CalSTRS has committed $300 million to DivcoWest Real Estate Services for a new joint venture to acquire core and core-plus commercial real estate in growth-oriented areas in the U.S., spokesman Michael Sicilia said in an email.
Target markets for investment include the Austin, Texas; Boston; Los Angeles; New York; San Diego; San Francisco Bay Area;and Seattle.
California State Teachers' Retirement System, West Sacramento, has committed about $1.5 billion to DivcoWest over the past 15 years.
"We continue to commit capital to DivcoWest not only because of our partnership's financial success, but because they've earned our trust over a long period of time," said Mike DiRe, director of real estate at CalSTRS in a DivcoWest news release. CalSTRS had about $81 million invested with DivcoWest across three strategies as of June 30.