Two of the nation’s largest institutional investors are combining on a $524 million investment in Miami-Dade County’s Airport West office market.

TIAA-CREF, the nation’s largest manager of U.S. institutional tax-exempt real estate assets, on Wednesday announced the $374.5 million sale of a 49 percent stake in its Waterford at Blue Lagoon holdings to Allianz Real Estate of America, and they plan to invest $150 million to erect two new office buildings as part of the new joint venture.

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