California Public Employees' Retirement System, Sacramento, selected Hines Interests and Commonwealth Pacific to manage $1.3 billion in U.S. office properties. Hines will manage more than $950 million in existing CalPERS office properties in the East and Northwest. Commonwealth will run $375 million in existing properties in the Southwest.
Hines also will invest up to $50 million in CalPERS' office portfolio, and Commonwealth will co-invest $2 million alongside the $135 billion system in a new operating company.
