WASHINGTON, DC—TIAA-CREF and JV partner Norges Bank Investment Management, the manager of the Norwegian Government Pension Fund Global, have acquired a Capitol Hill property located at 400-444 North Capitol St., NW.
The 609,000-square foot building is called the Hall of States and it is 95% occupied by office tenants. There is also street-level retail.
A price was not announced by a source tells GlobeSt.com that the property is trading for $165 million, or $271 per square foot.
TIAA-CREF and Norges Bank Investment Management are acquiring the land and giving the seller, the MEBA Pension Plan, a 99-year ground lease. TIAA-CREF will own a 50.1% interest in the venture, while Norges Bank Investment Management will own 49.9%.
This is the second property in the last few weeks that TIAA-CREF and Norges Bank Investment Management have snapped up here. In October the JV acquired The PNC Financial Services Group's trophy office building located at 800 17th St. for $392 million, or $1,075 per square foot.
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