Norway’s Norges Bank Property Management, in joint endeavor with a brand-new financial investment partner, Canada’s Oxford Properties Group, got a pair of office buildings in downtown Washington, DC, from 2 various sets of sellers simply ahead of the Fourth of July holiday.
The JV purchased the just recently developed 900 16th St. NW, a nine-story, 127,825-square-foot structure at the corner of 16th and I streets, NW, and the much larger but older 1101 New York Ave. NW, a 12-story 404,495-square-foot building completed in 2006 that is 99% rented.
Toronto-based Oxford Residences, the real estate investment affiliate of the Ontario Municipal Worker Retirement System, will handle both properties.
“These are Oxford’s fifth and sixth jobs in D.C., and we are very happy to be making this investment next to the exceptional group from Norges Bank Property Management,” noted Chris Mundy, senior vice president of investments for Oxford Residence Group.
Oxford’s Washington, D.C. portfolio includes Washington Center (1001 G Street), 600 Massachusetts Opportunity and Gallery Location. In addition, Oxford is partnering with Gould Residential or commercial property Business on the prepared advancement of 900 New york city Opportunity.
The list price for 1101 New york city Ave., NW, was not revealed. W. R. Berkley Corp., an insurance coverage holding business, and Morgan Stanley Property Investing (MSREI), were the sellers.
Norges is investing $74 million for a 49% interest in 900 16th St., NW, which values the residential or commercial property at $151 million or about $1,208/ square foot. Oxford will own the staying 51% interest.
The home offered unencumbered by financial obligation, and no financing was associated with the deal.
The seller, a development joint venture in between The JBG Cos. and ICG Characteristics LLC, completed construction of the structure in April 2016. Law firm Miller & & Chevalier occupies about 70% of the structure.
It is also the home of the 12,000 square-foot sanctuary, reading space and administrative offices of First Church of Christ, Researcher, formally the Third Church of Christ, which originally owned the website and had actually looked for to redevelop the valuable area in what amounts to a fascinating backstory to the deal including an impressive historical conservation battle lasting nearly two decades.
John Duffy and Andrew Asbill of the Washington DC workplace of JLL represented JBG and ICG Characteristics in the sale.Nevertheless, ICG Persisted In the early 2000s, the church parish looked for to offer its building at the popular place at 16th and I streets, NW and replace it with a new sanctuary, mentioning the difficulty and expense of keeping the big structure. Nevertheless, unidentified to the congregation, in 1991 a group of preservationists applied to have the Third Church structure designated as a D.C. historic landmark. The former church structure was an example
of the hulking, Brutalist-style architecture that flourished from the 1950s to the mid-1970s. Similar to the current FBI head office building the GSA is looking for to sell. ICG thought it had a deal with the church to change the
structure with an office building that would include a brand-new sanctuary and filed for demolition licenses. Nevertheless, in 2007 the city officially landmarked it, triggering the congregation to file suit to have the status got rid of. That triggered 3 more years of settlements in between ICG, the church, the court, the
District government and the D.C. Preservation League, prior to a settlement was reached in 2010. However it would be another two years prior to the task was finally approved by the D.C. Historic Conservation Review Board and the D.C. Zoning Commission. The structure was lastly demolished in 2014, and changed by the new structure in 2015. At the time his firm finally secured the essential approvals, David Stern of ICG kept in mind that he began working on the brand-new building
at the start of 2006.”My child was two. She’s now 9, “he said. Please refer to CoStar COMPs 3943853 for 1101 New york city Ave. NW and 3943751 for 900 16th St. NW. This report was upgraded given that it was initially released to include the second asset obtained by the Norges/Oxford collaboration, 1101 New York Opportunity,