New York, October 27, 2014 — TIAA-CREF, a leading U.S. financial services organization and one of the world's leading real estate investors, today announced the acquisition of a prime real estate asset in Washington, D.C. as part of its joint venture with partner Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global.
The property, located at 800 17th Street, NW, is a 364,000 square foot LEED Platinum trophy office building. Developed in 2010, it incorporates many desirable characteristics including an expansive rooftop deck, a glass curtain wall and a strong tenant amenity package. TIAA-CREF and NBIM are acquiring the fee simple interest. TIAA-CREF will own a 50.1% interest while NBIM will own 49.9%.
The building benefits from a desirable location in the central business district at the corner of 17th and H Streets, NW. The White House is two blocks to the south and Farragut Square Park is immediately to the northeast. Both Farragut Square Metro stations are within close proximity.
The property consists of 96 percent office and 4 percent retail. Long-term tenants include the law firm Holland & Knight and PNC Bank.
"This unique property is exceptionally located and provides long-term income from established tenants," said Suzan Amato, Head of Strategic Joint Ventures for TIAA-CREF. "We look forward to continuing to source prime assets on behalf of the joint venture."
TIAA-CREF (www.tiaa.org) is a national financial services organization with $840 billion in total assets under management (as of 10.1.14) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
About Norges Bank Investment Management
Norges Bank Investment Management is the asset management division of Norges Bank, the Norwegian central bank. As manager of the Government Pension Fund Global, its mission is to safeguard and build financial wealth for future generations in Norway. Norges Bank Investment Management aims for the highest possible long-term return within the investment mandate set by the Ministry of Finance. The fund is invested globally in equity, fixed income and real estate markets and had assets worth almost 5,500 billion kroner, or about $890 billion, at the end of August 2014.