CalSTRS to expand West Sacramento headquarters campus

CalSTRS

November 13, 2018 – The Teachers’ Retirement Board, trustees of the California State Teachers’ Retirement System (CalSTRS), has approved a 275,000ft² expansion of its West Sacramento headquarters.

The expansion is intended to allow the organisation to meet the challenges in implementing the CalSTRS Collaborative Investment Model and ongoing administration of the pension plan, while ensuring maximum returns on investment assets and capital over the long term.

The expanded facility will be constructed adjacent to CalSTRS’ existing West Sacramento location and is expected to be completed in mid-2021.

The expansion will also create more than 200,000ft² of rentable office space in CalSTRS’ riverfront Platinum LEED, a zero waste certified building.

Third-party lease revenue is also expected to increase the investment capital assets of the fund.

 

The $300m expansion programme is expected to be financed through lease revenue bonds, including the possibility of green bonds.

The building has been designed by ZGF Architects, along with consultation and oversight from Ridge Capital and DPR Construction.

It is expected to be the most sustainable building in the region, as it will provide environmental benefits and promote health and community connectivity.

The building will feature 80% onsite renewable energy, which will enables CalSTRS to achieve a Zero Net Energy (ZNE) facility designation.

CalSTRS CIO Christopher Ailman said: “There is no comparable office space available for lease in the Sacramento region that sits right in the urban core.

“This expansion will allow the Investment Office to continue to grow our internal management. The more investments we can manage in West Sacramento, the less we have to pay external Wall Street firms. In fact, each internal investment manager added saves the Fund about $1.2 million in external management fees per year.

“A critical component of the new CalSTRS Collaborative Model is hiring quality staff that can oversee and directly manage investment opportunities. And a new, expanded headquarters facility allows us to grow, attract and retain that talent.”

Source:-http://www.worldconstructionnetwork.com/news/calstrs-to-expand-west-sacramento-headquarters-campus/

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