Oxford Properties Group and Canada Pension Plan Investment Board (CPPIB) 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 for $700 million.
The sellers were Westbrook Partners and Atlas Capital Group.
Oxford will own a 52.5 percent interest and manage the development on behalf of the Oxford-CPPIB partnership. CPPIB will own the remaining 47.5 percent 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 more than 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.
