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Profs pay $25M for Uniqlo building

TIAA-CREF owns old Art Institute space at 1608 Chestnut, Phila

TIAA-CREF, the New York-based college professors' retirement investment fund, has paid $24.5 million for 1608 Chestnut St., the former Art Institute of Philadelphia building that has housed Japan-based clothing retailer Uniqlo's main Philadelphia-area store since October.

Michael Barmash's Colliers International team brokered the deal with Taylor King of Newmark Grubb Knight Frank's King of Prussia office.  (Updated)