Heitman Loses County Pension Fund Job

Heitman Capital Management lost one of its two assignments for the Los Angeles County Employees’ Retirement Assn. after several people left the Pasadena office. The Chicago-based real estate firm served as asset and property manager for the pension fund, which has about $23 billion in assets. It was fired as asset manager of the fund’s $55-million-to-$60-million headquarters building, though it will continue to manage the property, said Marsha Richter, the fund’s chief executive. Heitman’s asset management duties for the fund included negotiating leases, marketing and positioning the property, and advising the fund’s staff on whether to keep or sell the building, Richter said. The firm lost the asset management job because of “a lot of staff turnover” at Heitman, Richter said.