Sacramento, CA – Calpers has purchased a New York office tower for $1.9 billion, in one of the biggest real estate investments in its history, the Sacramento Bee newspaper reported on Tuesday.
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Calpers confirmed to Reuters that it had purchased 787 Seventh Avenue in midtown Manhattan but did not disclose the purchase price.
The purchase of the 50-story AXA Equitable Center comes as the largest U.S. pension focuses on buying real estate that already generated revenue rather than speculative development deals, the paper said.
The deal amounts to 7 percent of Calpers’ real estate portfolio, it reported.