print header

# 1 Commercial Real Estate Information Company

  • Find Properties 
  • Market Properties 
  • Analyze Properties 
Commercial Real Estate News

Oxford Properties, CPPIB Buy South Side of St. John’s Terminal

3.3-Acre Site Includes 600 Feet of Frontage on the Hudson River
January 31, 2018
Canadian investment giants Oxford Properties Group and Canada Pension Plan Investment Board (CPPIB) have picked up a 3.25-acre section along the south side of St. John’s Terminal for $700 million from Westbrook Partners and Atlas Capital Group.

The sales price for the Midtown South site at 532-550 Washington St. equates to roughly $215 million per acre.

In this joint-venture deal, Oxford owns a 52.5-percent stake and CPPIB retains the remaining ownership interest. Oxford will manage the development on behalf of the ownership group. The two firms jointly own more than 14 million square feet of office and retail real estate.

Atlas Capital Group had proposed a retail and multifamily complex at the site. It would have brought 1,586 apartment units online, of which 475 would have been affordable housing. About 255,000 square feet of retail space had also been planned.

It is unclear whether the proposal will be pursued by new ownership. Oxford and CPPIB say they will release additional information on development plans in the second half of 2018.

The Northern section of the site was not included in the acquisition, and will be developed separately, Oxford and CPPIB said in a release.

Alex Hernandez, Dave Karson, Steve Kohn, Gideon Gil Kohn and Alex Lapidus with Cushman & Wakefield's equity, debt and structured finance team represented the buyers. Cara Nelson, partner, and John Sullivan, chair of the U.S. real estate practice with DLA Piper advised Oxford on the acquisition, including its joint-venture and financing elements.

Please see CoStar COMPS #4122868 for additional information on this transaction.

Diana Bell, New York City Market Reporter  CoStar Group   
GET IN TOUCH        Contact CoStar News Team:

 Find us on 

Welcome To CoStar's
Award-Winning News

Winner of three Journalism Awards from the National Association of Real Estate Editors (NAREE)

Award-Winning News