TIAA arm shopping stake in Gehry-designed 8 Spruce

TIAA arm shopping stake in Gehry-designed 8 Spruce

TRD New York /
May.May 24, 2018 09:30 AM

Chris McGibbon and 8 Spruce Street

TH Real Estate is seeking to sell its 49 percent stake in 8 Spruce Street, a Frank Gehry-designed luxury rental tower once valued at $1 billion.

The company, which is an affiliate of asset manager TIAA, tapped CBRE to market the 898-unit tower, which rises 800 feet above Lower Manhattan brokerage sources confirmed.

The pension fund-backed firm bought into the building in 2012, reportedly paying Forest City Ratner (now Forest City New York) $250 million. The deal valued the property at a little over $1 billion.

Real Estate Alert, which first reported the news, now values the building at $900 million. Forest City owns a 26 percent stake in the property, and the National Electrical Benefit Fund has the remaining 25 percent.

A spokesperson for Forest City indicated that a potential sale of TH Real Estate’s stake wouldn’t impact the real estate investment trust. He said Forest City doesn’t plan to change its ownership status.

TH Real Estate is also shopping its eight-story, 665,000-square-foot office building at 730 Third Avenue.

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