The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from PR Newswire

GGP and TIAA-CREF Enter Partnership to Own The Grand Canal Shoppes

Thursday, May 16, 2013

GGP and TIAA-CREF Enter Partnership to Own The Grand Canal Shoppes

16:35 EDT Thursday, May 16, 2013

CHICAGO and NEW YORK, May 16, 2013 /PRNewswire/ -- General Growth Properties, Inc. (NYSE: GGP) and TIAA-CREF announced today they have formed a partnership to own and operate The Grand Canal Shoppes, including The Shoppes at the Palazzo, located in Las Vegas, Nevada.

The Grand Canal Shoppes is located at the heart of the Las Vegas Strip within The Venetian and The Palazzo hotel, casino and resort complex. The property is 99 percent leased and comprises approximately 774,000 square feet of gross leasable area occupied by upscale retailers and restaurants. The Grand Canal Shoppes generates more than $1,000 of sales per square foot.

Effective with the partnership formation, GGP and TIAA-CREF will each own approximately 50 percent of The Grand Canal Shoppes. The partnership is limited to the retail portion of the property. Prior to the formation of the partnership, GGP owned 100 percent of the property.  The transaction generated approximately $410 million of net proceeds, and GGP will continue to provide management and leasing services.

TIAA-CREF continues to seek opportunities in regional retail properties with strong income streams as part of a well-diversified real estate portfolio. The company has $33 billioni in private real estate investments in the office, retail, industrial and multifamily sectors across the United States, Canada and Western Europe.

About GGPGeneral Growth Properties is a fully integrated, self-managed and self-administered real estate investment trust focused exclusively on owning, managing, leasing, and redeveloping high quality retail properties throughout the United States. GGP's portfolio is comprised of 124 malls in the United States comprising approximately 124 million square feet. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP. 

About TIAA-CREFTIAA-CREF ( is a national financial services organization with $520 billion in assets under management (as of March 31, 2013) and is the leading provider of retirement services in the academic, research, medical and cultural fields.

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

i As of Dec. 31, 2012

Investor Contact for GGP:  

Press Contact for TIAA-CREF:

Kevin Berry, VP Investor Relations

Abby Aylman Cohen

(312) 960-5529  

(888) 200-4062

Media Contact for GGP:

David Keating, VP Corporate Communications

(312) 960-6325

SOURCE General Growth Properties, Inc.; TIAA-CREF

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail App

    The New Globe and Mail App for iPhone®, iPad® and Apple Watch download

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Secure Service
Customer Service
Advertising Privacy
Globe Recognition
Mobile Apps
Other Sections