Oxford Properties in contract to buy St. John’s Terminal site: report

Westbrook and Atlas sought a partner last year

Toronto’s Oxford Properties Group — Related Companies’ partner on Hudson Yards — is in contract to purchase the St. John’s Terminal site from Westbrook Partners and Atlas Capital, according to a report.

The $700 million price tag for the 1.7 million-square-foot mixed-use complex works out to $443 per square foot, the New York Post reported.

Other bidders for the three-block-long site, located at 550 Washington Street, were Vornado Realty Trust, Scott Rechler’s RXR Realty and Brookfield Property Partners. Cushman & Wakefield’s Doug Harmon and Adam Spies had been marketing the property for sellers Atlas Capital and Westbrook Partners.

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Westbrook and Atlas had been seeking a partner for the massive redevelopment since last year.

Westbrook paid $250 million for Eugene Grant’s majority interest in the property in 2013, and shelled out another $200 million for Fortress Investment Group’s stake in 2015. Atlas is a minority partner.

The City Council approved the development in December. [NYP] — E.B. Solomont

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Oxford Properties in contract to buy St. John’s Terminal site: report

Westbrook and Atlas sought a partner last year

Toronto’s Oxford Properties Group — Related Companies’ partner on Hudson Yards — is in contract to purchase the St. John’s Terminal site from Westbrook Partners and Atlas Capital, according to a report.

The $700 million price tag for the 1.7 million-square-foot mixed-use complex works out to $443 per square foot, the New York Post reported.

Other bidders for the three-block-long site, located at 550 Washington Street, were Vornado Realty Trust, Scott Rechler’s RXR Realty and Brookfield Property Partners. Cushman & Wakefield’s Doug Harmon and Adam Spies had been marketing the property for sellers Atlas Capital and Westbrook Partners.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Westbrook and Atlas had been seeking a partner for the massive redevelopment since last year.

Westbrook paid $250 million for Eugene Grant’s majority interest in the property in 2013, and shelled out another $200 million for Fortress Investment Group’s stake in 2015. Atlas is a minority partner.

The City Council approved the development in December. [NYP] — E.B. Solomont

Tags