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Oxford Properties, Canada Pension buy NYC development for $700M

Oxford Properties Group teamed up with Canada Pension Plan Investment Board and completed the $700 million acquisition of the office and retail portion of the St. John's Terminal site at 550 Washington St. in New York City.

With the purchase from Westbrook Partners and Atlas Capital Group, the total capitalization of the site comes to $1.3 billion, according to a Jan. 31 report from The Real Deal. The partnership received $400 million of new financing from Deutsche Bank, the news outlet noted, citing sources.

Oxford, which will hold a 52.5% interest in the partnership and manage the development, agreed to buy the site in September 2017 for $700 million after outbidding Vornado Realty Trust, RXR Realty and Brookfield Property Partners LP.

CPPIB will have a 47.5% stake in the south site comprising 1.3 million square feet for commercial development, according to the report. Upon completion, the mixed-use complex will offer 1,500 apartments and office and retail over a three-block-site.

The sellers, meanwhile, will retain their ownership in the north site and build a 400,000-square-foot residential development.