Google pays Oxford Properties $1.97B for St. John’s Terminal, reported total was $2.1B

Google through the entity Orange Submarine LLC acquired an interest from Oxford Properties Group through the entity 550 Washington Economic Joint Venture (De) LP valued at $1.97 billion for the south condominium unit at St. John’s Terminal at 550 Washington Street in Soho, Manhattan. The reported total sale price was $2.1 billion.
The deal closed on January 20, 2022 and was recorded on February 2, 2022.
The property has 631,721 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $3,123 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
Prior to this transaction, the buyer Google had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Oxford Properties Group had not purchased any other properties and had not sold any properties over the same time period.
Over the past five years, there have been 26 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $868.8 million. There were 23 renovation/alteration projects (A2) applied for with a total estimated value of $15 million.

Google, which operates under the parent company Alphabet, Inc., announced last year through a blog post that it would purchase St. John’s Terminal, which it was already leasing, according to Bloomberg. This transaction is an entity-level purchase of the shares in the company 550 Washington REIT Investor (DE) LLC which owns the commercial condo unit known as the South Unit, and is not a deed transfer. It is for $1.973 billion, and not for the widely reported sale price of $2.1 billion. Google signed a purchase option on July 3, 2019, and through this transaction exercised that option.  Oxford Properties bought the condo unit, one of two in the building 550 Washington Street, for $700 million in January 2018.

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