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TIAA scraps sale of Manhattan, NY, headquarters

The Teachers Insurance & Annuity Association of America, or TIAA, has taken its headquarters at 730 Third Ave. in Midtown Manhattan, N.Y., off the market after placing the property on the block in January, the Commercial Observer reported.

According to a TIAA spokesman, keeping ownership of the building, leasing out some floors and refurbishing the space for its employees would give the company a more optimal financial outcome.

An investment broker estimated that the building could have been sold for up to $462.5 million, and TIAA had planned to maintain its office there if it did change hands, the Oct. 17 report added.

TIAA has owned the asset since 1955, according to the report. The building spans 665,110 square feet of space spread across 28 stories and counts Roosevelt Investments, Tofel & Partners and retailer Men's Wearhouse as its other tenants.