Norges Bank Investment Management has acquired a 49.9 percent interest in 800 17th Street, a 364,502 square foot (43,154 square meter) office property located in Washington, D.C., in joint venture with TIAA-CREF.
The agreement was signed 17 October 2014, and closing occurred on 23 October 2014. Norges Bank Investment Management has acquired its 49.9 percent interest in the asset for 195.6 million dollars, valuing the property at 392 million dollars. The asset is unencumbered by debt.
The property consists of 96 percent office and 4 percent retail. TIAA-CREF is acquiring a 50.1 percent interest in the asset and will manage it on behalf of the partnership.