Orrick Building Trades Hands
We just learned TIAA-CREF, or Teachers, closed on 405 Howard, aka Foundry Square II, in a JV with partner Norges Bank Investment Management. (We were the first to report on Teachers' plan to buy the 10-story home to Orrick law firm and others.) The seller was a partnership between Langley Investment Properties and GE Asset Management. Teachers has been active in downtown S.F. this year, also picking up the KPMG Building for $740/SF. BOMA bestowed one of its Bay Area Innovative Earth Day Awards on the 12-year-old property this year for its minimized solar loads. TIAA-CREF will own a 50.1% interest, while NBIM will own 49.9%.