NEW YORK CITY — A joint venture between Oxford Properties Group and Crown Acquisitions has acquired a significant interest in Olympic Tower, a 380,000-square-foot office building on Fifth Avenue in New York City. The 21-story tower is home to the National Basketball Association and approximately 120,000 square feet of retail, including Cartier and Versace. The seller was Williston S.A., a business operating arm of the Alexander S. Onassis Public Benefit Foundation. Last May, Crown Acquisitions acquired a 49.9 percent interest in Olympic Tower in a transaction valued at $1 billion, according to various media reports. Under the new agreement, the asset will be jointly owned by Oxford Properties, Crown Acquisitions and the Onassis Foundation. JP Morgan assisted Crown Properties with the joint venture.
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