The Chicago Teachers’ Pension Fund has rejected Sterling Bay’s pitch to invest in the Lincoln Yards project — a financial shot in the arm it sorely needed with its megadevelopment stalled only feet off the ground.
“After careful deliberation, it became evident that the investment did not align seamlessly with the goals of our Fund,” Jeffery Blackwell, president of the CTPF Board of Trustees, said in a press release. “There were many positive aspects of the development, but ultimately it was not the right fit for CTPF, as we are overallocated in our real estate portfolio.”