CalSTRS Funnels More Money into Core US Office JV
Posted on 03/04/2021
California State Teachers Retirement System (CalSTRS) is committing another US$ 650 million into a current core U.S. office joint venture. The joint venture is with Beacon Capital Partners, LLC.
CalSTRS made the follow-on in the vehicle called BCal II venture. Beacon Capital Partners is a private real estate investment firm based in Boston, Massachusetts. It was founded in 1998, after Beacon Properties, Inc., Beacon’s predecessor, was acquired by EQ Office in a US$ 4 billion transaction.
CalSTRS owns 95% of the office venture. The joint venture does have the flexibility to invest in office, medical office and lab office space.
In another investment, CalSTRS kicked in US$ 300 million to Cal Hearthstone Debt JV, a newly-formed debt joint venture with Hearthstone. Cal Hearthstone Debt will be investing in a mixture of single-family detached homes, townhomes, and condominiums.
