The $242 billion California State Teachers' Retirement System (CalSTRS) has agreed to buy a majority stake in a 35-story Bank of America Tower in Houston from New York City–based Skanska USA Commercial Development, according to several media sources.
Skanska USA, the U.S. unit of a Swedish developer, could retain a 10 percent stake in the property, while CalSTRS will take 90 percent.
Located at 800 Capitol St., the building was completed this year. It was originally called Capitol Tower before being renamed Bank of America Tower in May, when the financial giant moved in to occupy 27 percent of the space.
Bank of America occupies occupies 205,000 square feet of office space spread across six floors, according to the Houston Business Journal. Other tenants include Skanska, Waste Management, Quantum Energy Partners and international law firm Winston & Strawn. As of June, the building was 90 percent occupied.
The building also has a 40-foot atr
