OMERS Unit Joins Crown Acquisitions' $1B NYC Property Deal

Law360, New York (November 14, 2012, 7:12 PM EST) -- The real estate arm of the Ontario Municipal Employees Retirement System and Crown Acquisitions Inc. have purchased a 49 percent stake in Manhattan's Olympic Tower from Williston SA in a deal valuing the property at around $1 billion, a principal for Crown said Wednesday.

OMERS' Oxford Properties teamed up with Crown Acquisitions to buy the stake in the 21-story, 380,000-square-foot building on Fifth Avenue from Williston, a company controlled by the Alexander S. Onassis Foundation, six months after Crown beat out private equity investors, real estate...
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