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.
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