TIAA-CREF acquired interests in two San Francisco life science office properties from Alexandria Real Estate Equities for $262.9M in Q4.
The pension fund purchased a 40% interest in the 455k SF property at 409 and 499 Illinois St (shown above) for $189.6M, and bought a nearly 50% interest in the 158,267 SF property at 1500 Owens St for $73.3M, according to The Registry. Both are 100% leased. Alexandria sold the interest in the Illinois Street buildings at a 4.5% cap rate; the interest in 1500 Owens St sold at a 4.8% cap rate.
TIAA-CREF will hold the investments in its Real Estate Account for individual and retail investors. Last year was a good one for Alexandria, which included its best quarter in 20 years in Q2. [TR]
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