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TIAA Puts Midtown Headquarters On The Block

TIAA Puts Midtown Headquarters On The Block
730 Third Ave. in Midtown Manhattan

The Teachers Investment and Annuity Association would prefer to lease rather than own its headquarters from now on.

TIAA, previously known as TIAA-CREF, has put its headquarters at 730 Third Ave. in Midtown Manhattan up for sale, Commercial Observer reports. The nonprofit financial advisory organization is reportedly looking for a leaseback arrangement.

The 28-story, 665K SF building was built in 1959, and also counts law firm Tofel & Partners and financial adviser Roosevelt Investments as tenants. TIAA purchased the property in 1973.

The building's location near the United Nations and its current owner's plans to remain as a long-term tenant could set the building up for a sizable return on investment — from $600 to $850/SF, a broker told CO.

TIAA's most recent major real estate transaction was the purchase of an office-and-retail condo in Tribeca for $67M.