SAN FRANCISCO—TIAA-CREF, as part of its joint venture with partner Norges Bank Investment Management, has acquired The Orrick Building also known as Foundry Square II, an office building located in the South Financial District.

TIAA-CREF will own a 50.1% interest while NBIM will own 49.9%.  According to industry sources, the deal is worth $350 million.

“Today's announcement enhances TIAA-CREF's existing real estate portfolio and demonstrates our ability to source premium properties on behalf of the joint venture,” said Suzan Amato, Head of Strategic Joint Ventures for TIAA-CREF. “These acquisitions are reflective of our real estate investment goals –- to take a long-term investment approach with an emphasis on large, high-quality assets in gateway cities.”

The Orrick Building is a 10-story, 521,555 square foot, class A, LEED Platinum office building located on the corner of Howard and First Streets in San Francisco's South Financial District. The property is within one block of the future Transbay Transit Center, a $4 billion regional transit hub that will connect eight Bay Area counties through 11 transit systems. The property is 100% leased to 12 tenants. Law-firm Orrick Herrington is the largest tenant. Other major tenants include Moody's Analytics, BlackRock and FitBit.

“We began investing in San Francisco's South Financial District more than a decade ago with the purchase of another south-of-market office property, 50 Fremont Street,” said Rich Kimble, senior director, head of Northwest acquisitions, TIAA-CREF Global Real Estate. “Since then, we've consistently been active in the Bay Area with a number of other office, retail, and multifamily acquisitions.”