TH Real Estate Sells Stake in 501 Boylston Street to Norges Bank Real Estate Management for $291 Million

8/22/18

TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), has sold a 49.9 ownership interest in a mixed-use office and retail property located at 501 Boylston Street in Boston, Massachusetts to Norges Bank Real Estate Management, which manages the unlisted real estate assets of the Norwegian Government Pension Fund Global.

Total consideration includes a payment of USD$290.9M for its ownership interest and the payment of an ongoing asset management fee to TH Real Estate, which will perform the asset management of the property. TH Real Estate will retain the remaining 50.1 percent interest in the property.

“We are continuously re-balancing our portfolios and considering current market conditions,” said Sam Flood, Regional Head, New England & Midwest Investments for TH Real Estate. “501 Boylston was acquired more than a decade ago and, after significant improvements to the property, the building is well positioned in the Back Bay market.”

Located in the Back Bay neighborhood of Boston, the Property comprises 610,000 square feet of office and retail space and offers tenants large, efficient floor plates of 60,000 square feet. The Back Bay section of Boston features easy access to shopping, dining and lodging amenities, historical landmarks and open space parks, and excellent transportation options.

About TH Real Estate TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), is one of the largest real estate investment managers in the world with $114 billion in AUM. We provide access to every aspect of real estate investing. With over 80 years of investing experience, and more than 530 real estate professionals located across 22 cities throughout the US, Europe and Asia-Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise.

Our investment, asset management and corporate strategies grow from a deep understanding of the structural trends that we believe will shape the future of real estate and responsible investing beyond market cycles. This ‘Tomorrow’s World’ approach sits at the core of our investment process and business operations, informing our long-term view of real estate investments for the enduring benefit of both clients and society. www.threalestate.com

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