CalSTRS Acquires Manhattan Tower
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New York developer Larry Silverstein and the California State Teachers Retirement System paid $400 million for 575 Lexington Ave., a 35-story office tower in Midtown Manhattan.
Silverstein, leaseholder on the World Trade Center office space, and CalSTRS, the second-largest U.S. pension fund, formed the partnership this year and the purchase is its first. Silverstein and CalSTRS said in a statement they would spend as much as $2 billion on commercial properties in the New York area.
The acquisition is the first by Silverstein in New York since he and his partners paid $3.2 billion for a 99-year lease of the World Trade Center site in 2001.
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