Los Angeles City Employees Retirement Systems board delayed the selection of a real estate consultant until April 10, according to a source close to the $10.7 billion system. The finalists, incumbent Townsend Group and Courtland Partners, were selected following a RFP issued in June 2006. No reason was given for the postponement.
Townsends contract, which was to expire March 31, has been extended for 120 days.
The systems investment committee is recommending Courtland because it will open a Los Angeles office and because the firm will engage a consultant with an expanded real estate perspective, according an investment committee report to the board.