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

The current contract, held by The Townsend Group, expires in February 2018. Townsend has served as the retirement system’s real estate consultant 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: Pension Consulting Alliance, RCLCO and the incumbent Townsend.

“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 retirement board’s investment committee and with CalS