According to Trevor Michael, managing director of real estateacquisitions, this market is very significant to TIAA-CREF's realestate portfolio. "If it is not number one, it is in the top threemarkets in our portfolio along with New York and southernCalifornia."

This was not always the case, although the District has occupiedsome part of TIAA-CREF's portfolio for the last 50 years. In the1980s, like many institutional investors, TIAA-CREF was less thanenchanted with the District proper at least, mainly for itspolitical problems and high crime rate, according to Michael.Thenthe city began to turn around and its demographics shifted oncemore. "Washington, DC is a great comeback story," Michael says."You have more people migrating back to the District to live, morecompanies seeking to locate there and a stable politicalsituation." The crime rate has been steadily declining as well.

Today TIAA-CREF has Washington area office, retail andmultifamily holdings. Marquee buildings in its portfolio include1001 Pennsylvania Ave. NW; 1900 K St.; 1300 Eye St.; Market Commonin Clarendon, VA; and Maza Gallery in Chevy Chase, MD.