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| Silverstein and CalSTRS to purchase Moody's headquarters Silverstein Properties and its joint venture partner, the California State Teachers' Retirement System (CalSTRS), has entered into contract with Moody's Corporation to purchase Moody's corporate headquarters building at 99 Church Street in downtown Manhattan for $170 million. The companies expect to complete the transaction in mid-December. The deal to purchase 99 Church Street marks the second investment under a new joint venture between CalSTRS, a pension fund, and Silverstein Properties. The partnership provides Silverstein Properties with up to $2 billion in buying power to be used for acquisition purposes in the tri-state area. As part of the sale, Moody's will continue to occupy the approximately 441,000-square-foot, 11-story office building at 99 Church Street until the company relocates to its new global headquarters at 7 World Trade Center. The move is expected to be complete within 12 months. write your comments about the article :: © 2006 Construction News :: home page |