NEW YORK--(BUSINESS WIRE)--Oxford Properties Group, the real estate arm of the OMERS Worldwide Group of Companies, and New York-based Crown Acquisitions Inc. today announced the joint acquisition of a significant interest in Olympic Tower from Williston S.A. a company ultimately beneficially controlled by the Alexander S. Onassis Foundation. Olympic Tower, located along Fifth Avenue in New York, consists of a 21-story, 380,000 SF office tower, home of the National Basketball Association, and approximately 120,000 SF of luxury retail including the Cartier mansion, the Versace townhouse, H. Stern, Gant and the Armani Exchange.
"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.”
“In our view, Crown is a fantastic partner for Oxford because of their vast experience in the New York City market and their similar long term ownership approach as a principal investor,” said Andrew Trickett, Senior Vice President, Global Principal Investment, Oxford Properties Group. “Oxford is very pleased to join forces with Crown in what we hope is the first of many acquisitions to come.”
Managing Principal of Crown Acquisitions, Haim Chera commented: “Oxford Properties was an ideal partner for this investment. We have the same vision for the block and see the potential for growth along this rare strip of real estate in New York.”
In a transaction brokered by Colliers International, Crown Acquisitions came to terms to acquire an interest in Olympic Tower from the Foundation interests this past May. Under the new agreement, the asset will be jointly owned by Oxford Properties, Crown Acquisitions and the Foundation. JP Morgan assisted Crown Acquisitions with the joint venture.
Anthony Papadimitriou, president of the Alexander S. Onassis Foundation, said: “This partnership will enhance the positioning of our retail and office interests along Fifth Avenue and will most certainly add value over time. This transaction falls within our strategy of diversification of our real estate portfolio and I look forward to working with Crown and Oxford.”
Crown Acquisitions has recently completed several high-street retail redevelopments including the high profile repositioning of the retail condominium located diagonally across from Olympic Tower at 666 Fifth Ave. and Manhattan’s St. Regis Hotel. Oxford specializes in real estate investment, development and management with several projects in progress including a joint venture with Related Companies in the 12 million SF Hudson Yards site in New York.
About Oxford
Oxford Properties Group is a global platform for real estate investment, development and management, with over 1,400 employees and over $20 billion of real estate assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford has regional offices in Toronto, New York and London, and the company's portfolio includes approximately 50 million square feet of office, retail, industrial, multi-family and hotel properties. Oxford is the real estate arm of the OMERS Worldwide Group of Companies. OMERS has $10 billion invested in the United States, in both public and private markets, as well as holdings in U.S. public companies, significant private investments include Oncor (electricity transmission), U.S. Infrastructure Corp., and a joint venture with Related Properties for the 12 million square foot Hudson Yards redevelopment project.
For more information about Oxford visit www.oxfordproperties.com.
About Crown Acquisitions
Crown Acquisitions Inc. is comprised of a seasoned group of real estate professionals with over 80 years of combined real estate experience in New York City and throughout North America. Investing as a principal, Crown has acquired and developed billions of dollars of high-profile commercial real estate assets. Crown Acquisitions owns properties in major cities such as New York, Chicago, Toronto, Philadelphia, Boston and Miami.
About the Alexander S. Onassis Foundation
The Alexander S. Onassis Foundation was established in Liechtenstein in 1975 under the Will of Aristotle Onassis. About one half of his estate was given to the Onassis Foundation for public benefit projects in all fields provided there is a Greek angle to them. The Onassis Foundation indirectly beneficially controls real estate, shipping and financial assets worldwide.