CalSTRS Invests in the $900M Terminal Stores

The Terminal Stores building recently sold for approximately $900 million./Photo by Betsy Kim

NEW YORK CITY—The California State Teachers’ Retirement System is expected to provide $100 million of equity in a joint venture with L&L Holding Company, as part of the approximately $900 million purchase of Terminal Stores, according to Bloomberg. The state pension fund manages a $223.8 billion portfolio.

The pension fund has now reportedly joined L&L in investing in a stake, alongside the Normandy Real Estate Partners’ ownership interest, in the acquisition of the former warehouse from Waterfront New York and GreenOak Real Estate Advisors. The 1.3 million square-foot complex is located at 271 Eleventh Ave. in the Chelsea neighborhood, on the Far West Side of Manhattan. Bloomberg notes that a person familiar with the CalSTRS investment says Normandy is not part of the CalSTRS and L&L joint venture. The news outlet states that JP Morgan Chase is representing the pension fund.