NEW YORK CITY—TIAA-CREF has acquired 837 Washington St., an office property with ground-floor retail in the Meatpacking district. The 55,497-square-foot Class A, flagship-quality office building, which features two levels of retail space, was sold for $190 million, according to industry data.
The property, located on the corner of West 13th street and Washington street, is the New York City headquarters and flagship marketing center for Samsung Electronics America, which has a long-term lease. Built in 1938, the building recently was redeveloped by the seller and is 100% leased to Samsung. The redevelopment featured a fully-restored two-story brick façade enveloping a brand-new 6-story glass and steel structure.
The Meatpacking District features a diverse and growing office tenant base that includes Google's New York City headquarters, Publicis and the Food Network. Notable retail tenants in the area include Apple, Sephora, Theory, and Restoration Hardware.
“This is a core, institutional-quality asset in one of the most exciting submarkets of Manhattan,” says Kevin Waters, director, Northeast acquisitions for TIAA-CREF Real Estate. “Since Google put down roots here, the demand for office space has increased rapidly. And with high-end retail, hotels, restaurants, the High Line park and new Whitney Museum just steps away, the area is also a destination for tourists, shoppers and new residents.”
“The purchase of 837 Washington is a strategic addition to our growing New York City portfolio,” adds Sam Flood, senior director, acquisitions, Northeast region, TIAA-CREF Global Real Estate. “We will continue to seek acquisitions in Manhattan across the retail, multifamily and office sectors.”
The TIAA Real Estate Account, a TIAA insurance separate account, will hold the property following the acquisition.
It was unclear at press time who brokered the deal.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
