New York's TIAA Bids for CalPERS' Assets

ATLANTA-Hoping to grow its Concourse office building dynasty near the 21.9 million-sf Interstate 285/GA400 submarket, New York-based Teachers Insurance and Annuity Association is negotiating with Sacramento, CA-based California Public Employees Retirement System for the purchase of Concourse 1 and Concourse 11. The buildings have a combined 576,000 rentable sf.

Area brokers familiar with the negotiation’s progress tell GlobeSt.com on condition of anonymity that a deal is near. The purchase price for both buildings is expected to be about $80 million or $138.89 per sf. TIAA and CalPERS officials declined comment. Cushman & Wakefield of Georgia Inc. represents CAlPERS.

The acquisition would give TIAA a monopoly play at the hot office submarket where it owns Concourse IV and the King and Queen towers. Monitoring the sale’s progress is Trammell Crow Co. which leases and manages the three buildings TIAA currently owns at the Concourse bastion.