California’s state teacher’s pension fund is steering a big chunk of money toward life sciences development.
CalSTRS, the California State Teachers Retirement System, pledged $500 million toward a life sciences fund run by Longfellow Real Estate, the first partnership between the two, The Registry reported. The money is part of the pension fund’s opportunistic sector of its $7.2 billion real estate portfolio.
Boston-based Longfellow has multiple life science developments across the Bay Area, including a 2.1 acre-lot it bought in Millbrae for $80 million In October. Longfellow is also developing a life science campus in Emeryville and has projects in the works in San Mateo, San Francisco, Palo Alto and Redwood City.
Longfellow is also active in San Diego and Sorrento Mesa in California, as well as North Carolina, New York and the Boston area.
CalSTRS has been actively investing in life sciences since its first investment in Cambridge Crossing in Massachusetts in 2015. The fund has worked with universities and medical centers across the U.S. including Georgia Tech, the University of Chicago and Texas Medical Center to develop life science campuses.
Other life science developments are being proposed for Brisbane and San Carlos. Healthpeak Properties filed an application to redevelop two towers it owns next to the Brisbane Marina. Redwood City developer Premia Capital filed an application to redevelop warehouses on Howard Avenue in San Carlos.
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[TR] — Victoria Pruitt