The Teachers Insurance and Annuity Association has pulled 730 Third Avenue off the market less than nine months after putting it up for sale.
The financial services organization decided to put its Midtown headquarters building on the market in January, according to the Commercial Observer. However, the company has since reversed course, saying it is a smarter financial move to keep the building, rent out some of it, and modernize space for TIAA employees.
TIAA has owned the building between East 45th and East 46th streets since 1955, and one investment sales broker told CO in January it could fetch up to $462.5 million on the market. It stands 28 stories tall and spans 665,110 square feet, and tenants include Men’s Warehouse and the law firm Tofel & Partners.
TIAA planned to stay in the building whether or not it sold. [CO] – Eddie Small