WASHINGTON, DC, July 3, 2017 /PRNewswire/ - Oxford Properties Group (Oxford) today announced the acquisition of two office towers, 900 16th Street NW and 1101 New York Avenue NW, both in Washington, D.C., in a joint venture with Norges Bank Real Estate Management.
The first asset, 900 16th Street NW, is a 9 storey, 122,000 square foot office designed by world renowned architect Robert A.M. Stern and developed by The JBG Companies. The building opened in 2016 and offers premium quality office space with amenities including an outdoor terrace, a tenant fitness center and underground parking. The LEED Gold certified building is exceptionally well located in the CBD, boasts views of the White House and Washington Monument and is currently 75% leased.
The second asset, 1101 New York Avenue, NW, a 12-story, LEED Gold office building was designed by Kevin Roche and developed by Property Group Partners in 2007. The floor-to-ceiling triple-glazed glass and absence of perimeter columns result in 180-degree, uninterrupted panoramic views of the D.C. skyline from every floor. Tenants have access to an onsite fitness facility, rooftop terrace and underground parking. The property is in the East End submarket and is currently 99% leased.
Both office towers will be managed by the Oxford team.
"Adding these two high quality assets to our D.C. portfolio is directly in line with Oxford's US strategy of investing in core assets in core locations in well-defined markets," said Chris Mundy, Senior Vice President, Investments, Oxford Properties Group. "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."
Oxford's Washington, D.C. portfolio also includes Washington Center (1001 G Street), 600 Massachusetts Avenue and Gallery Place, at which the team internalized management earlier this year. In addition, Oxford is partnered with Gould Property Company on the planned development of 900 New York Avenue.
About Oxford Properties Group
Oxford Properties Group is one of the world's premier real estate investment, development and management companies. Established in 1960, Oxford manages over $40 billion of real estate assets on behalf of its co-owners and investment partners, with a global portfolio spanning over 60 million square feet. We have offices across Canada and in London, Luxembourg, Boston, Washington DC and New York, with regional investment, development and management professionals who have deep real estate expertise and local market insight. Oxford is the global real estate arm of OMERS, the pension plan for Ontario's municipal employees. For more information about our hands-on approach to real estate, visit www.oxfordproperties.com.
SOURCE Oxford Properties Group Inc.