Oxford Properties and Gould Property form JV to develop DC office project
Oxford Properties Group, the real estate arm of the OMERS Worldwide Group of Companies, and Gould Property Company, of Washington, DC, have formed 50/50 joint venture to develop 900 New York Avenue, NW, a 620,000 square foot office building in Washington, DC.
The site is the Southwest corner of New York Avenue, NW and 9th Street, NW at Mount Vernon Square, a core location in Washington, DC's East End submarket and is considered among the best undeveloped office sites in the city.
The 12-storey office building is planned around a dramatic garden-style atrium and street level retail. The building features several private terraces, a large rooftop experience and a 4,000 square foot fitness centre.
900 New York Avenue is designed to contribute to the adjacent Foster + Partners master planned CityCenterDC development that is being developed by Hines/Archstone. CityCenterDC will be a 24/7 pedestrian friendly live, work, shop and play neighbourhood.
"900 New York Avenue is a tremendous development opportunity, and Oxford is very pleased and excited to be partnering with Gould on this project," says Neil Jacob (pictured), 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 US strategy of acquiring and developing prime office properties."
Kingdon Gould III says: "Oxford is an ideal partner for us, and 900 New York Avenue, because of its demonstrated investment and commitment to excellence and long term ownership. Oxford's strong balance sheet and reliance on internally generated funds fits well with our own investment objective and practices."
The joint venture between Oxford and Gould was arranged by Keith Harney, managing partner at Property Capital.