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