Updated Dec 5, 2024
Canada Pension Plan Acquires St. John’s Terminal Mixed-use Complex In Manhattan For $700M
550 Washington St, New York, NY 10014, USA
Building Size
1,300,000 SF
Asset Type
Development Site
Closing
Jan 30, 2018
About this deal
AI
Oxford Properties Group and Canada Pension Plan Investment Board (CPP) have acquired the St. John’s Terminal in Manhattan for a total price of $700,000,000. The mixed-use complex, located at 550 Washington Street, is considered a prime asset in the Manhattan market.
Summary of transaction details
- Property Type: Mixed-use Complex
- Transaction Amount: $700,000,000
- Seller: Westbrook Partners and Atlas Capital Group
- Buyer: Canada Pension Plan Investment Board (CPP) and Oxford Properties Group
The transaction was led by CPP CEO Mark Machin and Oxford Properties' Blake Hutcheson. Oxford Properties Group, a subsidiary of the Ontario Municipal Employees Retirement System, specializes in real estate investment and development. The acquisition of the St. John's Terminal further expands their presence in the Manhattan market.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93