The companies have been tenants in the building for more than 14 years. The decision to renew was based in part on several sustainable enhancements TIAA-CREF is making to the building, Liss tells GlobeSt.com, such as switching to green cleaning methods, establishing a dedicated area for recycling, and installing high efficiency light bulbs and photocells or motion sensors in the building's hallways and offices. Since Calvert's brand is based on responsible investments, these green fixes were important to it, she says.
Liss declined to discuss financial details of the renewal and any other concessions made. The companies had been engaged in a two-year search for a new location, according to CBRE. TIAA-CREF acquired the building in a $147-million deal in 2002.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
