LONDON-An affiliate of TIAA-CREF, the pension system for US education and research employees, has sold a 190,000-sf City office building for £99.215 million ($165 million), reflecting an initial yield of 6.4%.

Northcliffe House comprises 191,000 sf of office space and was completed in 2001. The building was developed by Hilstone and funded by TIAA-CREF and Clerical Medical. It is let to Freshfields Bruckhaus Deringer at £37.64 ($63) per sf overall under leases expiring in August 2021 with a break option in 2018. The property is held on a long lease from the Folkstone Estate for 151 years at a rental gearing of 5%.

Jones Lang LaSalle advised DB Real Estate, Invesco Real Estate represented TIAA–CREF and DTZ Debenham Tie Leung advised Clerical Medical.

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