The deal involved nine joint venture agreements wherein TIAA and its affiliates acquired a 75% interest in 10 buildings for $442.5 million and an 80% interest in three other buildings for $154 million. The buildings are located in four states and Washington, DC. TIAA says its total investment in the 3.3-million-sf portfolio is approximately $596.5 million.

EOP president and CEO Richard Kincaid says the joint ventures allow the company to maintain ownership interest while continuing to derive income from managing and leasing the building. Proceeds from the joint venture will be used to pay off outstanding debt, for general working capital, and for the redemption of EOP's Series C Cumulative Redeemable Preferred Shares.

World Trade Center East is a 186,912-sf building located at 2211 Elliott Ave. in the city's Waterfront submarket. It is 98.6% leased, according to EOP. Full service asking rental rates for the property are in the mid-$30s per sf.