The Real Deal New York

Former Pfizer tower stake goes for $100M

March 30, 2011 09:30AM

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. At one point, advertising agency BBDO was rumored to be interested in around 300,000 square feet at the building, but ultimately opted to renew its lease at 1285 Sixth Avenue. This is believed to be the Future Fund’s first U.S. investment, but the Post reports that TIAA will be working with the fund on other upcoming investments in commercial real estate. [Post]