TIAA-CREF Receives Planning Approval from City of London Corporation for One Angel Court Redevelopment

New Fully Glazed Energy Efficient Grade A Office Tower Brightens London Skyline

New York – May 3, 2011

TIAA-CREF announced it has obtained planning consent to proceed with the redevelopment of One Angel Court in London, an office tower built in the 1970s. Centrally located between the Bank of England and several new office towers, the redeveloped One Angel Court will contribute to the revitalization of the Bank Conservation area.

“This is a significant achievement resulting from two years of work in consultation with the City of London that will bring much needed additional Grade A office space in a revitalised work environment featuring increased retail, restaurant and public space,” said Anthony J. Butler, Director, Real Estate Investment Management, TIAA-CREF Asset Management UK Limited . “We believe in adopting best practices in respect to sustainability. We have incorporated significant sustainability goals into this project, reflecting our desire to decrease our environmental footprint, help lower occupational energy costs and add value for clients.”

The net lettable floor area will increase by more than 50 percent from approximately 18,500 square meters (200,000 square feet) to 28,000 square meters (300,000 square feet). The buildings will also include significantly improved public space for retail shops and restaurants and roof terraces for tenants. The redeveloped tower will meet anticipated 2013 energy standards resulting in improved energy efficiency and significant energy savings over the current usage. Redevelopment is scheduled to begin in 2013 and is expected to be completed in 2016.

The building, designed by Fletcher Priest Architects, will include reconfiguring, extending and re-cladding the existing tower, which will feature distinctive fritted glazing as part of the solar protection allowing uninterrupted views across London. The large and efficient floor plates within the podium office space will also benefit from substantial windows which will have adjustable louvers to provide a sun shield and to reflect light deep into office space to reduce electric lighting requirements.

The new building will target the BREEAM “Excellent” rating which sets the standard for best practice in sustainable building design, construction and operation and is similar to LEED certification in the United States. Mr. Butler added, “Despite the increase in area, the building is expected to use only a fraction of the existing energy consumption.”

TIAA-CREF has created a best-in-class project team to execute the redevelopment plan including Fletcher Priest Architects, CB Richard Ellis (development consultants), DP9 (planning consultants) and Watermans (building services and structure).

TIAA-CREF has set a target decreasing energy intensity by 15 percent by year end and reducing water usage by 10 percent by 2013 in its office and multi-family portfolios. The company utilizes benchmarking to find no-cost and low-cost ways to reduce its energy and water usage. Its progress to date has earned it the US Environmental Protection Agency’s (EPA’s) Sustained Excellence Award for two consecutive years following two years being recognized as an Energy Star Partner of the Year.

About TIAA-CREF Asset Management UK Limited

TIAA-CREF Asset Management UK Limited1 is a European real estate advisory business located in London.

TIAA-CREF is one of the largest institutional real estate investors in the U.S., with an approximately $46 billion global portfolio of direct and indirect investments (12/31/10). TIAA-CREF originated its first commercial mortgage in 1934 and began direct investment in commercial real estate in 1947. Today, on behalf of individuals, public and private institutions in the U.S. and abroad, TIAA-CREF Global Real Estate directly owns over $14 billion (12/31/10) of primarily high-quality properties in the office, retail, industrial and multifamily sectors.

TIAA-CREF is a national financial services organization in the U.S. and the leading provider of retirement services in the U.S. academic, research, medical and cultural fields with $453 billion in combined assets under management (12/31/10).

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