Florida State Board of Administration, Tallahassee, hired Stockbridge Capital Group and MetLife Real Estate Investors as non-discretionary advisers for the FSBA’s $7.8 billion in internally managed real estate, said John Kuczwanski, communications manager.
The move is the first time the FSBA, which oversees $175 billion in total assets, will use advisory firms to assist with its internally managed real estate, all U.S. market properties, Mr. Kuczwanski said.
FSBA’s real estate allocation totals $12.6 billion, including $4.8 billion that is externally managed.
The hirings are pending contract negotiations.
“Stockbridge and MetLife will provide investment services — identification of assets, recommendations, (property) management — for our direct-owned properties,” Mr. Kuczwanski said in a follow-up e-mail.
The hirings are a result of an invitation-only search FSBA initiated last year, Mr. Kuczwanski said.