With Oxford Properties Group announcing its first Parisian acquisition on September 22, the real estate investment giant ends its monumental week by announcing the completion of a major venture south of the border.
Along with J.P. Morgan Asset Management, Oxford has acquired two prime office towers in Boston and one in Cambridge, M.A., for an estimated $2.1 billion.
The joint venture, along with a 22-storey Boston-based tower Oxford purchased near the South Station, totals a whopping 2.2 million square feet.
Closing this deal helps solidify Oxford’s strategic initiative to acquire and develop significant properties in major urban American cities, such as Washington and New York.
“We believe Boston has significant potential for rental growth, and that the office market enjoys favourable supply and demand dynamics,” says Andrew Trickett, senior vice-president of investments at Oxford. “We are very pleased to expand our existing relationship with J.P. Morgan, and look forward to working collaboratively with their talented team in this significant portfolio.”
The properties Oxford acquired with J.P. Morgan include: 225 Franklin—recognized as a best-in-class office; 60 State—a 36-year-old property comprised of first-rate office tenants and renovated in 2013; and One Memorial—recognized as the best office building in the city of Cambridge.