TIAA-CREF pays $453m for three-property portfolio
TIAA-CREF has closed its three-property portfolio purchase with Alexandria Real Estate Equities. The portfolio was valued at $893 million and consists of two offices and an industrial property. The deal was completed in December.
In San Francisco, TIAA-CREF paid $189.6 million for a 40 percent stake in the office building located at 499 Illinois St. and $73.4 million for a 49.9 percent stake in the industrial property located at 1500 Owens St. Both assets are 100 percent leased.
And in Cambridge, Mass., the firm paid $190.1 million for a 70 percent stake in an office property located at 225 Binney St.
Other recent assets TIAA-CREF investments in Northern California include Castro Station in Mountain View, which was acquired from PSAI Realty Partners for $148.5 million; the office at 3111 Coronado Drive in Santa Clara, which had a $52.3 million price tag; and the Airbnb headquarters in San Francisco, purchased for $310 million.
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