TH Real Estate sells stake in Boston office for $291m

TH Real Estate, an affiliate of Nuveen, the investment management arm of TIAA, has sold a 49.9 percent ownership interest in a mixed-use office and retail property located at 501 Boylston Street in Boston, to Norges Bank Real Estate Management, which manages the unlisted real estate assets of the Norwegian Government Pension Fund Global.

Total consideration includes a payment of $290.9 million for its ownership interest and the payment of an ongoing asset management fee to TH Real Estate, which will perform the asset management of the property.

TH Real Estate will retain the remaining 50.1 percent interest in the property.

“We are continuously rebalancing our portfolios and considering current market conditions,” said Sam Flood, regional head, New England and Midwest investments for TH Real Estate. “501 Boylston was acquired more than a decade ago and, after significant improvements to the property, the building is well positioned in the Back Bay marke