The board of the $60 billion California State Teachers' Retirement System, Sacramento, tentatively hired Aldrich Eastman Waltch to evaluate CalSTRS' existing real estate portfolio for recommendations on properties that could be traded into public REITs. The property recommendations must receive board approval before trades can be made. The hiring is subject to contract negotiations.
CalSTRS identified ABKB/LaSalle Securities as the other finalist for the five-year contract. Institutional Property Consultants assisted in the search.