CalSTRS selects RCLCO as new real estate consultant

The $215.3 billion California State Teachers’ Retirement System’s investment committee has selected RCLCO as its new real estate consultant. The three-year term contract will begin in March 2018 and may have a possible two-year extension.

The current contract, held by The Townsend Group, expires in February 2018. The Townsend Group has served the investment committee for the past nine years.

CalSTRS issued the RFP for a real estate consultant in August. After eight proposals were received, CalSTRS chose three finalists for interviews. The three firms included PCA, RCLCO and the incumbent Townsend Group.

“During the interview process, RCLCO impressed upon us that they add perspectives from operators in the industry, which will incorporate fresh insights to future strategic and policy discussions,” said Harry Keiley, investment committee chair for CalSTRS.

RCLCO will work for the Teachers’ retirement board’s investment committee and with CalSTR