NEW YORK CITY-The Norwegian Government knows where to place its investment bets. Right here in the US. In the first acquisition for Norges Bank Investment Management, manager of the Norwegian Government Pension Fund Global, the fund has picked up a 49.9% interest in five commercial office properties.
TIAA-CREF is the seller and retains the majority stake in the portfolio. The assets are 1101 Pennsylvania Ave. and 1300 I St. in Washington, DC; 33 Arch St. in Boston; and 470 Park Ave. S. and 475 Fifth Ave. in Manhattan. The value of the sale is $1.2 billion.
“This is the fund's first real estate investment outside of Europe and is in line with our strategy to build a high-quality, global property portfolio,” says Karsten Kallevig, chief investment officer for real estate at NBIM. “As the world's largest real estate market, the US will be an important part of the fund's long-term property portfolio.” He went on to say that “key East Coast cities will be the fund's initial target as it continues to build a stateside footprint.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
