NEW YORK—Oxford Properties Group, the real estate arm of the OMERS Worldwide Group of Companies, and New York-based Crown Acquisitions Inc. have completed a joint acquisition of a significant interest in Olympic Tower from Williston S.A.
In a transaction brokered by Colliers International, the asset will be jointly owned by Oxford Properties, Crown Acquisitions and the foundation. JP Morgan assisted Crown Acquisitions with the joint venture.
Located along Fifth Avenue, Olympic Tower totals 380,000 sq. ft. of space spanning 21 stories. The office tower includes tenants such as the National Basketball Association, H. Stern and Armani Exchange, among others.
"The acquisition of Olympic Tower is consistent with Oxford's U.S. investment strategy," said Blake Hutcheson, president and CEO, Oxford Properties Group. “We seek large-scale, world-class, mixed-use assets with long-term partners and we are very excited to join Crown Acquisitions and the Onassis Foundation in this exceptional opportunity. We believe in New York, We believe in this real estate and we believe in our partners.”
