U.S.-based TIAA-CREF and Future Fund, an A$$71 billion Australian sovereign wealth fund, have partnered to target co-ownership opportunities in real estate properties. As a first step, the Future Fund has taken an approximately 49 percent stake in 685 Third Avenue, a 33-story, 55,742 square meter office building in New York City, which was previously purchased for US$190 million by TIAA-CREF in 2010. Currently vacant, the building is undergoing renovations including lobby and shop front improvements.

TIAA-CREF and the Future Fund plan to pursue additional real estate opportunities during the next two years. Together, the companies will target core and core-plus assets located in the CBD and grade A suburban regions of primary U.S. metropolitan areas.