MetLife, Inc. (NYSE: MET) announced today that it has signed a joint
venture agreement with UDR, Inc. (NYSE: UDR) to invest in the
construction of a luxury high-rise residential development in San
Francisco. MetLife will have a 49 percent share of the project, and UDR,
a leading multifamily real estate investment trust, will own 51 percent.
The development will feature a 42-story tower, with 100 percent of the
homes at market rate. It will be located at 399 Fremont Street in San
Francisco’s Rincon Hill neighborhood, south of Market Street. With 447
residential units, the community will cost approximately $317 million to
develop and is expected to open in 2016.
“San Francisco is a key market that fits directly into MetLife’s
strategy to expand our investment in the top markets in the United
States,” said Robert Merck, global head of real estate for MetLife. “We
already have a successful relationship with UDR, and this significant
deal in the Bay Area further cements our partnership.”
The high-rise tower will be composed of a best-in-market amenity package
including a sky lounge and observation deck, pool, fitness center, pet
care center and approximately 3,500 square-feet of retail space. Future
residents will be within walking distance of a variety of nightlife
destinations, high-end restaurants, the financial district and
transportation hubs such as BART stations and the forthcoming Transbay
Transit Center.
“We are pleased to be expanding our relationship with MetLife, a stable,
long-term, committed multifamily partner, with the construction of 399
Fremont,” said Tom Toomey, president and CEO of UDR. “San Francisco is a
core market for UDR that continues to exhibit strong multifamily
fundamentals.”
With more than 100 years of real estate investment experience, MetLife
is one of the largest investors in the industry with $55.1 billion in
real estate invested assets, including $43.1 billion in commercial
mortgages and $12 billion in equity investments at the end of 2012. Real
estate ventures of this type provide MetLife with investment
opportunities that match the long-term liabilities the company writes
through its insurance products.
About MetLife, Inc.
MetLife, Inc. is a leading global provider of insurance, annuities and
employee benefit programs, serving 90 million customers. Through its
subsidiaries and affiliates, MetLife holds leading market positions in
the United States, Japan, Latin America, Asia, Europe and the Middle
East. For more information, visit www.metlife.com
Copyright Business Wire 2013