City of New Orleans Employees' Retirement System expects to complete...

City of New Orleans Employees' Retirement System expects to complete its first real estate deal next week - the $3.5 million purchase of a 10-story office building, said Jerry Davis, chairman of the $350 million pension fund. The system bought it as an investment and to house its pension staff of 10 on half of one floor. Mr. Davis said the city is unlikely to invest in more real estate until the fund grows to $500 million.