Oxford Properties and CPPIB Close Acquisition of South portion of St. John’s Terminal

NEW YORK, January 31, 2018

Oxford Properties Group and Canada Pension Plan Investment Board (CPPIB) today announced they have closed on the acquisition of the portion of New York City’s historic St. John’s Terminal site that is south of West Houston Street from Westbrook Partners and Atlas Capital Group for US$700 million. Oxford will own a 52.5% interest and manage the development on behalf of the Oxford-CPPIB partnership. CPPIB will own the remaining 47.5% interest.

The 3.25 acre site features 600 feet of Hudson River frontage in the Hudson Square submarket of Midtown South. The existing St. John’s Terminal structure, built in 1934 as the rail freight terminus to the High Line, features soaring ceiling heights and over-sized floorplates.

The Northern portion of the site is not part of this transaction and will be developed separately.

Oxford and CPPIB are long-standing joint venture partners who together own over 14 million square feet of commercial office and retail real estate, have jointly developed four office towers, and hold three sites for future development.

Oxford and CPPIB expect to announce further details of the St. John’s Terminal development in the second half of 2018.

Oxford was advised on debt and equity capitalization by Cushman and Wakefield’s New York Capital Markets team.

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, Berlin, Boston, Washington DC, New York, San Francisco and Singapore 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 defined benefit pension plan for Ontario’s municipal employees.

About CPPIB

Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 20 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, São Paulo and Sydney, CPPIB is governed and managed independently of the Canada Pension Plan and at arm’s length from governments.

Discover more on this website

Propy launches pilot to record real estate transfe... SAN FRANCISCO, January 22, 2018 Propy, Inc., a Palo Alto California-based blockchain startup, is pleased to announce the launch of a pilot project in collaboration with the City Clerk's Office of South Burlington, VT to utilize blockchain technology to record real estate conve...
Divvy Homes Officially Launches Real Estate Platfo... SAN FRANCISCO, January 25, 2018 Divvy Homes, a tech enabled real estate platform, launches its new homeownership program to give customers the flexibility of renting with the financial benefits of homeownership. The $7M funding round - led by Caffeinated Capital with participa...
TRELORA Launches in Seattle SEATTLE, February 14, 2018 TRELORA, the technology-driven real estate brokerage pioneering how people buy and sell residential real estate, today announced the expansion of its flat-fee brokerage to Seattle, introducing buyers and sellers in the Pacific Northwest to the flat-f...
Commercial Real Estate Veteran Matt Bear Launches ... LAS VEGAS, January 29, 2018 Matt Bear, a commercial real estate veteran with nearly three decades of investment services experience, today announced the launch of Bear Real Estate Advisors LLC, a boutique real estate investment firm. The firm focuses on IRS Section 1031 exchan...
Share This Post On

Pin It on Pinterest

Share This