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TIAA-CREF Buys Downtown Office for $71M

SEATTLE-The pension fund acquires World Trade Center North three and a half years after acquiring a majority stake in the World Trade Center East building.

By Brian K. Miller | Updated on August 19, 2007

SEATTLE-At a cost of $71 million, TIAA-CREF Asset Management’s Global Real Estate Group is the new owner of World Trade Center North. The seller, locally based Wright Runstad & Co., retains the management assignment as part of the deal. Eastdil Secured had the disposition assignment.

The five-story, 133,177-sf office building overlooking the Puget Sound at 2401 Elliott Ave. is fully leased to RealNetworks, Inc., the locally based business and consumer audio and video streaming company. The lease runs through October 2010.

Wright Runstad & Co. developed three World Trade Center-branded buildings beginning in 1998 as part of the Port of Seattle’s central waterfront development project. TIAA-CREF acquired a 75% interest in the 186,912-sf World Trade Center East building in 2004 from Equity Office Properties. The Port of Seattle owns World Trade Center West.

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