{"id":1004741820,"date":"2024-12-24T08:09:47","date_gmt":"2024-12-24T16:09:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004741820"},"modified":"2025-02-18T05:35:53","modified_gmt":"2025-02-18T13:35:53","slug":"norges-bank-pays-977m-for-office-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/norges-bank-pays-977m-for-office-portfolio\/","title":{"rendered":"Norges Bank Pays $977M for Office Portfolio"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-Boylston-Street-e1735033773365.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004741821\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/norges-bank-pays-977m-for-office-portfolio\/501-boylston-street\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-Boylston-Street-e1735033773365.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"501 Boylston Street\" data-image-description=\"&lt;p&gt;501 Boylston Street. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;501 Boylston Street. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-Boylston-Street-e1735033773365.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-Boylston-Street-e1735033773365.jpg\" alt=\"exterior shot of 501 Boylston Street\" class=\"wp-image-1004741821\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-Boylston-Street-e1735033773365.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-Boylston-Street-e1735033773365.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/501-Boylston-Street-e1735033773365.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">Nuveen Real Estate purchased 501 Boylston St. from Broadway Partners for $370.5 million back in 2007, according to CommercialEdge. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Norges Bank Investment Management has taken full ownership of a 3.7 million-square foot office portfolio, paying $976.8 million for the remaining 50.1 percent interest in the properties. TIAA subsidiaries sold the assets.<\/p>\n\n\n\n<p>The transaction, which values the portfolio at $1.95 billion, closed through NBIM&#8217;s $1.7 trillion sovereign wealth fund.<\/p>\n\n\n\n<p>Nuveen Real Estate, a subsidiary of TIAA and a long-time partner of NBIM, represented the sellers and will continue to manage the properties.<\/p>\n\n\n\n<p>The portfolio includes eight office buildings in Boston, San Francisco and Washington, D.C. The properties are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>501 Boylston St., Boston\u2014subject to an existing debt of $194.9 million<\/li>\n\n\n\n<li>33 Arch St., Boston<\/li>\n\n\n\n<li>Foundry Square 2 at 405 Howard St., San Francisco<\/li>\n\n\n\n<li>888 Brannan St., San Francisco<\/li>\n\n\n\n<li>800 17th St., Washington, D.C.<\/li>\n\n\n\n<li>Evening Star at 1101 Pennsylvania Ave., Washington, D.C.<\/li>\n\n\n\n<li>Franklin Square, 1300 I St., Washington, D.C.<\/li>\n\n\n\n<li>25 Massachusetts Ave., Washington, D.C.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/office-report-november-2024-commercialedge\/\">Office Sector Decline Continues Amid Flexibility Shift<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Given the significant disruptions in the office sector, this moment still presents a prime opportunity for investment, NBIM&#8217;s Global Co-Head of Unlisted Real Estate Per L\u00f8ken said in company statement.<\/p>\n\n\n\n<p>In October, Norges Bank Investment Management made another investment in the U.S. office market by acquiring <a href=\"https:\/\/www.commercialsearch.com\/news\/norges-bank-invests-217m-in-bay-area-office-building\/\">the majority stake in a two-building<\/a>, 133,449-square-foot office campus in Menlo Park, Calif. The company paid $217 million for a 97.7 percent ownership interest in 2882-2884 Sand Hill Road, situated along one of the most expensive streets for office space in the nation. The transaction valued the property at $222 million.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-boston-s-healthy-office-sector\">Boston\u2019s healthy office sector<\/h2>\n\n\n\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/boston-office-vacancy-up-deliveries-higher\/\">Boston&#8217;s office sector<\/a> continued to shine, topping the nation for development pipeline and completions. With the influx of new properties, the market&#8217;s vacancy rate rose by 650 basis points year-over-year as of October, reaching 16.8 percent, according to a recent CommercialEdge report.<\/p>\n\n\n\n<p>Sales in the metro in the first 10 months of the year accounted for $1.1 billion. Boston\u2019s office assets traded for $187 per square foot on average, slightly above the $177 national average. The market ranked sixth nationally for&nbsp;<a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-office-transactions\/\">office investment volume<\/a>, CommercialEdge data shows.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The asset collection includes buildings in Boston, San Francisco and Washington, D.C.<\/p>\n","protected":false},"author":3014,"featured_media":1004741821,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21808,21783,23891,21742,21747,1609,1615],"tags":[45452,43901,33460],"class_list":["post-1004741820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-featured","category-investment","category-national","category-latest","category-office","category-san-francisco","category-washington-dc","tag-norges-bank-investment-management","tag-nuveen-real-estate","tag-tiaa"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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