The Other Real Estate Disaster

摘要

Scott lawlor and the managers at pennsylvania Public Schools' $63 billion pension fund had a beautiful relationship. From an office on New York's Park Avenue Lawlor and his firm, Broadway Partners, ran real estate "opportunity funds," fat with capital from the, teachers' pension and other institutions. He had invested the funds in a $10 billion pool of glamorous office properties like Bostons John Hancock Tower. Lawlor delivered profits-or so the Pennsylvania fund managers reported-of up to 40% a year. The state fund managers kept capital flowing, both to his funds and to his pocket, in the form of fees.