Welcome!

Microsoft Cloud Authors: Elizabeth White, Mihai Corbuleac, Pat Romanski, David Bermingham, Steven Mandel

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
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified – now it's a component-based well-performing framework. This immersive one-day workshop at 18th Cloud Expo, led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and the product company SuranceBay, will provide you with everything you wanted to know about Angular 2.
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 ...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.