Oxford Properties Group and the Canadian Pension Plan Investment Board have secured a $973 million construction loan for the redevelopment of St. John’s Terminal at 550 Washington Street, CO reported. Google will be the sole tenant in the 1.3 million SF office building in the West Village. Plans call for adding nine floors on top of the first three stories of the former rail warehouse –– massive floorplates!
- Financing details: Wells Fargo has been selected to lead the financing, with a number of other banks coming into the deal as syndicate participants. The loan works out to roughly 55 percent loan-to-cost.
- Timeline: Google will make St. John’s Terminal the centerpiece of its new 1.7 million SF Hudson Square Campus, and expects to move into the megaproject in 2022. The company will move into Jack Resnick & Sons’s 315 Hudson Street and Trinity Real Estate’s 345 Hudson Street this year.