Though not a traditional owner-operator, TIAA-CREF has begun to draw the attention of the real estate industry in recent months for a bevy of deals, including its acquisition of a stake in the Frank Gehry-designed building at 8 Spruce Street and a joint venture with Norges Bank Investment Management.
The asset management firm’s steady persistence in the real estate market during the downturn has led to a realization of gains, and recent deals could lead to the redeployment of capital in key markets going forward, said analysts familiar with the firm’s strategy going into 2013.
“TIAA is one of the investors that was pretty active in the depths of the market in 2009 and 2010, and some of those investments have turned into significant home runs,” said Dan Fasulo, managing director and head of research at Real Capital Analytics.
Following BlackRock’s announcement last week that it was entering global real estate securities,the firm is continuing to staff up the new division with the hiring of a chief investment officer. It said Tuesday that Sherry Rexroad would fill the post, reporting to Mark Howard-Johnson, global head of the newly-created Real Estate Securities division.
Investment manager BlackRock has launched a global securities division designed to capitalize on the firm’s real estate investment and fundamental equity investment expertise through investments in real estate securities.
Mark Howard-Johnson, formerly of Building & Land Technology, has been appointed to head the division, which is expected to take on about six more investment professionals by the end of the year, the company said.
Newmark Knight Frank has announced the promotion of six professionals in its New York City office: Ross Kaplan, Benjamin Birnbaum, Trever Gallina, Kate Cohen, Hymie Dweck and Kenji Ota, it was announced last week.
If the saga of the Stuyvesant Town-Peter Cooper Village sale is a countdown clock-the $5.4 billion purchase by Tishman Speyer and BlackRock is nearing default-there’s a loud ding every few weeks in the form of a new analysis by a real estate tracking firm.
Each shows a fresh, dismally depressed value for the property ($1.99 Read More