Norges Bank Real Estate Management has acquired a 49 percent interest in 1101 New York Avenue NW in Washington, D.C. in joint venture with Oxford Properties Group.
The acquisition was completed on 3 July 2017.
Norges Bank Real Estate Management is investing 190.8 million US dollars for its 49 percent interest, valuing the property at 389.3 million US dollars. Oxford Properties Group has acquired the remaining 51 percent interest and will manage the property. The venture intends to partially finance the acquisition with a loan secured by the property.
The seller of the property was 1101 New York Holdings LLC, a company owned by W.R. Berkley Corporation and Property Group Partners.
The property comprises approximately 353,000 square feet of office space and 32,000 square feet of retail and storage space.
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Email: press@nbim.no
Photo: Norges Bank Real Estate Management