The California State Teachers' Retirement System (CalSTRS) has acquired a majority interest in LCOR, a Berwyn, Pa.-based real estate company, along with other assets connected to the firm.
The Philadelphia Business Journal reports that CalSTRS' purchase, which is valued at more than $800 million, also included real estate holdings owned by Lehman Brothers, which was LCOR's former partner for 14 years. LCOR's portfolio consists of more than 7.7 million square feet of commercial space, more than 7,400 apartment units and a development pipeline of mixed-use real estate in the East Coast region between New York and Washington, D.C.
Morgan Stanley served as LCOR and Lehman's exclusive financial advisor in this transaction, while CalSTRS was advised by Principal Real Estate Investors and GI Partners.
