TIAA Takes Hit In $191M Office Deal With JPMorgan

Law360, New York (July 26, 2012, 5:05 PM EDT) -- Institutional investor TIAA-CREF reportedly unloaded two Virginia office buildings near Washington on Wednesday for $191 million to finance giant JPMorgan Chase Bank NA, which would mean it has eaten a $26 million loss on the properties.

JPMorgan beat out more than a half-dozen buyers interested in the Class A office complexes, which are a stone's throw from the U.S. Patent and Trademark Office in Alexandria, Va., and picked the properties up for about $520 per square foot, according to reports from the Washington Business Journal. TIAA-CREF,...
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