The agreement was signed and the transaction closed 13 November 2014. Norges Bank Investment Management acquired its 49.9 percent interest in the asset for 82.3 million dollars, valuing the ground at 165 million dollars. The asset is unencumbered by debt, and no financing was involved in the closing.
The site is located on North Capitol Street between E Street and Louisiana Avenue in Washington D.C. and is improved with a 609,000 square foot (56,578 square meters) office building. TIAA-CREF and Norges Bank Investment Management are acquiring the land and giving the seller, the Maritime Engineers Beneficiary Association, a 99-year ground lease.
TIAA-CREF is acquiring a 50.1 percent interest in the asset and will manage it on behalf of the partnership.