The Real Deal New York

TIAA-CREF buys stake in Meatpacking Apple store building

January 22, 2014 10:01AM

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.

Eastdil Secured’s Douglas Harmon, Adam Spies and Kevin Donner marketed the minority stake, sources told the New York Post, and the deal with TIAA-CREF values the building at about $168 million, or $2700 per square foot.

Taconic bought the building in 2005 for about $37 million, according to the paper, and leased 46,000 square feet on the lower level, ground, second and third floors to Apple for 15 years, with a 10-year extension option. [NYP, 1st item] –  Hiten Samtani