February 12, 2016 Comments Off on CalPERS Invests $1.9B in 50-Story NYC Tower Views: 1615 Bay Area, California News, National News

CalPERS Invests $1.9B in 50-Story NYC Tower

California Public Employees’ Retirement System (CalPERS) has reportedly acquired a 50-story building in New York for $1.9-billion, in partnership with Los Angeles-based CommonWealth Partners. The Sacramento-based pension fund is purchasing a nearly 100-percent leased, midtown Manhattan building at 787 Seventh Ave.

CalPERS says the acquisition “follows our real estate strategic plan to invest in core, income-generating properties.” The 1.7-million square-foot property, located next to Times Square and Rockefeller Center, was sold by French insurance conglomerate AXA Financial.

Neither CalPERS nor AXA would confirm the $1.9 billion sale price, but if accurate, it represents one of the priciest real estate investments CalPERS has ever made, and one of the largest deals in New York history.

Read More at Sacramento Business Journal

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