership, best-quality management and tenant service, and to the District of Columbia, matches our own. We are excited to be working together on this terrific property."
About Oxford Properties Group
Oxford Properties Group is a global platform for real estate investment, development and management, with over 1,750 employees and $27 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, the company's portfolio includes over 50 million square feet of office, retail, industrial, multi-family and hotel properties. Oxford is the real estate arm of the OMERS Worldwide Group of Companies. For more information about Oxford visit: www.oxfordproperties.com. For more information about OMERS visit: www.omers.com
About Quadrangle Development Corporation
Quadrangle is a leading full-service real estate developer and investor in Washington, DC. , Maryland and Virginia. The company focuses on the development, acquisition, ownership and operation of investment-grade office, apartment, and hotel properties. Founded in 1971, Quadrangle's portfolio includes 88 properties completed or in development representing more than 25 million square feet and $9.6 billion in investment. For more information about Quadrangle visit www.quadrangledevcorp.com.
Media Contact:
Leigh Brissie Jackson
Quadrangle Development Corp.
202.393.1999
Claire McIntyre
Oxford Property Group
416.350.4734
SOURCE Quadrangle Development Corporation
Related Links
http://www.quadrangledevcorp.com
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