TIAA affiliate TH Real Estate is shopping for a buyer for its 49% stake in a New York City rental tower once valued at $1 billion, The Real Deal reported.
CBRE has been tapped to market the stake in the 898-unit 8 Spruce Street in Lower Manhattan, the report noted, citing confirmation from brokerage sources. The property is valued at $900 million by Real Estate Alert, the publication noted.
Forest City Realty Trust Inc.'s Forest City New York owns a 26% stake in the building and the National Electrical Benefit Fund owns the remaining 25%.
TH Real Estate paid $250 million to Forest City in 2012 to buy into the 898-unit tower in a deal that valued the asset at more than $1 billion, according to the report.
A Forest City spokesman told The Real Deal that the REIT does not intend to change its ownership status, adding that it would not be impacted by a potential sale of TH Real Estate's stake.
