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HOUSTON-Marking its first co-investment with TIAA-CREF, Allianz Real Estate, based in Munich, paid more than $200 million to acquire a 49% stake in the 1.7 million-square-foot Four Oaks Place. TIAA-CREF, which maintains the majority stake, will manage the 98%-occupied asset and Transwestern will continue leasing and property management activities.

Situated at 1300 Post Oak Blvd., Four Oaks Place consists of four class A office towers in the Galliera submarket. “We are excited to be making an attractive investment in this premier office project and working with TIAA-CREF, a premier long-term real estate owner,” says James Stolpestad, CEO of Allianz Real Estate of America in a press release. “This investment further diversifies our U.S. equity investment portfolio and provides exposure to one of the most dynamic markets driven largely by the energy sector.”

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