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Calstrs Is Among Buyers in NYC Terminal Stores Acquisition

  • Fund to provide at least $100 million for $880 million deal
  • Pension fund to team with L&L, Normandy on Manhattan purchase
Terminal Stores in 2011.

Terminal Stores in 2011.

Photographer: Rob Kim/FilmMagic/Getty Images

The California State Teachers’ Retirement System, the second-largest U.S. pension fund, is expected to provide part of the equity for the $880 million acquisition of the Terminal Stores building in Manhattan’s Chelsea neighborhood, according to people with knowledge of the transaction.

The fund, which is being represented by a unit of JPMorgan Chase & Co., is partnering with L&L Holding Co. in the purchase of Terminal Stores and is likely to provide at least $100 million of equity, said one of the people, who asked not to be identified because the deal is private. Normandy Real Estate Partners LLC is also involved in the acquisition, but isn’t part of the Calstrs-L&L joint venture, another person said.