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RFP: REAL ESTATE COUNSEL LEGAL SERVICES

The Los Angeles County Employees Retirement Association (“LACERA”), a $57 billion public fund, is evaluating the capabilities of service providers that perform real estate-related back office accounting, administrative, operational, tax and legal-related services.

The real estate program is made up of 13% commingled funds and 87% separate accounts. The separate accounts cover a broad array of property types diversified throughout the U.S., including office buildings, industrial properties, multi-family apartments, retail centers, and development projects. LACERA acquires and sells properties utilizing 12 private real estate advisory firms who are under contract to LACERA as fiduciaries. LACERA holds title to its properties through tax exempt title holding companies (THCs) formed as corporations, limited liability companies or limited partnerships. Most of LACERA’s real estate assets are wholly owned, however, a small percentage is held through joint venture partnerships. Private management companies selected by LACERA's real estate advisors operate and maintain the properties under contracts with the THC’s.

LACERA’s real estate portfolio also includes 16 commingled funds (domestic and international) and a debt investment program. Under the debt program, LACERA holds whole loans, A/B split notes and mezzanine loans.

Scope of Work

LACERA seeks to retain outside counsel to provide independent, quality, cost-effective and on-demand legal advice and services related to the fund’s real estate investments. These services include three separate mandates or panels: 1) equity real estate, including acquisitions, dispositions, joint ventures and financings, 2) debt investments, including whole loans, A/B split notes and mezzanine loans, and 3) commingled funds (open and closed-end), including infrastructure and natural resources funds such as timber. LACERA will select several law firms to serve on a panel for each mandate.

Minimum Qualifications

The following are the minimum qualifications depending on the mandate for which the bid is being submitted. If the bid is requesting consideration for all three mandates, the respondent must meet all three criteria. If, however, the bid is responding to just one or
two of the mandates then the respondent need only meet the criteria applicable to that mandate:

  • To qualify for consideration for LACERA’s approved list of firms for real estate equity investments, the attorney or attorneys who will have primary responsibility for providing services must have a minimum of seven years of experience, and preferably more, in representing public pension plans in sophisticated and complex real estate equity transactions involving at least $20 million per transaction.
  • To qualify for consideration for LACERA’s approved list of firms for real estate private fund investments, the attorney or attorneys who will have primary responsibility for providing services must have a minimum of seven years of experience, and preferably more, in representing public pension plans in sophisticated and complex private fund investment vehicles involving at least $20 million per transaction.
  • To qualify for consideration for LACERA’s approved list of firms for real estate debt investments, the attorney or attorneys who will have primary responsibility for providing services must have a minimum of seven years of experience, and preferably more, in representing public pension plans in sophisticated and complex real estate financing transactions involving at least $20 million per transaction.

Questions Relating to this RFP

All written questions and requests for clarification concerning this RFP should be directed to LACERA no later than 5:00 PM PDT, Monday, April 8, 2019 and should be sent by e-mail (croseland@lacera.com). All questions received and responses to questions will be posted on this page on or about Friday, April 12, 2019.
UPDATED 4-12-19: PDF icon LACERA Responses to Written Questions

Submission Requirements

Submissions (maximum 50 pages, excluding samples and templates, in 12-point font size), must be received by the due date stated below in the RFP Timeline and be delivered (1) electronically in PDF or Microsoft Word format via email to croseland@lacera.com (alternatively, if the file is too large, it may be submitted on a USB flash drive) and (2) in hard copy form by submitting six (6) spiral bound (no hard binders or marketing materials) addressed to:

  • Christine Roseland
  • Senior Staff Counsel
  • LACERA
  • Gateway Plaza
  • 300 North Lake Avenue, Suite 620
  • Pasadena, CA 91101
  • croseland@lacera.com

Deadline for Proposals

Completed responses to the RFP must be received no later than 5:00 PM PST, Wednesday, May 1, 2019. Responses received after the specified deadline may be considered for evaluation solely at the discretion of LACERA. Responses to this RFP may be modified or withdrawn in writing if modifications are received prior to the submission deadline. Modification to or withdrawal of a proposal received after the submission deadline will not be considered.

Tentative Timetable

The following is the tentative time schedule for LACERA's RFP search for Real Estate Counsel Legal Services. All dates are subject to modification by LACERA.

Task Date
Issuance of RFP April 1, 2019
Written Questions and Requests for Clarification Due April 8, 2019, 5:00 P.M. PDT
Responses to Questions Posted April 12, 2019
Proposals Due May 1, 2019, 5:00 P.M. PDT
Finalist Interviews June 3–14, 2019
Estimated Final Selection June 28, 2019

RFP MATERIALS

PDF Icon RFP: Real Estate Counsel Legal Services