WASHINGTON, DC—The original developers of the Gallery Place shopping and entertainment complex at 616 H St. NW here have sold their interest in the property to a Canadian real estate investor and a national union investment fund.
Western Development Corp. and Akridge have sold their interest in Gallery Place to Oxford Properties and the Building Investment Trust, the investment arm of the AFL-CIO, for $120.2 million, according to the Washington Business Journal.
Oxford and Building Investment Trust also acquired Hartford, CT-based Cornerstone Real Estate Advisers' interest in Gallery Place for $102.9 million. Both transactions took place last month. Prior to the purchases, BIT did have an interest in the project. Oxford is a new investor in the development.
“Over a fairly long dialogue we were able to develop a structure that worked for everyone,” says Chris Mundy, senior vice president with Oxford. “We love the real estate. We love the long-term prospects for the retail and office components and the parking garage. We feel it's ground zero for the city's entertainment aspect.” See story in the Washington Business Journal.
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