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Calstrs plans to sell US real estate

Nation's second largest pension fund owns six NYC properties

The Exchange at 25 Broad Street, the Americas Tower at 1177 Sixth Avenue and Calstrs' Jack Ehnes
The Exchange at 25 Broad Street, the Americas Tower at 1177 Sixth Avenue and Calstrs' Jack Ehnes

The California State Teachers’ Retirement System is looking to sell U.S. properties and buy European ones.

The $180 billion pension fund’s U.S. real estate assets are “priced to perfection,” Calstrs CIO Christopher Ailman told Bloomberg. ““We will be selling some buildings and taking some profits.”

Calstrs owns a total of six properties in the city according to Real Clear Analytics.

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The fund bought the 975,000-square-foot Americas Tower at 1177 Sixth Avenue back in 2007, along with Silverstein Properties, paying about $1 billion. The partners sold a minority stake in the property to UBS in 2014. Calsters reportedly owns 47.5 percent of the building.

It bought a 90 percent stake in LCOR, a large developer formerly owned by Lehman Brothers, for $820 million in 2012, acquiring an interest in 25 Broad Street, a luxury rental building known as the Exchange, among other properties.

A month later, it picked up a one-third stake of Bentall Kennedy, the national real estate and development firm, paying $100 million.

The company has an interest in the Charleston at 225 East 34th Street, Columbus Green at 101 West 87th Street, as well as development sites at 753 Sixth Avenue and 99 Church Street, according to RCA. [Bloomberg]Ariel Stulberg

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