trending Market Intelligence /marketintelligence/en/news-insights/trending/8zeyx0wsdpqskftyt6m3ba2 content esgSubNav
In This List

TH Real Estate looking to sell 49% stake in NYC rental tower

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


TH Real Estate looking to sell 49% stake in NYC rental tower

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.