NEW YORK, N.Y. – Oxford Properties Group is joining U.S.-based Gould Property Co. in a 50-50 joint venture to develop a 620,000 square foot office building in Washington D.C.
Financial terms of the arrangement were not disclosed in an announcement Monday by Oxford, the real estate arm of OMERS Worldwide Group of Companies.
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The joint venture project is 12-storey office building at 900 New York Avenue, NW, which Oxford described as a “core location” and “considered among the best undeveloped office sites in the city.”
The property will include about 35,000 square feet of retail space as well as 425 underground parking stalls.
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“900 New York Avenue is a tremendous development opportunity and Oxford is very pleased and excited to be partnering with Gould on this project,” said Neil Jacob, executive vice-president, USA, Oxford Properties.
“The site’s location and access are outstanding, the market fundamentals support the development of a world class office property and the project is consistent with Oxford’s U.S. strategy of acquiring and developing prime office properties,” Jacob added.
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