Yesterday we wondered what TIAA-CREF might do with 1619 Walnut Street, which it recently purchased for around $18 million. We thought perhaps the company itself would occupy some part of the building, but a broker contact who wanted to remain anonymous disagreed: “I’m pretty sure they bought this as an investment vehicle for their retirement portfolio, not to occupy. The whole building is leased.” And, he said, TIAA-CREF does have a substantial portfolio of retail real estate.
His hunch was correct. A TIAA-CREF spokesperson got back to us yesterday to provide this official comment, “TIAA-CREF plans to maintain the current mix of office and retail tenants at 1619 Walnut Street.”