TIAA arm shopping stake in Gehry-designed 8 Spruce

TIAA arm shopping stake in Gehry-designed 8 Spruce

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.


Related Articles

arrow_forward_ios
Renderings of Greenpoint Landing in Greenpoint, 141 Willoughby Street in Downtown Brooklyn and 45-57 Davis Street in Long Island City (Photos via OMA, SLCE Architects and J Frankl Architects)
These were the top outer-borough loans in May
These were the top outer-borough loans in May
The New York Life Sciences and Biotechnology Center at First Avenue and 41st Street (NY Life Sciences)
Life sciences leasing breaks annual record in five months
Life sciences leasing breaks annual record in five months
The commercial market was hit hard by the pandemic, and property tax revenue is expected to fall 5 percent. (iStock)
Tax bills show how much Covid devalued NYC real estate
Tax bills show how much Covid devalued NYC real estate
Richard Segal of Seavest Investment Group, David Marx of Marx Development Group and 902 Quentin Road in Brooklyn (Photos via Seavest Investment Group, Marx Development Group and VRMNY)
Westchester firm buys $54M Brooklyn medical building
Westchester firm buys $54M Brooklyn medical building
Real Estate EFTs See Investment Amid Pandemic Recovery
Why investors are rushing into real estate ETFs
Why investors are rushing into real estate ETFs
Manhattan sublease surge shows signs of slowing
Manhattan sublease scourge finally abates
Manhattan sublease scourge finally abates
Blooma founder Shayne Skaff (LinkedIn, iStock)
CRE fintech startup Blooma nabs $15M in funding
CRE fintech startup Blooma nabs $15M in funding
Distressed real estate investors are digging through commercial mortgage-backed securities to seize, fix and flip troubled properties. (iStock)
Distressed investors tap throwback strategy, target CMBS
Distressed investors tap throwback strategy, target CMBS
arrow_forward_ios

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

Loading...