Calstrs

The California State Teachers' Retirement System, the third-largest U.S. public pension fund, has approved a resolution asking Tyco International Inc. and Ingersoll-Rand Co. to move their corporate headquarters back to the U.S. CalSTRS owns 145,818 shares of Ingersoll-Rand and 869,749 shares of Tyco.

The U.S. District Court in Los Angeles named California State Teachers' Retirement System lead plaintiff in nearly 20 consolidated lawsuits against Westlake Village-based Homestore.com and several former executives. CalSTRS, the nation's third-largest public pension fund, said it lost an estimated $9 million on more than 431,000 Homestore shares from May 4, 2000, to Dec. 21, 2001. The stock collapsed after the online home-listings company warned that its results would fall short of expectations.

The California State Teachers' Retirement System has purchased the Plaza at the Arboretum apartment and retail complex in eastern Santa Monica's commercial hub in one of the largest local residential deals in recent years. The pension fund for the state's public school educators made an initial payment of nearly $76 million for the 351-unit complex at 2200 Colorado Ave., according to a CalSTRS Investment Committee report.

The California State Teachers' Retirement System has purchased nearly 400,000 square feet of office properties along Town Center Drive in Valencia for $72.3 million in cash. CalSTRS, through an investment program managed by Los Angeles-based Thomas Properties Group, purchased four buildings, including Princess Cruises' headquarters, from Newhall Land & Farming Co., the Santa Clarita Valley's biggest land developer. Newhall Land reported that the sale price is $7.

A Maxxam Inc. shareholder proposal to have the company swap its Headwaters land in exchange for government claims from a failed savings and loan was endorsed by a large pension-fund stockholder. The endorsement came from the California State Teachers' Retirement System, which is the Houston-based timber company's 10th-largest institutional shareholder with 71,400 shares. Its recommendation was reported by the Rose Foundation, an Oakland-based environmental group.

The veteran chief investment officer of the $68-billion California State Teachers' Retirement System fund was replaced on Friday, a victim at least in part of his conservative investment philosophy in a roaring bull market. Thomas Flanigan, 56, who has overseen assets of the teachers' fund for 11 years, lost the position in competition with five other candidates, the CalSTRS board said. His successor will be Patrick Mitchell, 48, the fund's director of bond and stock investments.

The California State Teachers Retirement System said Friday that it has selected an Irvine firm to manage a $2.5-billion portfolio that is one of the system's riskier investments. CalSTRS said it will negotiate a final contract with Pathway Capital Management L.P. for services over the next three years, with options for two one-year extensions.