NEW YORK, NY – November 11, 2015 – (RealEstateRama) — TIAA-CREF, a leading U.S. financial services organization and the nation’s largest manager of U.S. institutional tax-exempt real estate assets*, is selling a 49% interest in six office properties and two land parcels in Miami, forming a joint venture with Allianz Real Estate of America. TIAA-CREF will retain a 51% interest in the properties, located at the Waterford at Blue Lagoon corporate park near Miami International Airport, and serve as the operating partner.
Six class-A office buildings totaling over 1.4 million square feet (1000 Waterford, 5200 Waterford, 5201 Waterford, 5301 Waterford, 701 Waterford and 703 Waterford) and two parcels of land totaling over 26 acres are included in the transaction. A new office development is currently in the planning stage on the parcel at 800 Waterford. The 10-story, 250,000 square foot building is expected to be completed in 2017 and will be the latest addition to the Waterford complex since 1000 Waterford Way was constructed in 2009.
The JV is on behalf of TIAA’s general account and the Allianz German and French insurance companies’ general accounts.