DLA Piper represented Oxford Properties Group on the deal
Oxford Properties Group and Canada Pension Plan Investment Board (CPPIB) have closed on the acquisition of the portion of New York City’s historic St. John’s Terminal site (“the site”) that is south of West Houston Street from Westbrook Partners and Atlas Capital Group for US$700 million. Oxford will own a 52.5% interest and manage the development on behalf of the Oxford-CPPIB partnership. CPPIB will own the remaining 47.5% interest.
The 3.25 acre site features 600 feet of Hudson River frontage in the Hudson Square submarket of Midtown South. The existing St. John’s Terminal structure, built in 1934 as the rail freight terminus to the High Line, features soaring ceiling heights and over-sized floorplates.
The Northern portion of the site is not part of this transaction and will be developed separately.
Oxford and CPPIB are long-standing joint venture partners who together own over 14 million square feet of commercial office and retail real estate, have jointly developed four office towers, and hold three sites for future development.
Oxford and CPPIB expect to announce further details of the St. John’s Terminal development in the second half of 2018.
Oxford was advised on debt and equity capitalization by Cushman and Wakefield’s New York Capital Markets team.
The DLA team was led by US Real Estate practice chair John Sullivan (Picture) and partner Cara Nelson (both Boston), and also included partners Robert LeDuc (Minneapolis and Chicago), Bruce Wickersham and Primo Fontana (both Boston), Stephen Sharkey, Lee Sheller, Mark Friedman and Joseph Langhirt (all Baltimore), Allan Bowen (Minneapolis), Rita Patel and Harriet Lipkin (both Washington, DC), of counsel Lucien White and Naftali Dembitzer (both New York), staff attorney Andrew Ratelle (Minneapolis), and associates Brian Donnelly (New York), Janessa Griffin (Chicago), Donovan Powell (Atlanta), Robert Yamartino, George Lilov and Taylor Tremble (all Boston), Bradley Phipps (Philadelphia), and paralegal Luci Correia.
Involved fees earner: John Sullivan – DLA Piper; Cara Nelson – DLA Piper; Bruce Wickersham – DLA Piper; Primo Fontana – DLA Piper; Andrew Ratelle – DLA Piper; Brian Donnelly – DLA Piper; Janessa Griffin – DLA Piper; Donovan Lloyd Powell – DLA Piper; Robert Yamartino – DLA Piper; George Lilov – DLA Piper; Taylor Tremble – DLA Piper; Bradley Phipps – DLA Piper; Robert LeDuc – DLA Piper; Stephen Sharkey – DLA Piper; Lee Sheller – DLA Piper; Joseph Langhirt – DLA Piper; Naftali Dembitzer – DLA Piper; Mark Friedman – DLA Piper; Allan Bowen – DLA Piper; Lucien White – DLA Piper; Rita Patel – DLA Piper; Harriet Lipkin – DLA Piper;
Law Firms: DLA Piper;
Clients: Oxford Properties Group;