Oxford Properties Group, the real estate arm of the Ontario Municipal Employees Retirement System, is in contract to purchase the 1.58 million-square-foot St. John’s Terminal complex in Manhattan’s West Village. The sellers are Westbrook Partners and Atlas Capital Group.
Financial terms were not disclosed; however, the sales price is estimated to be approximately $700 million.
The five-acre site is located in the Hudson Square submarket of Midtown South and is entitled for a commercial and residential redevelopment.
Oxford will lead the commercial development and Westbrook and Atlas will continue to lead the residential development. The site is located on Manhattan’s west side and features almost 850 feet of Hudson River frontage.
In December, the city council approved a plan for the sellers to pay $100 million to the Hudson River Park Trust for another 200,000 square feet of air rights that would be transferred from Pier 40, right across the highway.
St. John’s Terminal was purchased by Atlas and Fortress in December 2012 for $540.8 million from the Eugene Grant family and Fortress Group sold its share to Westbrook in 2015.
In addition to its current project co-developing New York City’s 13 million-square-foot Hudson Yards project with partner Related Cos., Oxford’s recently completed developments include The Leadenhall Building in London, MNP Tower in Vancouver and EY Tower in Toronto.
