SAN FRANCISCO—TIAA-CREF, as part of its joint venture with partner Norges Bank Investment Management, has acquired The Orrick Building also known as Foundry Square II, an office building located in the South Financial District.
TIAA-CREF will own a 50.1% interest while NBIM will own 49.9%. According to industry sources, the deal is worth $350 million.
“Today's announcement enhances TIAA-CREF's existing real estate portfolio and demonstrates our ability to source premium properties on behalf of the joint venture,” said Suzan Amato, Head of Strategic Joint Ventures for TIAA-CREF. “These acquisitions are reflective of our real estate investment goals –- to take a long-term investment approach with an emphasis on large, high-quality assets in gateway cities.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
