The agreement was signed 27 June 2014, and the transaction closed 18 November 2014. Norges Bank Investment Management acquired its 49.9 percent interest in the asset for 182 million dollars, valuing the ground at 365 million dollars. The asset is unencumbered by debt, and no financing was involved in the transaction.
The site is located at 6th Avenue between 34th and 35th Street in New York. It is improved with a 365,000 square foot (33,910 square meters) office building with three floors of retail space. The building is owned by Sitt Asset Management on a long-term ground lease.
TIAA-CREF is acquiring a 50.1 percent interest in the asset and will manage it on behalf of the partnership.