New York City's biggest pension fund will invest up to $100 million in commercial properties located throughout Manhattan, Brooklyn and Queens. New York City comptroller William Thompson announced last Friday that the decision represents a new drive by the city to use pension funds as a way to build community assets.

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Tishman Speyer has been assigned to acquire, develop and redevelop properties, primarily office buildings. The investment announcement came soon after an independent report criticized the city's management of the five employee pension funds last week. All of those pension funds are under the city comptroller's watch.