Lowe, TIAA to Build Projects in Joint Venture

Lowe Enterprises Inc. and New York-based Teachers Insurance Annuity Assn., one of the nation’s largest institutional investors, on Wednesday said they will form a partnership to build commercial real estate projects nationwide.

Lowe, a Los Angeles-based real estate investment and advisory firm, will develop the projects with TIAA’s financial backing.

The joint venture, which will be called Lowe Commercial Development Co., will focus on office and industrial developments of 100,000 to 500,000 square feet.

The value of TIAA’s financial commitment was not disclosed.

“Lowe’s extensive development expertise and impressive investment management experience, combined with the skill and integrity of its executives, made this a well-suited investment opportunity for us,” Joseph W. Luik, senior management director of TIAA, said in a statement.

Lowe Chairman and Chief Executive Robert J. Lowe said in a statement:

“We continue to see niche, high- quality development opportunities nationwide. Our venture with TIAA will enable us to act quickly on these opportunities.”

Lowe Enterprises is one of the largest independent pension fund managers in the country. It employs 6,000 in the United States and Britain and has annual revenue from investments of about $750 million. The firm also develops properties on the behalf of real estate investment trusts such as Arden Realty Inc. and Spieker Properties Inc.