Tennessee Consolidated to pay $125m for two California office buildings
Tennessee Consolidated Retirement System is acquiring two office buildings in San Francisco for $125m (€111m).
The pension fund confirmed to IPE Real Assets that it is buying 1149 Chess Drive in Foster City for $67.3m and 85 Willow Road in Menlo Park for $57.7m.
The assets are being acquired by its separate account managers DWS and L&B Realty Advisors, respectively.
The pension fund said LaSalle Investment Management is selling the Foster City asset, which is fully let to Zoox, a start-up robotics company.
It acquired the 126,345qsft property for $36.1m in February 2017, according to public records.
The Menlo Park office is leased to Robinhood, a stock brokerage firm.
Tennessee Consolidated also said it was selling the Travis Oaks office building in Austin, Texas.
It was acquired for an undisclosed price in 2012 by Cornerstone Real Estate Advisers, before L&B Realty Advistors took over management of the asset.