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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.
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