TIAA-CREF and the Future Fund Partner on Ownership of 685 Third Avenue Tower
According to the press release, “TIAA-CREF and the Future Fund, an AUD$71 billion Australian sovereign wealth fund, today announced a new venture that will target co-ownership opportunities in real estate properties. As a first step, the Future Fund has taken an approximately 49 percent stake in 685 Third Avenue, which was previously purchased for USD$190 million by TIAA-CREF in 2010.
685 Third Avenue is a 33-story, 600,000 square foot office building in Midtown Manhattan between 43rd Street and 44th Street. Currently vacant, the building is undergoing renovations including lobby and shop front improvements. TIAA-CREF and the Future Fund plan to pursue additional real estate opportunities over the next two years. Together, the companies will target core and core plus assets located in the CBD and Class A suburban regions of primary metropolitan areas in the US.
“TIAA-CREF is thrilled to partner with the Future Fund and complete our first transaction together. We believe 685 Third Avenue offers an excellent long-term investment opportunity and has the potential to generate significant value by attracting new tenants,” said Phil McAndrews, TIAA-CREF Managing Director and Head of Real Estate Portfolio Management. “We will continue to expand our real estate portfolio through targeted and strategic acquisitions.””
Read more: TIAA-CREF Press Release
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