Norges Bank Investment Management (NBIM) and TIAA-CREF have bought stakes in a US office property.

The Norwegian sovereign wealth fund said it paid $196m (€154m) for its 49.9% stake in the 17th Street building in Washington DC.

TIAA-CREF, with a 50.1% stake, will asset-manage the property for the joint venture.

The 364,502sqft property is, it added, “unencumbered by debt”.

As reported in July this year, NBIM and TIAA-CREF were in talks to jointly invest $350m in a San Francisco office asset.

NBIM was also in talks to buy the 1m sqft One Beacon Street building in Boston, expected to be sold for around $565m by Allianz Real Estate and Beacon Capital Partners.

Last month, NBIM agreed to buy 45% stakes in three US office properties.

US REIT Boston Properties is selling the interests – in 601 Lexington Avenue and Atlantic Wharf, in New York City, and 100 Federal Street in Boston – for $1.5bn.

Boston Properties is forming a joint venture with NBIM to manage the assets, which total 3.7m sqft.