Scott Kempton, director for the New York City-based TIAA-CREF, tells GlobeSt.com that this year will be no different. "We have several transactions that are ongoing right now," he says. One or two are positioned to close shortly-- definitely before the end of the year. "We are also working on several additional acquisitions in the market," he adds.
Kempton says the delays haven't been linked to anything extraordinary. "It is just due to normal transaction-related occurrences," he says.
Kempton keeps his cards close; he won't discuss the fund's allocation for Washington real estate this year. He's also not discussing details about deal or building sizes for the pending transactions. Suffice it to say, he adds, there is a "significant dollar amount that is pending. These are very large transactions including some portfolio transactions."
Kempton did say that the pending deals are for office properties. "In general, our largest exposure is in office although we also hold retail and multifamily," he says.
"DC in general is a very strong investor market--one of the strongest in the country. We view it as a very important market to be in, both in terms of acquisitions and dispositions," Kempton stresses. DC also meets TIAA-CREF's strategy of investing in stable markets to enhance long-term, risk-adjusted returns, he says.
TIAA-CREF owns roughly 20 assets in the DC area with an aggregate value of more than $2 billion. Properties include office, retail and some multifamily. 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.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
