TIAA-CREF and Norges Bank Investment Management, manager of the Norwegian Government Pension Fund Global, have bought an office asset in San Francisco.
The joint venture, which has been investing in the US since 2013, bought the headquarters of Airbnb.
Norges said it bought its 49.9% interest in the asset for $153.2m, valuing the property at $307.1m.
TIAA-CREF’s 50.1% interest in the 445,000 sq ft building comes alongside an asset management role for the partnership.
Suzan Amato, managing director of managed accounts at TIAA-CREF, said: “San Francisco is an exciting and dynamic market, and this investment makes sense on a number of levels.
“The city has a high occupancy rate for office properties, and this sub-market is attractive to tenants looking for modern, redeveloped space at a competitive cost to new construction.”
The property, at 888 Brannan Street, is split 73/27 between office and retail use.
The five-storey building has undergone a $70m renovation.
TIAA-CREF and Norges last year took stakes in a Capitol Hill property.
The two companies had previously bought another Washington property, on 17th Street.
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