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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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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Financing
  • ◦Sale/Acquisition
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