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NEW YORK CITY-The 35-story, 611,000-sf office building at 575 Lexington Ave. has been purchased by a joint venture between Silverstein Properties and the California State Teachers’ Retirement System. The buying price was reported about $400 million, or about $655 per sf.

Online listings by the Koeppel Cos. LLC for the building show the asking price of $70 per sf, and only one floor, the 29th (4,268 sf) available. The 1958 building was owned by Tenth City LLC (co David J. Koeppel) and managed by the Koeppel Cos. Other major office tenants include Development Corp. for Israel, Federal Home Loan Management and Cornell University. Retail tenants include Camera Land, a florist, New York Sports Club and Staples.

According to its financials posted on its website, CalSTRS had a $142.7-billion portfolio ended fiscal 2006 with 42.3% in US stocks, 22.5% in international stocks, 22.3% in fixed income, 7% in real estate, 5.7% in alternative investments and .2%in cash.

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