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Real Estate

Contact: NYSCRFInvestmentproposals@osc.state.ny.us

The Real Estate Unit is responsible for the prudent management and investment of the Common Retirement Fund's real-estate-related investments, which include directly owned real estate, joint ventures, commingled funds, co-investment funds, fund of funds, captive funds and mortgage loans. The primary investment strategy of the unit is to structure the real estate portfolio so that it enhances the overall performance of the Fund over multi-year periods, with reduced volatility and lower risk. A goal of this strategy is to invest in joint ventures with operators and managers of caliber, integrity and capacity to grow. Any new investment structure will be a function of the strategy, capital allocation, nature of the universe of investment opportunities, and risk management that provide growth and scale to the Fund.

The unit encourages those who are interested in having a better understanding of the unit and investments to review the real estate section located in the Comprehensive Annual Financial Report. Please contact the unit with investment considerations at NYSCRFInvestmentproposalss@osc.state.ny.us

A brief description and contact information of our current partners and managers who advise the unit on investments are as follows:

AREA (f/k/a Apollo Real Estate Advisors)
Venture focused on asset repositioning, redevelopment and change of use for underutilized assets throughout the State of New York.
AREA: Richard Mack (212) 515-3238
Advisor: JP Morgan Real Estate – Daniel Volpano
(212) 648-2101; daniel.volpano@jpmorgan.com

Avalon Bay
Venture developed a Class A apartment community in New York City with an affordable housing component.
Avalon Bay: Fred Harris (212) 309-2984
Advisor: JP Morgan Real Estate – Daniel Volpano
(212) 648-2101; daniel.volpano@jpmorgan.com

Boston Properties
Venture targeted acquisitions and development of office properties in Boston, New York, Washington, D.C., and San Francisco.
Boston Properties contact: Tom O’Connor (617) 236-3300;
Advisor: JP Morgan Real Estate - Daniel Volpano
(212) 648-2101; daniel.volpano@jpmorgan.com

Fairfield Residential
Venture manages a portfolio that developed and re-habilitated multi-family properties in select markets in the U.S.
Fairfield contact: Michelle Lord (858) 457-2123
Advisor: Heitman Financial – Jerry Claeys (312) 855-6517; jerry.claeys@heitman.com

Franklin Templeton Investments (FT)
FT manages a high return Fund of Funds platform. The objective of the platform is to provide NYSCRF access to real estate private equity partnerships that are less than $750 million in fund size. FT is the discretionary manager of this fund, which seeks investments with a limited number of best-in-class general partners, including smaller and emerging firms.
FT Contact: Marc Weidner (212) 632-4206; mweidne@frk.com

General Growth Properties
Provides the management and operations of a portfolio that acquired and developed dominant regional malls nationwide.
General Growth contact: Meredith O’Sullivan (312) 960-6320
Advisor: ING Clarion - Kevin Rodgers (212) 883-2544; kevin.rodgers@ingclarion.com

JP Morgan Asset Management (JPM)
JPM manages a value-added – national strategy on behalf of NYSCRF. JPM is the discretionary manager of the fund, which seeks local operating partners.
JP Morgan contact: Dan Volpano (212) 648-2101; daniel.volpano@jpmorgan.com

KIMCO
Venture acquired neighborhood, community and power shopping centers, power centers and single retail properties across the United States.
KIMCO contact: Marissa Novack (212) 324-1008
Advisor: ING Clarion - Kevin Rodgers (212) 883-2544; kevin.rodgers@ingclarion.com

Liberty Property Trust
One venture develops and acquires industrial warehouse properties in the Chicago metropolitan area. A second venture acquires and repositions class A office space in Washington D.C.
Liberty contact: Michael T. Hagan (610) 648-1716
Advisor: Heitman Financial - Jerry Claeys (312) 855-6517; jerry.claeys@heitman.com

Loews Hotels
The venture targeted the development, acquisition and re-positioning of upscale luxury hotel and resort properties in the U.S., Canada, Mexico and the Caribbean. All properties will be operated as Loews Hotels.
Loews contact: Vince Dunleavy (212) 521-2831
Advisor: ING Clarion - Kevin Rodgers (212) 883-2544; kevin.rodgers@ingclarion.com

ORG
ORG manages a high return and value-added co-investment platform on behalf of NYSCRF.  The platforms are designed for global co-investment opportunities within existing commingled funds.  ORG is the discretionary manager of these funds, which seek a limited number of commingled fund managers. 
ORG contact:  Steve Gruber: 503-624-9910; sgruber@orgrealproperty.com

Post Properties
Venture developed class A multi-family properties in major 24-hour markets across the U.S.
Post contact: David Stockert (404) 846-6166
Advisor: JP Morgan Real Estate - Daniel Volpano
(212) 648-2101; daniel.volpano@jpmorgan.com

Prologis Trust
Provides the management and operations of an industrial portfolio in southern California. 
Prologis contact: Andrew S. Doughtie (303) 567-5136
Advisor:  Heitman Financial - Jerry Claeys  (312) 855-6517; jerry.claeys@heitman.com

Shurgard Europe
Venture acquires, develops and operates a self-storage portfolio in Europe.
Advisor: Heitman Financial - Jerry Claeys  (312) 855-6517; jerry.claeys@heitman.com

Taconic Investment Partners
Venture acquired strategic office properties in New York City. 
Taconic contact:  Paul Pariser (212) 220-9945 
Advisor:  ING Clarion - Kevin Rodgers (212) 883-2544; kevin.rodgers@ingclarion.com

The Townsend Group
Townsend manages a high return and value-added co-investment platform on behalf of NYSCRF.  The platforms are designed for global co-investment opportunities within existing commingled funds.  Townsend is the discretionary manager of these funds, which seek a limited number of commingled fund managers. 
Townsend Group contact: Jay Long (216) 781-9090; jlong@townsendgroup.com