Financial services giant TIAA-CREF claims the down commercial real estate market has reduced the value of its share in the 18-story Prominence in Buckhead tower by $47 million, from about $78 million in 2008 to about $31 million in 2009.
The valuation was disclosed in a March 18 regulatory filing with the Securities and Exchange Commission. That valuation is about 75 percent less than what TIAA-CREF valued its ownership in the office building at in 2007, which was $115 million then.
TIAA-CREF bought a 75 percent ownership stake in Prominence in 2003. The remainder is owned by The Blackstone Group L.P.