NEW YORK CITY-The California State Teachers Retirement System has sold its majority ownership of 120 Broadway, a 1.8-million-square-foot landmark in Lower Manhattan, to UBS Realty Investors for $341 million. The pension fund had acquired its 65% stake in the 40-story office tower for $240 million in 2004, and had it on the market for nearly a year.

A CalSTRS spokesman confirms a report of the 120 Broadway sale that appeared late Tuesday afternoon on the website of the Wall Street Journal but declines to comment further, while a spokesman for Silverstein Properties Inc. confirms that SPI will retain its 35% ownership and continue as property manager. The office tower, which counts GlobeSt.com parent company ALM among its tenants, has been in the SPI portfolio since 1981.

In late July 2010, Bloomberg reported that CB Richard Ellis had been tapped to market the national historic landmark on behalf of CalSTRS. A CBRE spokesman tells GlobeSt.com that the investment sales duo of Darcy Stacom and William Shanahan, both vice chairmen with the firm, handled the sale. GlobeSt.com’s calls to UBS were not returned by deadline Wednesday.