TIAA-CREF Closes on SL Green’s 470 Park Avenue South for $157 M.

The $157 million sale of 470 Park Avenue South has popped up in public records, with the ever-active SL Green shedding yet another Class B property from its portfolio. The buyer, records show, is the insurance giant TIAA-CREF, which seems to have been a relatively inactive trader in the Manhattan real estate scene.

The two companies have dealt with each other before: In 2004, according to public records, SL Green bought 750 Third Avenue from TIAA-CREF for $255 million, a building right next to the insurance firm’s base of operations at 730 Third Avenue.

We reported the news of the sale back in October, but did not have the buyer at the time.


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