Pension fund fuels Silverstein buys

At a time when investors are slow to make big purchases, Larry Silverstein has been active beyond of the $7 billion development of three towers at the World Trade Center site. Backed by $2 billion from California State Teachers’ Retirement System, a pension fund, Silverstein won the bid last week for the Paramount Group’s one million-square-foot tower at 1177 Sixth Avenue, expected to sell for upwards of $1 billion. CalSTRS afforded Silverstein the financial flexibility to also purchase 675 Lexington Avenue for $400 million and 99 Church Street for $170 million.