California Public Employees’ Retirement System (CalPERS) has hired Hines to replace CIM Group as its new manager of a development which will become the tallest office building in Sacramento.
In a brief statement, the $380bn pension fund said it has engaged Hines as its new manager of the Sacramento Venture real estate partnerships, which include the 301 Capitol Mall project.
Marcie Frost, CalPERS CEO, said: “Hines is a longtime CalPERS partner and has a strong history of successfully developing real estate projects in Sacramento and the Bay Area.
“We look forward to working with them on 301 Capitol Mall. We’re committed to fulfilling our fiduciary duty to find the best investment path forward for this very important project.”
Last year, CIM Group filed plans for the 33-storey tower for 301 Capitol Mall, a mixd-use project reportedly worth over half a billion dollars.
The project had an estimated construction start date of March 2020 and a completion date was set at September 2022.