TIAA-CREF | TRD Research
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TIAA-CREF

730 Third Avenue
New York, NY 10017
(212) 490-9000
Website

TIAA-CREF is a large pension fund investing for academics, researchers, government workers and others. It was founded in 1918 by Andrew Carnegie, and has since become a major player in the real estate industry. The fund began investing in real estate in 1934 and then broke into direct ownership in New York City real estate at the end of World War II when the fund purchased a storefront in Queens and an office building in Midtown. TIAA-CREFs real estate account has outpaced comparable real estate funds in recent years, averaging roughly 10 percent returns in recent years. It also has bought stakes in various office buildings and high-end retail storefronts (such as Apples 14th Street building). Among TIAA-CREFs premier properties over the years are the famed Seagram Building (which it sold in 2000) and 7 World Trade Center. Its most recent expansion, the 2014 acquisition of Henderson Global Investors, resulted in a huge boost to the pensions real estate holdings to more than $80 billion.

  • Event Office Leasing
  • Address 780 Third Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 5,462
notes
The bank signed a deal to renew its lease for the Plaza District location.
  • Event Office Leasing
  • Address 780 Third Avenue
  • Neighborhood Turtle Bay
  • Borough Manhattan
  • Square feet 8,546
notes
The venture capital group inked a renewal for the 48th and 49th floors of the 50-story building.
  • Event Financing
  • Address 1511 Third Avenue
  • Neighborhood Upper East side
  • Borough Manhattan
  • Square feet 18,280
  • Price $ 50,800,000
notes
The company secured a $50.8 million loan for the retail condominium.
  • Event Office Leasing
  • Address 475 Fifth Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 3,000
  • Publication Date 05/01/2016
  • Event Date 03/17/2016
  • Party 1 TIAA-CREF, Norges Bank Investment Management
  • Party 1 Brokerage Newmark Grubb Knight Frank
  • Party 1 Broker Brian Waterman, Scott Klau, Erik Harris
  • Party 2 Populous
notes
The architecture firm signed a lease.
  • Event Office Leasing
  • Address 685 Third Ave
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 13,683
  • Publication Date 06/01/2015
  • Event Date 04/22/2015
  • Party 1 TIAA-CREF
  • Party 1 Brokerage JLL
  • Party 1 Broker Don Kollar
  • Party 2 Chang Hwa Commercial Bank
  • Party 2 Brokerage First New York Realty
  • Event Office Leasing
  • Address 475 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 32,000
  • Event Office Leasing
  • Address 475 Fifth Avenue
  • Neighborhood Central Park South
  • Borough Manhattan
  • Square feet 56,000
notes
The publishing company signed a lease to occupy the second, third, 14th and 16th floors.
  • Event Retail Leasing
  • Address 475 Fifth Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 15,500
  • Publication Date 02/01/2015
  • Event Date 12/18/2014
  • Party 1 TIAA-CREF and Norges Bank Investment Management
  • Party 1 Brokerage RKF
  • Party 1 Broker Ariel Schuster
  • Party 2 Muji
  • Party 2 Brokerage Okada & Company
  • Party 2 Broker Christopher Okada
notes
The Japanese design store signed a lease to occupy the ground floor. The reported asking rent was $400 per square foot.
  • Event Sales
  • Address 636 Sixth Avenue
  • Neighborhood Chelsea
  • Borough Manhattan
  • Price $ 42,000,000
  • Event Office Leasing
  • Address 685 Third Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 27,235
notes
The United Nations non-profit signed a lease to occupy the 12th floor.
  • Event Office Leasing
  • Address 475 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 16,029
notes
The investment management firm signed a 10-year lease for the entire 10th floor.
  • Event Office Leasing
  • Address 475 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 7,842
notes
The bank signed a 10-year lease for the entire 18th floor.
  • Event Office Leasing
  • Address 475 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 4,319
notes
The global provider of air conditioning and refrigeration signed a 10-year lease for the entire 21st floor.
  • Event Office Leasing
  • Address 685 Third Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 22,372
  • Publication Date 11/01/2013
  • Event Date 09/22/2013
  • Party 1 TIAA-CREF
  • Party 1 Brokerage CBRE
  • Party 1 Broker Zach Freeman, Anthony Dattoma, Howard Fiddle
  • Party 2 Integrated Corporate Relations
  • Party 2 Brokerage Cushman & Wakefield
  • Party 2 Broker Kevin Daly
notes
The financial communications consultancy signed a 10-year lease for the entire second floor, the New York Observer reported.
  • Event Office Leasing
  • Address 685 Third Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 58,527
notes
The publishing company signed a 15-year lease on the ninth and 10th floors. The tenant is relocating from 711 Third Avenue.
  • Event Sales
  • Address 1511 Third Avenue
  • Neighborhood Yorkville
  • Borough Manhattan
  • Price $ 60,000,000
notes
The property sold for $60 million. The building is fully leased to two retail tenants: the Gap on the ground floor and basement and Equinox on the upper three floors. The New York Observer reported that the buyer was TIAA-CREF and that the seller was the Related Companies.
  • Event Office Leasing
  • Address 685 Third Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 74,349
notes
The enterprise cloud computing company signed a 10-year lease for the entire sixth and seventh floors, as well as part of the eighth floor. The tenant is relocating and expanding from a smaller, 16,350-square-foot space at 2 Grand Central Tower.
  • Event Office Leasing
  • Address 470 Park Avenue South
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 9,361
  • Publication Date 09/01/2012
  • Event Date 07/23/2012
  • Party 1 TIAA-CREF
  • Party 1 Brokerage JRT Realty
  • Party 1 Broker Greg Smith, John Thompson, Kate Pezzolla
  • Party 2 Civic Entertainment
  • Party 2 Brokerage Newmark Grubb Knight Frank
  • Party 2 Broker Allen Gurevich
notes
The strategic marketing agency signed a seven-year lease on the 16th floor.
  • Event Office Leasing
  • Address 470 Park Avenue South
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 10,181
notes
The law firm signed a nine-year lease on the third floor.
  • Event Sales
  • Address 475 Fifth Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 280,000
  • Price $ 144,000,000
  • Price per foot $ 514.29
notes
The property sold for $144 million, or about $514 per square foot. A joint venture of real estate developer Joseph Moinian and Westbrook Capital acquired 475 Fifth Avenue, located at 41st Street, in 2007 for $160 million, but lender Barclays took the property back in 2009 through a deed in lieu of foreclosure.
  • Event Sales
  • Address 200 West 72nd Street
  • Neighborhood Lincoln Square
  • Borough Manhattan
  • Price $ 209,000,000
  • Price per foot $ 1,400.00
notes
The rental building known as the Corner sold for $209 million, or about $1,400 per square foot. The selling group will hold onto the 48,000-square-foot retail space in the property, currently home to Trader Joe's and Duane Reade.
  • Event Sales
  • Address 425 Park Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Price $ 315,000,000
  • Publication Date 07/01/2011
  • Event Date 05/22/2011
  • Party 1 Goelet family
  • Party 2 TIAA-CREF
notes
The land underneath the building sold for $315 million.
  • Event Sales
  • Address 685 Third Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Price $ 100,330,000
  • Publication Date 05/01/2011
  • Event Date 03/22/2011
  • Party 1 Pfizer
  • Party 2 Future Fund Board Guardians
notes
A 49.99 percent interest in the building sold for $100.33 million. TIAA-CREF purchased the property last year for $190 million.
  • Event Office Leasing
  • Address 470 Park Avenue South
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 20,362
  • Publication Date 05/01/2011
  • Event Date 03/22/2011
  • Party 1 TIAA-CREF
  • Party 1 Brokerage JRT Realty
  • Party 1 Broker Greg Smith
  • Party 2 Peppercom
  • Party 2 Brokerage JLL
  • Party 2 Broker James Quinn, Gary Youm, Ryan Masiello
notes
The strategic communications agency signed a 15-year lease renewal for the entire fourth and fifth floors.
  • Event Office Leasing
  • Address 780 Third Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 4,146
  • Price per foot $ 70.00
  • Publication Date 12/01/2010
  • Event Date 10/22/2010
  • Party 1 TIAA-CREF
  • Party 1 Brokerage JRT Realty
  • Party 1 Broker Jodi Pulice, Greg Smith, Kate Pezzolla
  • Party 2 Jeffrey Modell Foundation
notes
The nonprofit signed a lease on the 47th floor.
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Manhattan, 10028
CPF 1511 THIRD AVENUE LLC
...

