CalPERS hired Hines as its new manager of the $100 million Sacramento Venture real estate partnerships, which includes a development in downtown Sacramento at 301 Capitol Mall, spokeswoman Megan White said in an email.
CIM Group was the manager of Sacramento Venture real estate partnerships. Ms. White declined to comment on the reason for CIM's termination.
Earlier this month, officials at the $380.7 billion California Public Employees' Retirement System, Sacramento, said they had terminated CIM Group as manager on the 301 Capitol Mall project, a mixed-use tower that would have been Sacramento's tallest building. CalPERS had committed $550 million to develop 301 Capitol Mall in closed session in June 2018, CalPERS later reported.
"Hines is a longtime CalPERS partner and has a strong history of successfully developing real estate projects in Sacramento and the Bay Area," said Marcie Frost, CalPERS CEO, in a news release. "We look forward to working with them on 301 Capitol Mall. We're committed to fulfilling our fiduciary duty to find the best investment path forward for this very important project."
Ms. White referred questions about whether there would be any changes to the 301 Capitol Mall project to Hines. Hines spokesman Mark Clegg declined to comment.
CIM spokesman Bill Mendel declined to comment.
In a written statement issued after it had been terminated on the project, CIM said, "CIM signed on to this project to support CalPERS' goals and remains committed to supporting whatever team and direction CalPERS selects."
