New York City Retirement Systems issued an RFP for at least one real estate investment consultant.
Multiple consultants could be chosen, according to the RFP on the website of the New York City Comptroller John C. Liu, the system’s investment adviser, custodian and trustee.
Townsend Group is real estate consultant for four of the five funds and can rebid, Michael Loughran, a spokesman for Mr. Liu, wrote in an e-mailed response to questions. Townsend’s contract expires on June 30, Mr. Loughran wrote.
Kevin Lynch, principal and co-founder of Townsend, said in an interview that his firm “will actively participate in the RFP process.”
The $109.6 billion systems have commitments to 41 real estate investment funds totaling $3 billion as of June 30, according to data in the RFP. The city’s Board of Education Retirement System “does not have (a) significant real estate program,” Mr. Loughran wrote.
The new contract will be for a three-year term with four one-year renewal options, the RFP says.
The RFP can be found at http://www.comptroller.nyc.gov/bureaus/bam/rfps.shtm#REC. Proposals are due at 2 p.m. EST Jan. 20. Evaluations and candidate interviews are slated for February. Contracts will be awarded in March or April, and will be effective in May.
Further information is available by mail from Evelyn Dresler, Office of the Comptroller of the City of New York, The Municipal Building, 1 Centre St., Room 650, New York, NY 10007-2341, or at [email protected]