Continuing buying spree, TIAA-CREF pays $60M for UES commercial building

New York /
Jan.January 03, 2013 02:30 PM

Asset management firm TIAA-CREF has paid $60 million to Related Companies for a landmarked commercial building on the Upper East Side, the Commercial Observer reported.

Built in 1905, the 60,000-square foot building — located at 1511 Third Avenue between 85th and 86th Streets — was designed by German-born architect Robert Maynicke and was originally the site of the Yorkville Bank. It is fully leased to long-term tenants, the Gap and an Equinox gym. Those leases expire in 2021 and 2020 respectively.

Bob Knakal, chairman of Massey Knakal Realty Services, brokered the deal.

TIAA-CREF’s has roughly $495 billion in assets under management. Its December deals include $250 million to Forest City Ratner for 49 percent of New York by Gehry, a towering residential building at 8 Spruce Street, and $542.2 million to Related for a 70 percent stake in the rental tower MiMA at 450 West 42nd Street. [Commercial Observer]Hiten Samtani


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Sheldon Silver (Getty)
Sheldon Silver, convicted development kingmaker, dies
Sheldon Silver, convicted development kingmaker, dies
Fredrik Eklund with Tyler Whitman, Ryan Serhant, and Kirsten Jordan and Steve Gold (Getty, Bravo TV)
“The end of an era”: Fredrik Eklund quits Million Dollar Listing
“The end of an era”: Fredrik Eklund quits Million Dollar Listing
Southampton Town supervisor Jay Schneiderman (jayschneiderman.com, Google Maps)
Southampton Town considers buying 40 acres
Southampton Town considers buying 40 acres
BHS CEO Bess Freedman and BHS agent Madison Sutton (BHS, iStock)
Brown Harris Stevens adding TikTok training to its arsenal
Brown Harris Stevens adding TikTok training to its arsenal
30 Front Street #30A and 72 Poplar Street (Streeteasy)
$8M Dumbo condo tops Brooklyn home contracts
$8M Dumbo condo tops Brooklyn home contracts
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...