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New York

Forest City sells stake in Gehry tower to TIAA-CREF

Investment values property at $1 billion

Massive pension fund and real estate heavy TIAA-CREF agreed to pay about $250 million for 49 percent of New York by Gehry, the towering residential building designed by Frank Gehry at 8 Spruce Street in Lower Manhattan. The sale, by developer Forest City Ratner, values the building at $1 billion — the highest ever for a residential building in the U.S. – but the valuation includes debt, the Journal said.

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Darcy Stacom, vice chairman of the CBRE Group, was shopping the stake, as previously reported. Forest City co-owns the building with the National Electrical Benefit Fund.

The 76-story, 903-unit building launched last February with Citi Habitats handling leasing. [WSJ] –Guelda Voien

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