NBIM, the investment arm of Norges Bank, has acquired an additional 50.1% stake in a portfolio of eight office properties located in Boston, San Francisco, and Washington DC from TIAA’s subsidiaries for $976.8 million. This brings NBIM’s ownership to full control over the portfolio which spans 3,655,922 square feet and is valued at $1.95 billion.
Nuveen Real Estate acted as the sellers’ representative and will continue to manage these properties as a longtime partner.
The eight office buildings included in this acquisition are: 501 Boylston St., and 33 Arch St., both located in Boston; Foundry Square 2 (405 Howard St.) and 888 Brannan St., both situated in San Francisco; as well as Evening Star (1101 Pennsylvania Ave.), Franklin Square (1300 I St.),80017thSt.and25Massachusetts Ave.inWashingtonDC.NBIM also assumed responsibility for debt amounting to $194.9 million on one property -501BoylstonSt.
Per Løken , global co-head unlisted real estate at NBIM stated that they see this purchase during a time when there is significant disruption within the office sectoras an advantageous opportunity.”By taking full ownership of nearly three point seven million square feet across prime locations such as Boston,SanFrancisco,andWashingtonDC,wedemonstrateourconfidenceinthe long-term value proposition offered by high-qualityofficebuildings,”he added.
Pictured above: The exterior view of oneoftheeightproperties,NBIMPurchased-25 MassachusettsAve.Photo courtesyofRepublicProperties.
Norway’s central bank investment management company,NBIM,hastakenoverfullcontrolandownershipofaneight-propertyportfolioconsistingofofficebuildingslocatedinBoston,SanFrancisco,andWashingtonDCfromTIAASubsidiariesfor$976million.Theportfolio,whichspansover3.6million square feet,is valued at $1.95 billion.
Nuveen Real Estate,a long-time partner of NBIM,represented the sellers and will continue to manage the properties.
The eight office buildings included in this acquisition are 501 Boylston St.and33ArchSt.inBoston;FoundrySquare2(405HowardSt.)and888BrannanSt.inSanFrancisco;aswellasEveningStar(1101PennsylvaniaAve.),FranklinSquare (1300 I St.),80017th St.,and25Massachusetts Ave.inWashingtonDC.NBIMalsoassumedresponsibilityfordebtamountingto$194.9 million on one property-501BoylstonSt.
Per Løken ,global co-head unlisted real estate at NBIM,stated that they saw this as an opportune moment to invest in a time when there is significant disruption within the office sector.”By taking full ownership of nearly three point seven million square feet across prime locations such as Boston,San Francisco,and Washington DC,we demonstrate our confidenceinthevaluepropositionofferedbyhigh-qualityofficebuildings,”headded.
Pictured above: The exterior view of oneoftheeightproperties,NBIMPurchased-25 MassachusettsAve.Photo courtesyofRepublicProperties.
