A conversation with CalSTRS’ Christopher Ailman on ESG

Climate change has added urgency to investors’ efforts regarding environmental, social and governance (ESG) factors. The $230 billion California State Teachers’ Retirement System (CalSTRS) has been at the forefront of addressing such issues, adopting an investment policy to mitigate ESG risks in 2008. Recently, Christopher Ailman, CIO of CalSTRS, spoke with Loretta Clodfelter, editor of Institutional Real Estate Americas, about the system’s sustainability endeavors. The following is an edited transcript of their conversation. Could you tell me a little…

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New York Life Real provides $220m to finance Denver office skyscraper

New York Life Real Estate Investors, on behalf of New York Life Insurance Co., will provide $220 million in financing for a 40-story class A office property in Denver. The property, located at 1144 15th St. in Denver, is owned by Hines and their equity partner. It was completed in 2018. Holliday Fenoglio Fowler (HFF) acted as mortgage broker to arrange the 17-year, fixed-rate permanent loan to finance the transaction. The building is located in the Lower Denver Financial…

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ASB acquires Tampa industrial complex for $26m

ASB Real Estate Investments has acquired a 368,664-square-foot warehouse property in the East Side submarket for $26.3 million. The seller was TriGate Capital. “This acquisition fits ASB’s strategy to solidify our industrial portfolio with well-leased cash-flowing assets in dynamic, growing industrial submarkets across the United States,” said Nicolas Franzetti, ASB senior vice president. “The East Side is experiencing strong tenant demand from last mile logistics companies, driving down vacancy and increasing rents while at the same time drawing a…

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Hotel startup to invest $300m in U.S.

OYO Hotels & Homes, a young hotel startup, has plans to invest $300 million over the next few years. The new-age hospitality company currently offers living spaces throughout its 50-plus OYO Hotels in 35 cities and 10 states. OYO Hotels & Homes are currently located in Dallas, Houston, Augusta, Atlanta and Miami. It aims to expand into cities like New York, Los Angeles and San Francisco. “We promise to bring new-age hospitality experience at a price point you never…

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Boutique Cambridge hotel secures financing from NY hedge fund

GenX Capital Partners in collaboration with Capital Stack CRE Finance has underwrote and closed a $37.75 million construction loan with a N.Y. real estate hedge fund for 907 Main boutique hotel in Cambridge, Mass. The $37.75 million construction financing was originated and underwritten in a collaboration between GenX Capital Partners, a real estate investment banking firm and direct lender out of Miami, and Capital Stack CRE Finance, a commercial real estate financing intermediary headed by long-time Boston based real estate…

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Bay West Development sells 40-acre site for $20m for new planned development

Silicon Valley-based Bay West Development has sold 40 acres of undeveloped land in Petaluma, Calif., for $20.1 million. The buyer was Indianapolis-based Scannell Properties, whose official plans for their new development project have yet to be announced. Located at 500 Hopper Street, Bay West had originally purchased the vacant industrial-zoned property in 2016. “We marketed this property as an industrial build-to-suit opportunity to a wide audience of buyers and we received strong interest from a number of different investors…

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The Preiss Co. forms JV with BCEG International Investment US

The Preiss Co. with its partner BCEG International Investment US has completed acquisitions of the 624-bed High View Place Student Apartments in San Antonio, Texas, and the 480-bed Rebel Place in Las Vegas, Nev. “Since January first of 2019, TPCO has completed $480 million in transactions, from Texas to Nevada to North Carolina,” said Susan Folckemer, chief acquisitions & development officer, TPCO. “At this rate, we remain en route to our biggest growth year overall. With a very full…

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Prime rent in San Francisco rivals global office markets

Prime office rents in San Francisco moved the city up from the 22nd most expensive office market in 2013 to the 12th in 2019, according to CBRE’s Global Prime Office Occupancy report. Prime San Francisco office rents remain less than half the cost of Hong Kong and London’s top submarkets. San Francisco is a top market for talent and innovation, but with scarce available space at all price levels and no available new deliveries expected until 2023, increases in rents are…

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Transwestern Investment Group sells 1.5msf industrial portfolio

Transwestern Investment Group has sold a 1.5 million-square-foot industrial portfolio on behalf of the Diversified International Partners Fund. A joint venture between Weston and Arcapita acquired the nine logistics facilities in Indianapolis for an undisclosed price. “This sale represents TIG’s strategy to acquire high-quality, institutional assets in prime locations,” said Richard Yeh, Managing Director at TIG. “During ownership, we were able to stabilize the rent roll and increase the portfolio’s net operating income by successfully executing the majority of lease transactions…

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Google pledges $1b to Silicon Valley housing crisis

Google CEO Sundar Pichai announced the company’s biggest commitment by far, a $1 billion investment over the next 10 years to build some 20,000 units of housing. The investment aims to help housing, which prices have skyrocketed in recent years due to the influx of highly paid technology employees. News headlines have depicted that high incomes have resulted in limited supply of homes in the Bay Area, creating competition that can only be afforded by the affluent, a group…

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