ALBANY, N.Y. - The $88 billion New York Common Retirement Fund has consolidated alternative and real estate investing under the direction of Alan Sullivan, assistant deputy comptroller, according to a spokesman for H. Carl McCall, sole trustee of the fund.
Day-to-day management of alternative investments will be handled by Michael Arpey, senior investment officer, according to the spokesman.
Mr. Arpey, who joined the New York state comptroller's office in 1995 as an investment officer, replaces Anne Collins, who left last month to join Fleet Equity Partners.
Real estate investing will continue to be directed by Joseph DelCasino, chief real estate investment officer.
In another development, the fund paid $32 million for First Union Plaza, the single-largest office property transaction in the Raleigh/Durham/Chapel Hill, N.C., market, according to Marcus & Millichap Commercial Real Estate Investment Brokerage.
The fund paid more than $136 per square foot for the 235,000-square-foot building, making it the most ever paid for a property in the region.
New York Common was represented by Jones Lang Wootton Realty Advisors.