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Trust authorizes negotiations with TA Realty to add a second real estate manager
Summary
After a year‑long search, the investment committee recommended TA Realty as an additional core real‑estate manager to complement Heitman; trustees authorized contract negotiations and approved asset transition to TA Realty.
The Investment Committee's year‑long search for an additional core real estate manager concluded with a trustee vote Jan. 15 authorizing staff to begin contract negotiations with TA Realty and to execute transition documents upon successful negotiation.
Background and search process: Calhoun's presentation summarized a replacement search for the trust's core real estate sleeve after persistent underperformance by one existing manager (UBS Trammell Property). Cowen and the trust's real assets team screened 25 potential managers, eliminated 13 for reasons including size,…
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