Asset manager TIAA-CREF has bought Clarion Partners’ minority stake in the Apple store building at 401 West 14th Street. Taconic Investment Partners owns the majority stake in the 64,226-square-foot Meatpacking District building on the corner of Ninth Avenue. [more]
Posts Tagged ‘tiaa-cref’
UPDATED, 12:56 p.m., Dec. 20: New York City-based financial services giant TIAA-CREF has sold the Exo, a 14-story, 115-unit rental apartment building in Astoria for $47.2 million, according to city records filed today. The buyer is a partnership between billionaire real estate investor Jeff Greene and Forest Properties, a Massachusetts-based landlord making its first foray into the New York City market. [more]
Pension fund giant TIAA-CREF’s 685 Third Avenue in Midtown East is gaining a financial communications consulting firm.
Integrated Corporate Relations signed a 10-year lease for 22,372 square feet — the full second floor at the 31-story, 635,000-square-foot building. It is paying $50 per square foot to start, though asking rent was $55 per square foot. In 2010, TIAA-CREF bought the building near 44th Street and sought to overhaul the lobby and pocket park. [more]
New York-based financial services giant TIAA-CREF and global investment management firm Henderson Group have struck a deal to combine their European and Asian real estate businesses, Bloomberg News reported. The new venture, TIAA Henderson Global Real Estate, will have $20 billion of assets under management.
TIAA Henderson Global Real Estate will buy and manage commercial and multifamily residential real estate, the companies said in a statement today. The venture will invest about $1.5 billion of TIAA-CREF’s cash in the coming years to acquire properties, and will also open a commercial real estate debt business, according to the statement. [more]
Norway’s $650 billion sovereign wealth fund has bought its first U.S. real estate, after announcing its new investment strategy in October, according to Bloomberg. The fund has paid out approximately $600 million to pension fund giant TIAA-CREF for a 49.9 percent stake in five U.S. office properties in New York, Washington and Boston. [more]
Amid a slow leasing market on Third Avenue, 685 Third Avenue has secured its third large tenant since TIAA-CREF purchased the property in 2010. Crain’s reported that Epiq Systems, a provider of technology services to clients in the legal profession, is near inking a deal for about 100,000 square feet.
The lease will give the company three floors inside the 31-story building, which totals 650,000 square feet. An unnamed source told Crain’s that taking rents at 685 Third are in the $50 a square foot. [more]
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. [more]
Third Avenue’s slumping office market looks like it might finally catch a break. Salesforce.com is on the verge of signing a lease for 100,000 square feet at 685 Third Avenue, Crain’s reported.
The near-vacant 650,000-square-foot office building, between East 43rd and East 44th streets was formerly Pfizer’s headquarters. TIAA-CREF bought the building for $190 million in 2010 and flipped a 49.99 percent stake a year later to Australia’s Future Fund Board of Guardians for $100.3 million. [more]
The softest portion of Midtown’s struggling office market is along Third Avenue between East 38th and East 60th streets, according to Crain’s. The avenue’s vacancy rate rose 2.5 percentage points to 17.8 percent in the first quarter of this year, well above Midtown’s overall 11.7 percent vacancy rate. [more]
From left: 475 Fifth Avenue, Darcy Stacom, vice chairman at CBRE and
William Shanahan, vice chairman at CBRE
Pension fund giant TIAA-CREF purchased the 280,000-square-foot office building 475 Fifth Avenue from Barclays Capital Real Estate this week for $144 million, about $4 million more than expected, according to sources involved in with the transaction.
The deal closed Wednesday, sources said, at sale price of about $514 per square foot. Midtown-based TIAA-CREF had been expected to buy the building, but for $140 million or less.
A joint venture of real estate developer Joseph Moinian and Westbrook Capital acquired 475 Fifth Avenue, located at 41st Street, in 2007 for $160 million, but lender Barclays took the property back in 2009 through a deed in lieu of foreclosure. In the slow commercial real estate market of the time, Barclays sought to unload the 86-year-old office tower for just $105 million. … [more]
Retirement services firm TIAA-Cref is leading the race to buy 475 Fifth Avenue, between 40th and 41st streets, from Barclays Capital Real Estate, Crain’s reported, though no deal has been signed yet. Sources said the transaction was most likely valued between $100 million and $140 million.
