Norges Bank Investment Management has acquired a 49.9 percent interest in 25 Massachusetts Avenue, NW, a 385,598 square foot office property located in Washington, D.C., in joint venture with TIAA-CREF.
The agreement was signed and closing occurred on 24 March 2015. Norges Bank Investment Management acquired its 49.9 percent interest in the asset for 60.8 million dollars, valuing the property at 307 million dollars. The asset is encumbered with 185.1 million dollars of existing debt.
The property consists of 100 percent office. TIAA-CREF is acquiring a 50.1 percent interest in the asset and will manage it on behalf of the partnership.