09/28/2016
From left: Allianz CEO Oliver Bäte and 10 Hudson Yards, PGIM CEO Eric Alder and 11 Madison Last month’s 10 most expensive investment sales in From left: Allianz CEO Oliver Bäte and 10 Hudson Yards, PGIM CEO Eric Alder and 11 Madison Last month’s 10 most expensive investment sales in...

01/02/2015
Low interest rates, brisk sales, a more active commercial mortgage-backed securities market and white-hot land prices helped drive a surging investment sales market in 2014 Low interest rates, brisk sales, a more active commercial mortgage-backed securities market and white-hot land prices helped drive a surging investment sales market in 2014...

01/01/2013
In addition to RXR, Crown, Normandy, Vornado and UDR, the mega Midtown-based teachers’ pension fund TIAA-CREF was also a buyer on one of the 10 priciest buildings to sell in 2012...

10/01/2012
And across from the New York Public Library, virtually the entire office portion of pension fund TIAA-CREF’s 275,000-square-foot office building 475 Fifth Avenue hit the market, according to a new listing on CoStar Group...

12/10/2010
Indeed, 11 deals above $100 million have closed or are under contract so far this year, compared with just three such deals last year, said Helen Hwang, an executive vice president in the New York Capital Markets Group at Cushman. Thor Equities' July deal for the Takashimaya Building at 693 Fifth Avenue for $142 million, and Rockpoint Group's purchase of a nearly 50 percent stake in Park Avenue Plaza on East 52nd Street for $335 million, are two major examples. Despite the renewed activity, the office market still faces many hurdles, including high unemployment, which hampers companies' need for additional office space. Investors want to park their money in premium neighborhoods, said Aaron Jodka, senior real estate economist at CoStar. "That's what they are willing to pay for," he said. The flight to quality neighborhoods, however, is resulting in a bifurcated market. Well-leased, well-located buildings are commanding high prices, but properties that aren't fully leased or properties that have too many leases rolling over in the near future are selling at discounted rates. The $190 million purchase of the 650,000-square-foot Pfizer building at 685 Third Avenue last month by retirement group TIAA-CREF is a case in point, said Jodka...

06/01/2004
More significantly, Hoffman considers the 234,000 square foot leasing deal he did for landlord TIAA-CREF with tenant Fairchild Publications at 750 Third Avenue as "one of the largest, least contentious deals" he had ever done, marked by the spectacular degree of cooperation by both sides...