Oxford Properties JV Nabs Pair of DC Trophy Buildings
- Jul 05, 2017
Oxford Properties Group and Norges Bank Real Estate Management, the real estate branch of the Norwegian Government Pension Fund Global, joined forces in order to acquire two prime office buildings in Washington, D.C. The LEED Gold-certified assets total more than 500,000 square feet and will be managed by Oxford, the operating partner in the joint venture.
The LEED Gold-certified assets
The first property is located at 900 16th St. NW and encompasses 122,000 square feet of office space over nine floors. Completed in 2016 by the seller, The JBG Cos., and designed by award-winning architect Robert A.M. Stern, the building features an outdoor terrace, a fitness center and underground parking. Overlooking the White House and Washington Monument, it is bounded by restaurants and hotels, being minutes away from Farragut Square. The building is 75 percent leased.
The second asset, 1101 New York Ave., comprises 379,329 square feet, Yardi Matrix data shows. The 12-story property, designed by Kevin Roche John Dinkeloo and Associates, was completed in 2007 by Property Group Partners. Amenities include floor-to-ceiling triple-glazed glass columns, a 2,150-square-foot fitness center, a rooftop terrace, ten corner offices on each upper level and a three-story, 200-spot below grade level parking. The property is 99 percent occupied by tenants including Google and Ernst & Young.
“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,” Oxford Senior Vice President of Investments Chris Mundy said in a prepared statement. “These are Oxford’s fifth and sixth projects in D.C., and we are very pleased to be making this investment besides the exceptional team from Norges Bank Real Estate Management.“
Image courtesy of Kevin Roche John Dinkeloo and Associates