CalSTRS Takes Over LCOR for $820M

WEST SACRAMENTO, CA-Along with an almost 5,000-unit apartment portfolio, former Lehman partner LCOR also brings development abilities to the locally based investment giant.

By Robert Carr | Updated on May 23, 2012

WEST SACRAMENTO, CA-Local investment giant CalSTRS has moved into the development business, buying a majority stake in New York City-based firm LCOR from Lehman Bros. for more than $820 million. The deal also includes the ownership of 14 apartment complexes across the country, totaling almost 5,000 units.

LCOR has developed more than 20,000 residential units and more than 16 million square feet of commercial space, and currently manages more than 7,400 multifamily units and 7.7 million square feet of commercial property. The company also has a pipeline of mixed-use real estate with a total build-out potential of more than 16 million square feet.

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