Welcome!

Microsoft Cloud Authors: Liz McMillan, John Basso, Pat Romanski, Glenn Rossman, Elizabeth White

News Feed Item

TIAA-CREF Invests with Forest City Ratner Companies and the INDURE Fund in New York by Gehry at Eight Spruce Street in New York City

TIAA-CREF adds a rarely-traded, top-quality multifamily asset to its diversified portfolio;

NEW YORK, Dec. 21, 2012 /PRNewswire/ -- Forest City Ratner Companies, a subsidiary of Forest City Enterprises, Inc., the INDURE Fund, a commingled real estate fund managed by National Real Estate Advisors (NREA), and TIAA-CREF, a leading financial services provider, today announced that TIAA-CREF has acquired a 49 percent equity ownership in the residential portion of New York by Gehry at Eight Spruce Street, the award-winning Frank Gehry-designed building, that has redefined the New York City skyline.  

This transaction values the 76-story, 898-unit high rise at $1.05 billion. Original partners Forest City and NREA are retaining 26 and 25 percent stakes, respectively.  Prior to TIAA-CREF's investment, Forest City was 51 percent equity owner and NREA 49 percent. 

 "The valuation of this tower is the result of a tremendous amount of planning and care, with respect to everything from site selection to the building's world-class design and top-tier amenities and management. Our goal has been to bring condominium-quality living to the luxury rental market, and it is clear today that we have succeeded," said Bruce C. Ratner, Chairman and CEO of Forest City Ratner Companies. "Frank Gehry's first-ever skyscraper has truly transformed the skyline, becoming a 'vertical city' that emblemizes the vitality of Lower Manhattan as a burgeoning live-work neighborhood. It's wonderful to co-invest with an institution like TIAA-CREF in this endeavor."

Real estate provides investors an opportunity to create long-term growth and diversification and a potentially stronger hedge against inflation compared to publicly traded equities and fixed income investments.  Historically, apartment assets outperform the NCRIEF property index more frequently than any other real estate sector.1

"We believe that high-quality multi-family assets in cities with the strongest demographics such as New York can be powerful additions to our well-diversified real estate portfolios," said Phil McAndrews, head of real estate transactions and joint ventures, TIAA-CREF.  "The opportunity to invest in state-of-the-art, high-rise urban apartment complexes can be rare and we look forward to working with Forest City to maximize the value of this asset for our clients over the long-term." 

Jeffrey J. Kanne, President and CEO of National Real Estate Advisors, said that National was "very pleased to be broadening our partnership to include one of the country's preeminent real estate investors.  We believe the high quality of our new partnership is reflective of the extraordinary quality of New York by Gehry and we look forward to working together for many years to come."

"This transaction between Forest City, National Real Estate Advisors and TIAA-CREF is truly befitting of New York by Gehry, one of the world's most iconic residential towers. This was a rare and outstanding institutional investment opportunity to acquire an ownership position in a high-performing, prestigious property with one of the country's finest developers." said Darcy Stacom, CBRE Vice Chairman.

TIAA-CREF owns more than $19 billion of primarily high-quality properties in the office, retail, industrial and multifamily sectors across the United States, Canada and Western Europe as of September 30, 2012.

1 Based on NCREIF NPI Index and individual sector indices, the apartment sector outperforms the total NPI with a higher frequency than any other sector on a quarterly basis since its inception in first quarter 1978, at 64 percent of the time.

About New York by Gehry at Eight Spruce Street
New York by Gehry at Eight Spruce Street, the tallest all-residential building in America, opened in 2011 to global acclaim. With its curving exterior curtain wall comprised of 10,000 unique steel panels, the tower is a major addition to the Manhattan skyline, existing in lively conversation with nearby landmarks—the Woolworth Building and the Brooklyn Bridge. Marking its opening in 2011, New York Times architecture critic declared New York by Gehry the "finest skyscraper to rise in New York" in nearly a half-century.  The building's 898 units include family-friendly two and three bedroom apartments, as well as three remarkable penthouses.

Gehry's design carries the drama of the exterior curtain wall movement into residents' private spaces, the building's folds result in some 200 unique apartment layouts. Where the facade undulates outward, large free-form bay windows that change location from floor to floor make the most of the building's unique site, allowing for unobstructed panoramic views in every direction.

In a rare arrangement, Frank Gehry not only designed the building's exhilarating facade but all of the interiors and amenity spaces, curating all finishes and fixtures. Residents of New York by Gehry have exclusive access to a host of lifestyle services from a full-service concierge, on-site valet services to health, wellness, social and entertainment amenities across 22,000 square-feet of indoor and outdoor space.  These amenity spaces are alive with robust programming tailored to tenant and family interests.

The mixed-use development includes a five-story, 100,000-square-foot Spruce Street School, as well as doctors' offices for physicians associated with New York Downtown Hospital. There is 26,000 square feet of below-grade parking for 175 cars for hospital use.

Another highlight of New York by Gehry is its ground floor outdoor open space, two beautifully-landscaped public plazas totaling 15,000-square-feet, designed by Field Operations, the creative force behind Manhattan's High Line, in collaboration with Dutch horticulturist Piet Oudolf, who collaborated with Gehry on Chicago's Millennium Park.

About Forest City Ratner Companies 
Forest City Ratner Companies (FCRC), a wholly owned subsidiary of Forest City Enterprises, Inc., owns and operates 34 properties in the New York metropolitan area. Forest City Enterprises is an NYSE-listed national real estate company with $10.7 billion in total assets. FCRC properties include the Renzo Piano-designed New York Times headquarters in Midtown Manhattan; MetroTech Center in Downtown Brooklyn, the 1.3 million square foot Westchester's Ridge Hill regional shopping center in Yonkers; and the 18,000-seat Barclays Center arena in Brooklyn, part of the $4.9 billion Atlantic Yards mixed-use project currently in construction. For more information, visit http://www.forestcity.net.

About NREA and INDURE
National Real Estate Advisors, LLC (www.natadvisors.com) is an independent real estate advisor specializing in real estate investments on behalf of large institutional investors.  National manages nearly $2 billion of client capital and invests based on its "Build-to-Core" philosophy, carefully selecting development projects to add to the core of its portfolio.  The strategy is designed to create a modern portfolio with lasting value. 

The IBEW-NECA Diversified Underwritten Real Estate Fund (INDURE) is an open-ended commingled real estate investment fund managed by NREA which invests equity and debt in institutional quality, geographically-diversified properties nationwide.

About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $495 billion in assets under management (as of 9/30/12) and is the leading provider of retirement services in the academic, research, medical and cultural fields.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.

Past performance does not guarantee future results.

Real estate investments are subject to various risks, including fluctuations in property values, higher expenses or lower income than expected, and potential environmental problems and liability.    

The TIAA General Account is an insurance company account and does not present an investment return, and is not available to investors.

SOURCE Forest City Ratner Companies

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...