Publications

OCTOBER 4, 2013

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

California pension plans trade L.A. property in $900 million deal

by Larry Gray

The California State Teachers’ Retirement System (CalSTRS) completed a textbook high-yield turnaround investment when it recently sold the City National Plaza in Los Angeles to its Sacramento neighbor the California Public Employees’ Retirement System (CalPERS) for a sales price pegged at more than $900 million by local sources. CommonWealth Partners acquired the property as part of its co-investment platform with CalPERS, which was happy to add the iconic twin 52-story office towers to its core office property portfolio. It appears to be a “win-win” deal for the two California pension fund powerhouses.

The $164 billion CalSTRS acquired the 2.5 million-square-foot City National Plaza as part of a joint venture with Thomas P

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?