Investors - OCTOBER 29, 2015

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NYSCRF buys stake in $1.6b office portfolio

by Andrea Waitrovich

The $184.5 billion New York State Common Retirement Fund is under contact to purchase a 50 percent stake in a seven-property portfolio, valued at more than $1.6 billion, according to Real Capital Analytics. The seller is MetLife Real Estate Investors, and the sales price was approximately $800 million.

The core-plus office portfolio totals more than 3.6 million square feet and consists of office located California, Florida, Georgia, Illinois, Texas and Virginia. The highest priced office is the Wells Fargo Center in Miami, valued at $428 million.

The other offices are 1320 N. Courthouse Road in Arlington, Va., valued at $305 million; Montague Point in San Jose, valued at $231 million; One North Franklin in Chicago, valued at $202 million; First Allied Plaza in San Diego, valued at $178 million; 1075 Peachtree in Atlanta, valued at $173 million; and 2100 McKinney Ave. in Dallas, valued at $83 million.

Recently, NYSCRF and its partners CBRE Global Inves

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