According to Trevor Michael, managing director of real estate acquisitions, this market is very significant to TIAA-CREF's real estate portfolio. "If it is not number one, it is in the top three markets in our portfolio along with New York and southern California."

This was not always the case, although the District has occupied some part of TIAA-CREF's portfolio for the last 50 years. In the 1980s, like many institutional investors, TIAA-CREF was less than enchanted with the District proper at least, mainly for its political problems and high crime rate, according to Michael.Then the city began to turn around and its demographics shifted once more. "Washington, DC is a great comeback story," Michael says. "You have more people migrating back to the District to live, more companies seeking to locate there and a stable political situation." The crime rate has been steadily declining as well.

Today TIAA-CREF has Washington area office, retail and multifamily holdings. Marquee buildings in its portfolio include 1001 Pennsylvania Ave. NW; 1900 K St.; 1300 Eye St.; Market Common in Clarendon, VA; and Maza Gallery in Chevy Chase, MD.