Barclays reclaimed the building from Westbrook Partners and the Moinian Group in 2009 after they declined to put more equity in the building. L&L Holding Company managed the building until several months ago, when CB Richard Ellis took over. L&L sued Barclays earlier this year after it said it was denied first refusal on the property, despite a previous agreement. The suit was dropped.
Westbrook and Moinian paid $162 million for the 275,000-square-foot property in April 2007.
New York-based pension fund TIAA-CREF has bought control of the land beneath 425 Park Avenue for $315 million, according to city records. The land was previously owned by the Goelet family, a major New York landowner in the early 19th century, Real Estate Weekly reported.
The deal comes less than a week after the fund’s purchase of the Corner, the Upper West Side rental tower that opened last year at 72nd Street and Broadway, for $209 million.
At 425 Park, though, the fund will only have ownership of the land itself. … [more]
The developers of the Corner, the popular Upper West Side rental tower that opened last year at 72nd Street and Broadway, have already cashed in, selling their 196-unit property to retirement system TIAA-CREF for $209 million, according to the Wall Street Journal. The developers, a joint venture of Philips International and Rhodes Associates for the Corner, had spent more than 20 years assembling the prime development site and will hold onto the 48,000-square-foot retail space in the building, currently home to Trader Joe’s and Duane Reade. The sale price for the rest of the building — including its generous amenity spaces — works out to more than $1 million per unit, or around $1,400 per square foot, which is about double that of the typical rental apartment transaction, thanks to the Corner’s high rental rates: one-bedrooms there go for between $5,000 and $6,000 per month. … [more]
A growing number of New York City-based real estate firms are purchasing office buildings in the nation’s capital, according to Crain’s. The vacancy rate in Washington, D.C. is 11.2 percent — besting the national central business district average of 14.4 percent, and approaching Manhattan’s 10.5 percent rate. Meanwhile, leasing activity in Washington jumped 30 percent last year. As a result, Tishman Speyer, the Rockefeller Group, TF Cornerstone and TIAA-CREF have purchased office towers in Washington in recent months, and last month Rockrose Development Corp. spent $43 million for a 180,000-square-foot building at 1150 18th Street N.W. … [more]
TIAA-CREF has sold a 49.99 percent stake in 685 Third Avenue to the Australian Future Fund Board of Guardians for $100.3 million, according to the Post. TIAA, which also transferred an additional 0.2 percent stake to an entity called 125 Unit Holders, bought the 31-story building from Pfizer for $190 million this past August and has been marketing around 612,000 square feet of office space for lease there through CB Richard Ellis in the months since. … [more]
From left: TIAA-CREF’s 685 Third Avenue, GGP’s South Street Seaport, RREEF’s 15 Madison Square North
ProLogis, the Denver, Co.-based public REIT with 479.7 million square feet of industrial space globally, is the top U.S. commercial property owner, according to a new survey from Businessweek.com. Coming in a distant second was mall owner Simon Property Group, which has 264 million square feet. (Simon’s bankrupt rival, General Growth Properties, was ranked fifth with 200 million square feet). … [more]
Before collateralized mortgage-backed securities, one of the best
sources of real estate mortgages came from insurance companies. The
Mortgage Bankers Association estimates that approximately $222 billion
in direct mortgage loans are held by life insurance companies maturing
through 2018. Earlier this month, Commercial Mortgage Alert noted that loan originations
by the 30 insurance organizations with the largest mortgage portfolios
plunged by 35 percent in 2009, to $36.7 billion from $56.8 billion last
year, according to its annual survey of lending by life insurers. The
report notes that the total value of outstanding loans by these 30 insurers
is $260.8 billion, a slight increase of 3.7 percent from the prior
year. … [more]