The Comptroller of the City of New York, acting on behalf of the New York City Retirement Systems, is in search of a firm or firms to provide strategic real estate investment consulting and support services, including services for real estate-related economically targeted investments. For purposes of the search, the New York City Retirement Systems include: the New York City Employees’ Retirement System (NYCERS), New York City Teachers’ Retirement System (TRS), New York City Police Pension Fund, New York City Fire Department Pension Fund, and New York City Board of Education Retirement System (BERS).
The work will include, but will not be limited to, providing strategic advice, new investment identification and evaluation, and portfolio monitoring services. The selected firm(s) will provide the systems, on a non-discretionary basis, with advice on real estate-related investment activities over a broad spectrum of strategies (including, but not limited to, real estate equity, mezzanine debt, distressed, secondary, REITs, fund of funds) and stages of investment.
Contracts resulting from this RFP will be for a three-year term with four one-year renewal options equating to an additional four years to the original term. Applicants must meet a number of minimum requirements, including: (i) the firm must provide real estate consulting services to existing institutional investors, with at least one client having a real estate portfolio of at least USD500 million in capital commitments as of June 30, 2010; (ii) the firm’s key professionals to be assigned to the retirement system must have at least five years of demonstrated prior experience in providing services to institutional investors in real estate as of June 30, 2010.
Proposals are due by January 20, 2011, the selection and award of the contract is scheduled for March/April 2011 with the contract set to commence in May. Proposals from minority-owned and women-owned consulting firms are encouraged. For more information on the search view the RFP. The Townsend Group is the current real estate investment consultant for NYCERS, TRS, and both Police and Fire funds.
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