Norges Bank Real Estate Management has acquired a 49 percent interest in 900 16th Street in Washington, D.C. in joint venture with a new partner, Oxford Properties Group.
The acquisition was completed on 30 June 2017.
Norges Bank Real Estate Management is investing 74.0 million US dollars for its 49 percent interest, valuing the property at 151.0 million US dollars. Oxford Properties Group has acquired the remaining 51 percent interest and will manage the property. The property is unencumbered by debt, and no financing was involved in the transaction.
The seller of the property was ICG 16th Street Associates LLC, an affiliate of The JBG Companies and ICG Properties LLC, who developed the property through a joint venture.
The property comprises approximately 117,000 square feet of office space and 4,000 square feet of retail space.
PRESS CONTACT
Aleksander Lee Olsen
Advisor, Communications and External relations
Phone: (+47) 24 07 33 55 Mobile: (+47) 41 57 97 25
Email: press@nbim.no
Photo: Norges Bank Real Estate Management
