EOPT, TIAA Form 9 Joint Ventures

Meanwhile, EOPT has announced that certain affiliates recently entered into nine joint venture agreements with the Teachers Insurance Annuity Association that involved nearly $600 million in investments by TIAA.TIAA and its affiliates acquired a 75% interest in a portfolio of 10 EOPT buildings for $442.5 million and an 80% stake in three buildings for $154 million, the real estate investment trust said. Seven of the buildings are in California, three are in Washington, D.C., and the others are in Chicago, Atlanta, and Seattle. "Our investment strategy continues to include a particular focus on maximizing the return on our invested capital," said Richard Kincaid, EOPT's president and chief executive officer. "These joint ventures allow us to maintain an ownership interest in high-quality assets, and to continue to manage and lease the buildings as part of the Equity Office platform."