Fund expands ownership in Boston, San Francisco and Washington, D.C.

The eight office properties include two in Boston, 501 Boylston Street and 33 Arch Street; two in San Francisco, Foundry Square 2 (405 Howard Street) and 888 Brannan Street; and four in Washington, D.C., 800 17^th Street, Evening Star (1101 Pennsylvania Avenue), Franklin Square (1300 I Street), and 25 Massachusetts Avenue.

The agreement was signed on 20 December 2024, and the transaction was completed the same day.

Norges Bank Investment Management acquired its 50.1 percent interest in the assets for 976.8 million dollars, valuing the portfolio at 1,949.7 million dollars. 501 Boylston Street is encumbered by 194.9 million dollars of existing debt.

With this acquisition, the fund will hold a 100 percent ownership interest in the assets.

"In a period of heightened dislocation in the office sector, we see this as an opportune moment to invest. By taking full ownership of nearly 3.7 million square feet across Boston, San Francisco, and Washington, D.C., we're demonstrating our conviction that well-located, high-quality office buildings will continue to deliver long-term value. Furthermore, we believe the continued relationship with Nuveen Real Estate will support delivering long-term value to our fund", says Per Løken, Global Co-Head Unlisted Real Estate.

The sellers of the properties are subsidiaries of TIAA. Nuveen Real Estate, a subsidiary of TIAA and long-time partner of NBIM, acted as representative to the sellers and will continue to manage the assets.

The eight properties comprise 3,655,922 square feet.

[1] Norges Bank Investment Management is the fund management division of Norges Bank. All unlisted (or direct) investments in real estate and renewable energy infrastructure are made and managed by subsidiary structures set up by Norges Bank.