WASHINGTON, DC—Oxford Properties Group is making another foray into the DC market. The real estate arm of the Ontario Municipal Employees Retirement System has acquired a stake of nearly 50% in 1001 G St., NW from Quadrangle Development Corp. in a deal that values the 12-story office property at $210 million, according to the Wall Street Journal.

Oxford has made four investments in DC real estate since December 2012, including a pair of development deals. “We're quite bullish on DC in the long run,” Chris Mundy, who heads Oxford's Washington office, told the WSJ Thursday. In a statement, Mundy calls 1001 G St. “arguably the best located building in the city” and represents “a great addition to our growing Washington, DC portfolio.

Quadrangle developed the 355,000-square-foot property in 1989. QDC Property Management will continue to manage the asset on behalf of the joint venture, while QuikPark, another Quadrangle affiliate, will continue managing the five-story below-grade garage.

NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.