New York and Washington, DC, [December 10, 2012] - Oxford Properties Group the real estate arm of the OMERS Worldwide Group of Companies, and Gould Property Company, of Washington, DC, today announce a 50/50 joint venture to develop 900 New York Avenue, NW a 620,000 square foot office building in Washington, DC.
The site is the Southwest corner of New York Avenue, NW and 9th Street, NW at Mount Vernon Square, a core location in Washington, DC’s East End submarket and is considered among the best undeveloped office sites in the city. The 12-storey office building is planned around a dramatic garden-style atrium and street level retail. The building features several private terraces, a large rooftop experience and a 4,000 square foot fitness centre. 900 New York Avenue is designed to contribute to the adjacent Foster + Partners master planned CityCenterDC development that is being developed by Hines | Archstone. CityCenterDC will be a 24/7 pedestrian friendly live, work, shop and play neighbourhood.
“900 New York Avenue is a tremendous development opportunity, and Oxford is very pleased and excited to be partnering with Gould on this project,” said Neil Jacob, Executive Vice President, USA, Oxford Properties. “The site’s location and access are outstanding, the market fundamentals support the development of a world class office property, and the project is consistent with Oxford’s US strategy of acquiring and developing prime office properties.”
Chris Mundy - Senior Vice President Investments, who recently joined Oxford to oversee its Washington, DC office, further commented “We look forward to working together with Gould to successfully deliver this spectacular project.”
Kingdon Gould, III said “Oxford is an ideal partner for us, and 900 New York Avenue, because of its demonstrated investment and commitment to excellence and long term ownership. Oxford’s strong balance sheet and reliance on internally generated funds fits well with our own investment objective and practices.”
The joint venture between Oxford and Gould was arranged by Keith Harney, Managing Partner at Property Capital LLC.
900 New York Avenue was designed by a world-class team led by Pickard Chilton of New Haven, Connecticut and Kendall Heaton Associates of Houston, Texas along with the landscape architecture firm of Gustafson Guthrie Nichol. Included in the property’s 620,000 SF is approximately 35,000 SF of retail space which will attract world-class retailers to the site as well as 425 underground parking stalls. The building features divisible 50,000 square foot floor plates with 9’0” finished ceiling heights, and every office will benefit from an abundance of natural light. The atrium serves as a functional design element, enhancing the floor plate efficiency, tenant experience, and contributes to the project’s sustainability which is designed to achieve LEED Platinum.
900 New York Avenue is entitled, construction drawings have been completed and the Gould/Oxford joint venture is in discussions with a number of prospective pre-lease tenants. The tenant and brokerage communities have received the proposed development tremendously well, recognizing the quality and attention to detail and favouring the comprehensive, flexible and efficient design. The development can be completed and ready for tenancy by 2015.