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NEW YORK CITY-A joint venture partnership between Silverstein Properties and the pension fund California State Teachers’ Retirement System is now in possession of 575 Lexington Ave. The JV revealed the closing on the 600,000-sf East Side asset today, and put the purchase price at $400 million, or $665 per foot. The partnership was advised by CB Richard Ellis Investors.

Silverstein, which will also manage the property, is planning a value-add that is said to include a new lobby, elevator cabs, lighting and façade upgrades. No word was given on the planned cost of the renovations.

It won’t be the first renovation launched on the nearly 50-year-old building. The seller, Koeppel Cos. LLC, performed a major rehab in the late 1980s, so it’s clearly time.

Koeppel purchased the asset, currently 95% occupied, in 1958.

While this is the first purchase in the metro area for the Silverstein/CalStrs JV, it is not the last. According to a statement, the partnership “provides Silverstein Properties with up to $2 billion in buying power to be used for acquisition purposes in the metropolitan area.”

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