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Teachers Buys 904,000-SF Inverness Center

BIRMINGHAM, AL-Teachers Insurance Annuity Association-College Retirement Equities Fund acquires the seven-building class A office complex here from MetLife.

By Brian K. Miller | Updated on June 29, 2005

BIRMINGHAM, AL-The seven-building 904,000-sf Inverness Center class A office complex here changed hands earlier this month. The Teachers Insurance Annuity Association-College Retirement Equities Fund said this week acquired the 95%-leased office development from MetLife Real Estate.Inverness Center is located within Inverness, a 1,650-acre mixed-use, master-planned community in southern Birmingham. Three of the buildings in the transaction are fully leased to the Southern Company. A TIAA-CREF spokesperson refused to answer any questions about the transaction, such as how many sf the Southern Company occupies, who the other tenants in the complex are, how much near-term rollover there is at the complex, what the purchase price was and how much additional money it plans to invest in the building.Chris Marshall and Ralph Smalley of C&W in Atlanta listed the property and brokered the transaction. Marshall also declined comment. Cousins Properties Services LP has the property management and leasing assignment. Cousins leases and manages 5 million square feet of Class A office space for TIAA-CREF in Dallas/Fort Worth and Atlanta.

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