Business Opportunities

The Los Angeles County Employees Retirement Association ("LACERA") is requesting proposals from qualified commercial real estate brokerage firms interested in facilitating the disposition of LACERA’s separately held assets. The specific services requested via this Request for Proposal (“RFP”) are contained in the section below, Scope of Services.

Scope of Services

LACERA seeks up to 3 preferred commercial real estate brokerage firms to facilitate the disposition of the real estate separately held assets. Selected brokerage firm(s) will provide LACERA with the following scope of services:

• Provide as needed strategic guidance on market conditions, exit timing and strategy.
• Asset level review and valuation of the portfolio at least annually for 4 years (assuming material exposures remain) along with both individual and bulk sale plans to optimize exit goals.
• Advise on key leasing and capital budget considerations affecting disposition and exit goals.
• Serve as a preferred broker for individual asset sales, which will continue to be run by the separate account managers. Provide LACERA with periodic updates on these efforts.
• Provide full brokerage services for any bulk sales undertaken.
• Assist in analyzing offers from potential buyers and advise with respect to negotiations.
• Advise on potential in-kind asset transfers to LACERA identified desired Fund managers in lieu of cash transaction.
• Advise LACERA on refinancing and seller financing strategies.

The objective is to: (a) centralize LACERA’s market intelligence as it sells down its real estate assets within multiple manager portfolios across property types and regions, (b) prepare for the potential for a portfolio sale of multiple assets to a single buyer across manager portfolios, (c) to advise on capital market conditions affecting potential buyers’ ability to finance their purchases, and to have brokers provide strategic research that would be useful to LACERA as it considers its disposition strategy in a dynamic marketplace.

Firms are invited to submit proposals for Real Estate commercial brokerage services as described above.

Submission Requirements

Submit your Intent to Respond (Attachment A) by 3:00 PM Thursday, May 18, 2023, as well as your completed proposal by e-mail by 3:00 PM Friday, June 9, 2023. Any proposal delivered after the proposal deadline will not be considered. Faxed transmissions are not acceptable. The completed proposal is to be sent to the attention of:

Mr. Amit Aggarwal and Mr. Mike Romero, LACERA Investments

Also send one electronic copy marked “REDACTED”. The redacted copy should exclude all material from your proposal that you believe in good faith is exempt from disclosure under the California Public Records Act (Cal. Gov. Code §7920.000 et seq.) (described in Section VI of this RFP). Redactions should appear as blacked out material or blank page(s) with the word “REDACTED” or “PROPRIETARY” inserted.

Questions Relating to This RFP

Direct all questions, inquiries, and requests for additional information concerning this RFP to Amit Aggarwal and Mike Romero no later than 3:00 PM May 22, 2023 by e-mail (broker.rfp@lacera.com). All questions received and responses thereto will be posted on LACERA’s website (www.lacera.com) under the “About LACERA”, “Who We Are”, "Business Opportunities" section on or about 3:00 PM May 26, 2023.

Tentative Timetable

The following is a tentative schedule for this search. The interview, evaluation, and staff recommendation phases are subject to modification by LACERA.

LACERA RFP Issued

May 10, 2023

Submission – Letter of Intent to Respond (Attachment A) Deadline

(firm) May 18, 2023

Submission – RFP Questions Deadline

(firm) May 22, 2023

LACERA Response to Written Questions

May 26, 2023

Submission – RFP (including Attachments B-D) Response Deadline

June 9, 2023

Invitations to Advance and Interview, as Warranted

July- August 2023

Chief Investment Officer Deliberation/Selection

3Q 2023