Transactions - OCTOBER 28, 2014

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TIAA-CREF, NBIM venture acquires office asset in D.C.

by Andrea Waitrovich

TIAA-CREF and its joint venture partner, Norges Bank Investment Management, which invests on behalf of Norway’s Government Pension Fund Global, have purchased PNC Place, an office property in Washington, D.C. The seller was PNC Financial Services Group.

The sales price was not disclosed; however, it is estimated to be approximately $392 million, reports the Washington Business Journal.

The 364,000-square-foot trophy office building located at 800 17th St. NW is certified LEED Platinum. 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 percent interest, while NBIM will own 49.9 percent.

The property is 96 percent offi

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