LACERA sells 50-story Manhattan tower for $400m

The Los Angeles County Employees' Retirement Association (LACERA) has sold a 50-story Manhattan luxury apartment tower to Global Holdings Management Group for roughly $400 million.

Located at 10 East 29th St., the residential asset, known as Instrata Nomad, is located north of historic Madison Square Park and bordered by Fifth Avenue. The property comprises studios as well as one-, two- and three-bedroom apartments with solid hardwood floors and stone countertops.

LACERA purchased the tower in 2013 and put the building on the market in July, when it was valued at $380 million.

The sale was spurred by a shift in LACERA’s allocation strategy, the $56 billion California pension fund told Commercial Observer. It follows LACERA’s April announcement that it would sell off up to $1 billion of real estate investments in order to reduce its allocation to real estate to 7 percent.