Feature

Head of the Class: Teachers Retirement Fund TIAA-CREF Making Waves in New York

8 Spruce Street

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. Read More

Year in Real Estate

A King-Sized Deal In Brooklyn Marked the Biggest Investment Sale of the Year

kingsPlaza

Brooklyn malls don’t usually come to mind as the city’s highest-grossing commercial real estate. But this year was different, with 5100 Kings Plaza, a k a the Kings Plaza Mall, taking the top spot among citywide sales when it sold for $751 million earlier this month.

It wasn’t just the biggest sale of the year—it was the biggest outright, single-trade sale in Brooklyn ever, according to data provided by Massey Knakal Realty Services. Read More