Transactions - MARCH 27, 2015

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TIAA-CREF, NBIM buy another D.C. office property

by Andrea Waitrovich

TIAA-CREF and Norges Bank Investment Management have purchased another Washington, D.C., office building for $307 million, or $796 per square foot. The seller of the 385,598-square-foot Republic Square I at 25 Massachusetts Ave. N.W. was Republic Properties Corp.

TIAA-CREF acquired a 50.1 percent interest in the property, while NBIM, which invests on behalf of Norway¹s Government Pension Fund Global, acquired a 49.9 percent stake.

The nine-story CBD office building is 80 percent occupied. It also has a 200-space underground parking garage. Major tenants include National Cable & Telecommunications Associates, American College of Physicians and GSA. The largest tenant is Google, which holds 54,000 square feet.

Republic Properties acquired the development site in 2004 for $18.8 million. It is the first of two buildings planned by the developer. The next phase is a 13-story residential building at 1331 Maryland Ave S.W. that will total 198,880 sq

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