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TH Real Estate sells stake in 501 Boylston Street to Norges Bank Real Estate Management for $291m

501 Boylston Street, Boston

TH Real Estate has sold a 49.9 ownership interest in a mixed-use office and retail property located at 501 Boylston Street in Boston, Massachusetts, to Norges Bank Real Estate Management.

Norges Bank Real Estate Management manages the unlisted real estate assets of the Norwegian Government Pension Fund Global.

Total consideration includes a payment of $290.9 million for its ownership interest and the payment of an ongoing asset management fee to TH Real Estate, which will perform the asset management of the property. TH Real Estate will retain the remaining 50.1% interest in the property.

"We are continuously re-balancing our portfolios and considering current market conditions," said Sam Flood, Regional Head, New England & Midwest Investments for TH Real Estate. "501 Boylston was acquired more than a decade ago and, after significant improvements to the property, the building is well positioned in the Back Bay market."

Located in the Back Bay neighborhood of Boston, the property comprises 610,000 sq ft (5,945 sq m) of office and retail space and offers tenants large, efficient floor plates of 60,000 sq ft (5,574 sq m). The Back Bay section of Boston features easy access to shopping, dining and lodging amenities, historical landmarks and open space parks, and excellent transportation options.

Note: TH Real Estate renamed to Nuveen Real Estate in January 2019.
TH Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). TH Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or Nuveen Alternatives Advisors, LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, member FINRA. Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. Please note real estate investments are subject to various risks, including fluctuations in property values, higher expenses or lower income than expected, and potential environmental problems and liability. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with his or her advisors.