18 Jul

900 16th St., NW development sold

WASHINGTON, DC–The JBG Cos. and ICG Properties announced this morning that 900 16th St., NW was sold to a JV between Norges Bank Real Estate Management and Toronto-based Oxford Properties Group in a 49-51% venture.

Last month GlobeSt.com had reported that the building was trading.

The sellers were represented by John Duffy and Andrew Asbill of the Washington DC office of JLL.

The sellers did not reveal the sales price. Our source told us the building was trading for $160 million, or $1,250 per square foot — one of the highest sales prices for a District building on a per square foot basis.

Separately, we have also learned that Norges and Oxford Properties have under contract 1101 New York Ave., NW, for $418 million or $1,069 per square foot. 1101 New York Ave., NW, is a 385,000-square-foot building owned by a partnership between Property Group Partners and W.R Berkley.

Latest Posts