The Real Deal New York

TIAA-CREF will buy third Meatpacking warehouse

Financial services firm to pay $140 million for 430 West 15th Street

November 18, 2015 08:08AM

Roger Ferguson 350 West 15th

From left: TIAA-CREF’s Roger Ferguson and 350 West 15th in the Meatpacking District

Global financial services giant TIAA-CREF continued its push into the Meatpacking District, picking up a third large warehouse property.

The company is in contract to buy 430 West 15th Street, an 84,000-square-foot warehouse between Ninth and Tenth avenues, paying $140 million to sellers Atlas Capital Group and Rockpoint Group.

Atlas and Rockpoint secured a 99-year ground lease for the property last April, with plans to convert it to modern office space.

The building’s entire office portion is already leased to national security-oriented software and analytics firm Palantir Technologies, which signed for 77,000 square feet late last year.

Douglas Harmon, Adam Spies and Kevin Donner of Eastdil Secured marketed the building.

The building is TIAA-CREF third warehouse property in the area. It also owns 837 Washington Street, which is completely leased to Samsung, as well as 401 West 14th Street, which mostly occupied by Apple.

TIAA-CREF has recently taken heat for massive land purchases it made over the last few years in Brazil, allegedly dodging official restrictions on property purchases by foreign firms. [NYP]Ariel Stulberg