Taconic, Partners Recap MPD Property

NEW YORK CITY-Taconic Investment Partners, Clarion Partners and TIAA-CREF have recapitalized 401 W.14^th St., home to the Apple store in Manhattan’s Meatpacking District. Clarion sold its 42% minority interest to TIAA-CREF; Taconic retained its 58% interest in the property and will continue to manage and lease the asset. The deal values the approximately 60,000-square-foot retail and office building at $168 million.

“Taconic, Clarion and TIAA-CREF worked extremely hard together to reach a mutually beneficial outcome for all parties involved,” says Paul Pariser, Taconic’s Co-CEO. “We could not have been more fortunate to have Clarion as a partner as we embarked upon this complex and spec development project in 2005. We are delighted to now have TIAA-CREF as our venture partner in the next phases of this investment.”