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TIAA-CREF, Norway Gov't in $1.2B Stateside Deal

NEW YORK CITY-This is the first acquisition for the government pension fund outside of Europe. The five office assets are in Boston, DC and here. TIAA retains 50.1% of the assets.

By John Salustri | Updated on February 11, 2013

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.

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