2008 CPN Goldbook - (Page 18) GIANTS TIAA-CREF T IAA-CREF is best known as a national financial services organization and provider of retirement services for the academic, research, medical and cultural fields and has more than $437 billion worth of combined assets under management. The company is also one of the largest institutional real estate investors in the nation, with a global portfolio of direct and indirect investments valued at almost $70 billion. Through TIAA-CREF Asset Management, institutional investors can access the investment, research and analytical TOM GARBUTT capabilities of the TIAA-CREF Managing Director & Head-Global Real Estate organization, which includes 60 TIAA-CREF years of real estate investment experience within the global real estate group. In March 2007, TIAA-CREF closed a joint venture with Developers Diversified Realty Corp. to purchase 67 community retail centers for $3 billion. The properties, located pre- dominantly in the southeastern United States, are anchored by discount and specialty retailers. In February 2007, the Canada Pension Plan Investment Board and TIAA-CREF Asset Management finalized a $500 million joint-venture real estate agreement that encompasses a $300 million investment in Class A office properties in the United States and a $200 million commitment to invest in a TIAA-CREF Asset Management direct real estate investment strategy that will acquire institutional-quality U.S. real estate. All holdings will be managed by TIAA-CREF Asset Management’s global real estate group. Including debt, the gross value of the venture is expected to reach $1.5 billion. TIAA-CREF has seeded the joint venture using two suburban Class A office properties, one near San Francisco and the other in McLean, Va., just outside Washington, D.C. The partnership will invest in office properties valued between $100 million and $200 million that are located in stable or recovering metropolitan areas. Headquartered in New York City, TIAA-CREF Global Real Estate also has offices in Charlotte, N.C., and Newport Beach, Calif. What you need to know, before you know you actually need it. CPN now offers a portfolio of outstanding free e-newsletters to help you run your business more effectively and efficiently. Go to www.CPNonline/newsletters and subscribe to: CPN DAILY UPDATE e-NEWSLETTER Delivered directly to your desktop every business afternoon, CPN’s Daily Update e-newsletter gives you the stories today that the industry will be talking about tomorrow. CPN’s Daily Update is the definitive news and information source. Every story is meticulously researched and reported by CPN ’s editors, and every story that appears is carefully selected to provide maximum reader value. CPN MARKET-SPECIFIC e-NEWSLETTERS Now CPN provides the targeted information you need for your specific areas of business. Market-specific e-newsletters provide you with the very latest news and information within key business sectors: > CPNetLease e-Newsletter: Keeps you abreast of the latest news and trends in net lease, tenant-in-common transactions, 1031 exchanges and sale-leasebacks. > CPNHospitality e-Newsletter: Opportunities in hotel financing, construction, franchises, condominium-hotels and more. > CPNRetail e-Newsletter: Stay on top of development, investment, mergers and acquisitions and innovation in the dynamic retail market. > CPN Special: Technology e-Newsletter: Your source for information on new productivity software, handheld devices for you and your team and high-tech materials for construction and renovation. Leadership at work. ADVERTISERS — For newsletter ad rates and sponsorship opportunities, contact your CPN representative: Laurie Faraday, 508.747.9395 laurie.faraday@nielsen.com • Paul Hayes, 646.654.4588, paul.hayes@nielsen.com 18 Commercial Property News 2008 Goldbook http://www.cpnonline.com/newsletters
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