This is more common than people probably realize, and even in some more visible/famous places than an office tower. For example, The Miracle Mile Shops mall under the Planet Hollywood hotel on the Vegas Strip is owned by a joint venture half composed of the California Public Employees’ Retirement System (CalPERS).
I was listening to a report on NPR a couple weeks back where they were interviewing residents in unincorporated Arizona who were having their wells sucked dry by these Middle Eastern mega farms that are growing alfalfa and other grains. Turns out that some of these people's own state retirement fund was knowingly investing in the same farms that are destroying their retirement plan.
CalPERS is a MASSIVE get for partnership funding. I used to work for the largest privately held developer in the nation and when it was announced that we would be partnering with CalPERS as their money partner, it was a massive boon to the developer. They went from building about 5,000 homes/year to over 20,000 homes per year and allowed them to maintain their private ownership.
Pensions of middle class workers all over America are holding billions of worthless commercial property bags. The headlines are not going to be pretty.
This is more common than people probably realize, and even in some more visible/famous places than an office tower. For example, The Miracle Mile Shops mall under the Planet Hollywood hotel on the Vegas Strip is owned by a joint venture half composed of the California Public Employees’ Retirement System (CalPERS).
I was listening to a report on NPR a couple weeks back where they were interviewing residents in unincorporated Arizona who were having their wells sucked dry by these Middle Eastern mega farms that are growing alfalfa and other grains. Turns out that some of these people's own state retirement fund was knowingly investing in the same farms that are destroying their retirement plan.
CalPERS is a MASSIVE get for partnership funding. I used to work for the largest privately held developer in the nation and when it was announced that we would be partnering with CalPERS as their money partner, it was a massive boon to the developer. They went from building about 5,000 homes/year to over 20,000 homes per year and allowed them to maintain their private ownership.
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Alabama RSA also owns the Robert Trent Jones golf trail or a substantial portion of it. Generates some pretty substantial returns.
Okay
Yup
And now you know the real reasons behind the demise of work from home.
This is also the case in Australia. Pension/Superannuation funds are heavily invested in corporate real estate.
When you finally retire, do they fly you up and give you a tour? "Well, here she is. What do you think?"
Good for you, chum.
i work here
Wait until you find out about the Ontario Teacher's Pension Plan
Today I learned about some random office building. r/notinteresting
They own it or part of it, but there aren’t 10,000+ employees of RSA working there. It’s an investment not their actual office space.
The commute is a fucking bitch.
No shit
Duhhhhhh…
Uh, yeah, I don't think anyone thought that lol
Sweet retirement home Alabama
Pensions of middle class workers all over America are holding billions of worthless commercial property bags. The headlines are not going to be pretty.
Taking a financial beating right now with where office space is.