New York, November 14, 2014 — TIAA-CREF, a 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, manager of the Norwegian Government Pension Fund Global.
The property is located in the Capitol Hill submarket of Washington, D.C. at 400-444 North Capital Street NW and is directly across from the U.S. Capitol and two blocks from Union Station. Also known as the Hall of the States, the building is approximately 609,000 square feet and is occupied by office tenants as well as ground-floor retail. TIAA-CREF and Norges Bank Investment Management are acquiring the land and giving the seller, the MEBA Pension Plan, a 99-year ground lease. TIAA-CREF will own a 50.1% interest in the venture, while Norges Bank Investment Management will own 49.9%.
"The Hall of the States is a distinct property located within the heart of Washington, D.C.," said Suzan Amato, Managing Director of Managed Accounts and Strategic Joint Ventures for TIAA-CREF. "It benefits from a strong demand for space due to a constrained supply of other office buildings in the immediate location of the U.S. Capitol."
The property was built in 1976 and is currently 95% leased. Services include: 24-hour security and concierge service, a newly renovated tenant-only exercise facility, a rooftop veranda and entertainment venue, and underground parking.
TIAA-CREF (www.tiaa.org) is a national financial services organization with $840 billion in total assets under management (as of 10.01.14) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products.
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 5,534 billion kroner, or about $860 billion, as of September 30, 2014.