In $180M Deal, TIAA-CREF Takes Washington’s Evening Star Building

The nation’s capital continues to draw eager office buyers. On Wednesday, the giant institutional investor TIAA-CREF closed on the $180 million acquisition of the Evening Star building from KanAm Grund, the Frankfurt-based investment manager, sources familiar with the deal confirmed today.

Located at 1101 Pennsylvania Avenue NW, a few blocks from the White House and the National Mall, the fully leased 225,501-square-foot office property (pictured) was the long-time home of the newspaper known most recently as the Washington Star. The building was the newspaper’s  home when it went out of business in 1981. Tenants include Citigroup Inc., International Paper Co., the Federal Bureau of Investigation, and TIAA-CREF itself.

The building’s price is among the highest paid for an office property in Washington, D.C., this year, even though it hardly ranks among the city’s newest office assets. Built in 1898, the Evening Star building is said to be the second-oldest building on Pennsylvania Avenue after the White House. In 1989, the property underwent expansion and renovation.

Attribution: Paul Rosta, cpexecutive.com/
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