The venture, Boca 54 Land Associates LLC, owns 54 acres of unimproved land at Arvida Park. Flagler-Codina, which has acquired a 20% interest in the venture, will be the project developer and managing partner of the joint venture.

"We believe this investment represents a unique opportunity for Flagler-Codina to make a powerful entrance into the Boca Raton office market," says Jose Hevia, COO of Flagler-Codina. "The venture signifies the strength of combining our local market knowledge and real estate capabilities into a transaction that satisfied the business objectives of both companies."

Flagler Development is based in Jacksonville. Codina Development is headquartered in Coral Gables, FL. TIAA-CREF is based in New York City. Flagler Development is the commercial real estate arm of its parent, Florida East Coast Industries Inc. of St. Augustine, FL.

"This is a great transaction for the combined Flagler-Codina organization," says Adolfo Henriques, chairman, president and CEO of Florida East Coast Industries. "It extends our presence into Palm Beach County, an office market with considerable value-add potential."

Henriques says Flagler-Codina Development owns, develops, leases and holds in joint about 8.8 million sf of class A office and industrial space, along with an additional 753,000 sf under construction. Flagler's office and industrial properties are primarily in Jacksonville, Orlando, Fort Lauderdale and Miami.

TIAA-CREF is one of the largest institutional real estate investors with a $67-illion global portfolio.