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Oxford Properties Group is bolstering its presence in the US capital, acquiring a 50% share in Quadrangle Development's Washington Center, a 12-storey office building. Oxford SVP Chris Mundy tells us why 1001 G St makes a great addition to the portfolio.  Developed by Quadrangle in 1989, the 335k SF Washington Center has direct internal access to the Metro Center subway station, one of the region's transit hubs. The property, in the heart of the East End district, incorporates the historic Beaux Arts-style McLachlen Building. It's also adjacent to the Grand Hyatt Hotel, undergoing a $50M reno. “This is arguably, from a transit standpoint, the best located building in the city,” says Chris, noting the deal with Quadrangle closed at the end of last year. “And there'd been a long courtship before then.”  This is the fourth investment Oxford has made in DC since 2012. It has two developments underway: 900 New York Ave, a 620k SF office building that's part of the CityCenterDC mixed-use project; and 600 Massachusetts Ave, a 400k SF office building (rendered below). Oxford also purchased an interest in Gallery Place, a mixed-use complex adjacent to Verizon Center. At a time when Washington has lost some lustre with institutional investors (largely due to government paralysis), Oxford is investing heavily in DC, with $1.3B in assets and development.  Recent major rollovers at Washington Center mean the building has significant vacancy for the first time in its 26 years, with 130k SF available. Oxford will continue with upgrades Quadrangle's been making, such as sprucing up the common areas and bathrooms. And a roof deck and bike room are future amenity possibilities that'll help lure the tenants whose talent wants to be located in DC's bustling East End, Chris says. “A lot of this will be about reintroducing the building to the market."
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Toronto's Top Power Lunch SpotsWhen it's time to close the deal, choosing the right spot is key. We asked top Toronto brokers to name some of their fave downtown power-lunching locations. Here's what they picked... 1. Drake One Fifty Address: 150 York St (at Richmond) Cuisine: Modern Canadian Lunch possibilities: Stone-baked pizzas made with house-made sourdough; One Fifty Burger; Nonna's Meatballs. Known for: Being the first restaurant outpost for the Drake Hotel on West Queen West. It has a 60-foot oval marble bar, curtain wall of warehouse-inspired, steel-framed windows, and handmade geometric Moroccan tiles. Also, curated art collections, with installations by Douglas Coupland and Micah Lexier. Check out the other power-lunch locations on our list. And let us know your go-to spots: ryan.starr@bisnow.com |
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Karl Lagerfeld To Design Freed Condo Lobby |
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 We know. Everyone thought commercial real estate couldn't get any cooler. But global style icon Karl Lagerfeld is partnering with Freed Developments and CD Capital Developments to design the residential lobby spaces at Art Shoppe Lofts + Condos, a new mixed-use development planned for Yonge Street just south of Eglinton Avenue. In his first-ever major project in Canada, Karl Lagerfeld will be selecting the features, finishes and furnishings for two lobby spaces at Art Shoppe.
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 “What I really like is what I've never done before,” the designer said in a statement. He will be in Toronto in early April to officially launch the collaboration with Freed and CD Capital. The Art Shoppe condo, located at 2131 Yonge, site of the Art Shoppe furniture store (which is relocating), includes a 28-storey tower on the north side of the property, stepping down to a 12-storey mid-rise with lofts on the southern side. There will also be a linear park and 80k SF of street-level retail. |
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Oxford and Ivanhoe Buy Back Target Leases Target Canada has reached an agreement with Ivanhoe Cambridge and Oxford Properties Group to return 11 of its Canadian locations to the shopping mall landlords. This includes Target properties at Square One Shopping Centre in Mississauga, Upper Canada Mall in Newmarket, Hillcrest Mall in Richmond Hill and Conestoga Mall in Waterloo. In an affidavit filed by Timothy Pohl, managing director of Lazard Frères & Co., advisers to Target Canada, the retailer said it achieved “premium pricing” in selling leases back to Ivanhoe and Oxford, and that holding onto properties any longer would be “unlikely to result in a higher and better offer,” only additional costs. The deal is subject to court approval.
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Will CBC Sell Its Toronto Headquarters?The Canadian Broadcasting Corp is looking at selling its 250 Front St W headquarters, hiring a consultant to examine the possibilities, according to the National Post. The 1M SF broadcast centre, constructed in the early '90s, was “built for a different day,” CBC general manager of media operations and technology Fred Mattocks told the Post, noting that parts of the building are “dreary” and “dreadful.” The broadcaster only requires a third of the space at the HQ, he says, and is looking for a buyer that would allow it to remain there as a tenant. In the face of budget cuts, selling off CBC's real estate assets could generate funds to create new content. |
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