CalSTRS rehires Townsend Group as real estate consultant
The $157.8 billion California State Teachers’ Retirement System (CalSTRS) has rehired The Townsend Group as its real estate consultant. Other finalistsin the searchincluded Callan Associates and Courtland Partners.
Townsend Group was first hired in 2007, which was a rough time in the real estate industry, as the housing bubble burst and the financial markets began experiencing the effects of the economic downturn.
“Townsend did a particularly good job helping CalSTRS navigate its way to a more fundamentally solid real estate portfolio, and we look forward to their assistance in maintaining a long-term sustainable trajectory for the real estate portfolio and the fund,” says Richard Duran, spokesman for CalSTRS.
CalSTRS has a real estate portfolio value of approximately $22 billion, or 14 percent, as of Dec. 31, 2012.