TIAA-CREF Global Real Estate`s 601 Tower, Minnetonka, Minnesota Wins 2009 International TOBY Award

One Boston Place, Boston and Parkway Corporate Center, Montvale New Jersey
Recognized for Exceptional Performance
NEW YORK--(Business Wire)--
TIAA-CREF Global Real Estate group`s 601 Tower in Minnetonka, Minnesota was
recently honored with The Office Building of the Year (TOBY) Award from the
Building Owners and Managers Association (BOMA) in the 250,000 to 499,999 Square
Foot category. The International TOBY Award recognizes excellence in office
building management and operations.

To win the International TOBY award, 601 Tower first won both local and regional
competitions. Judging was based on community impact, tenant/employee relations
programs, energy management systems, accessibility for disabled people,
emergency evacuation procedures, building personnel training programs, and
overall quality indicators. A team of industry professionals also conducted a
comprehensive building inspection.

601 Tower, a 15-story Class A+ high-rise consisting of 288,000 rentable square
feet is considered a local landmark and can be seen for miles in the Minneapolis
metropolitan area. ENERGY STAR benchmarking and a proprietary building
management system are utilized to watch for trends and inefficiencies in
building energy usage. These management tools have allowed 601 Tower to reach an
ENERGY STAR performance rating of 90. In addition to property management, active
involvement in the local community is important to the management team and the
tenants. TIAA-CREF and property manager, CB Richard Ellis (CBRE) have donated
more than 10,000 pounds of food to Second Harvest Heartland Food Shelf, the
Upper Midwest`s largest hunger-relief organization.

"Our years of real estate investment experience demonstrates that excellent
property management helps maximize value to clients and reduce risk over the
long-term, through various market cycles," said Tom Garbutt, head of TIAA-CREF
Global Real Estate. "TIAA`s financial stability allows us to continue to focus
on maintaining well-run, high-quality properties that have a smaller
environmental footprint. As a result, they can be run at a lower cost, making
them more attractive to premier tenants."

Parkway Corporate Center in Montvale, New Jersey, also owned by TIAA-CREF, was
awarded the first-ever BOMA360 award. This honor is granted to those properties
which implement and execute industry best practices in property management and
operational excellence on a holistic basis. BOMA360 is a new standard that BOMA
has created to provide tenants and owners with an independent validation of
these best practices and to encourage their spread across all properties.
Parkway Corporate Center is managed by Grubb & Ellis.

One Boston Place in Boston, a third TIAA-CREF property, was a finalist for the
BOMA Earth Award. It is the first LEED EB: O&M Gold (Leadership in Energy and
Environmental Design for Existing Buildings: Operations and Maintenance)
certified property in the country. LEED EB: O&M is a rating system applicable to
building operations, processes, systems upgrades, and minor space use changes.
One Boston Place is managed by CB Richard Ellis.

The awards were presented at the BOMA International Conference and The Office
Building Show, June 28-30 in Philadelphia.

About BOMA International

The Building Owners and Managers Association (BOMA) International is an
international federation of more than 100 local associations and affiliated
organizations. Founded in 1907, its 18,000-plus members own or manage more than
9 billion square feet of commercial properties. BOMA International`s mission is
to enhance the human, intellectual and physical assets of the commercial real
estate industry through advocacy, education, research, standards and
information. On the Web at www.boma.org.

About TIAA-CREF Global Real Estate

TIAA-CREF Global Real Estate is one of the largest institutional real estate
investors in America, managing a global portfolio of direct and indirect
investments totaling approximately $58 billion (6/30/09). TIAA-CREF originated
its first commercial mortgage in 1934 and began direct investment in commercial
real estate in 1947. Today, TIAA-CREF Global Real Estate invests in and actively
manages real estate on behalf of individual and institutional clients worldwide.
TIAA-CREF Global Real Estate`s property portfolio consists of approximately $16
billion (6/30/09) in equity investments in office, retail, industrial, and
residential properties located across the United States, Canada and Western
Europe. TIAA-CREF is a national financial services organization and the leading
provider of retirement services in the academic, research, medical and cultural
fields with $374 billion in combined assets under management (6/30/09).

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal
Investors Services, Inc., Members FINRA, distribute securities products.

© 2009 Teachers Insurance and Annuity Association-College Retirement Equities
Fund, New York, NY 10017

C45425

TIAA-CREF
Abby Aylman Cohen, 212-916-4381
aacohen@tiaa-cref.org

Copyright Business Wire 2009