Oxford venture to buy Manhattan property for $545m

A venture between Crown Acquisitions and Oxford Properties Group, the real estate arm of the Ontario Municipal Employees Retirement System, has plans to buy the 33-story building at 450 Park Ave. in Manhattan for $545 million, or $1,756 per square foot. The deal has not been completed.

The sellers are Somerset Partners and the Michael Barry Tabor Family Trust. Eastdil Secured represented the sellers. The joint venture purchased the 321,462-square-foot property in 2007 for $509 million.

Oxford has been an active investor in New York City recently. Another asset Oxfordacquired with Crown Acquisitions and other partners was