The California Public Employees’ Retirement System (CalPERS) has selected Hines as its new manager for Sacramento Venture real estate partnerships.
“Hines is a longtime CalPERS partner and has a strong history of successfully developing real estate projects in Sacramento and the Bay Area,” said Marcie Frost, CalPERS chief executive officer.
The Houston-based developer will be working on various projects for the $380 billion pension fund, specifically the 301 Capitol Mall site, a property that has been challenging for the pension.
Last week, the plan said it would end its contract with CIM Group, the site’s last developer. CIM wanted to make the site a 33-story, $550 million tower that was set to be Sacramento’s tallest, among other ideas. It is not clear if Hines will use some of those plans or scrap them for their own concepts.
CalPERS recently revealed it had committed more than $3 billion in new additions to its core real estate investments. It had $35 billion in real estate assets as of June 30.
Hines has $124.3 billion in assets under management and 148 projects in development worldwide, according to its website.
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Tags: CalPERS, CIM Group, Hines, Pension, Real Estate