Norges Bank Acquires Stake at 501 Boylston for $291M
TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), will retain the remaining 50.1% interest in 501 Boylston St., which totals 610,000 square feet of office and retail space.
BOSTON—Norges Bank Real Estate Management has purchased a 49.9% ownership stake in the 501 Boylston St. high-rise building here from TH Real Estate for $290.9 million.
TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), will retain the remaining 50.1% interest in 501 Boylston St., which totals 610,000 square feet of office and retail space.
Norges reports the agreement was signed and completed on Tuesday. The deal values 501 Boylston St. at $582.9 million.
Norges, which manages the unlisted real estate assets of the Norwegian Government Pension Fund Global, states that 501 Boylston St. is encumbered by $216.5 million of existing debt.
“We are continuously re-balancing our portfolios and considering current market conditions,” says Sam Flood, regional head, New England and Midwest investments for TH Real Estate. “501 Boylston was acquired more than a decade ago and, after significant improvements to the property, the building is well positioned in the Back Bay market.”
TH Real Estate, is one of the largest real estate investment managers in the world with $114 billion in assets under management.