TIAA-CREF has pulled several of its trophy properties off the block...

TIAA-CREF has pulled several of its trophy properties off the block, including the world-famous Mall of America, because potential buyers weren’t prepared to pay the asking price, said Joseph Luik, senior managing director. Mr. Luik, who oversees around $32 billion in debt and equity real estate investments at the $254 billion system, said offers were at least 10% below the asking price. For now TIAA will hold on to its 55% stake in the 4.2 million-square-foot mall, valued at between $357.5 and $385 million. The fund also sidelined the sale of an 11-property, 2.6 million-square-foot portfolio of office buildings, including the prestigious Seventeen State Street skyscraper in Manhattan, which the Witkoff Group had offered to buy. TIAA recently split up the portfolio and sold three or four of the buildings. It is now reviewing its strategy for the remaining properties.