MetLife, Inc. (NYSE:MET) and Norges Bank Investment Management (NBIM)
today announced investments in two office properties, one in downtown
Washington, D.C., and the other in San Francisco. These are the second
and third deals in their recently formed joint venture, which invests in
Class A office properties in key U.S. markets. Combined with the
previously announced One Financial Center in Boston, the gross value of
the joint venture is approximately $1.7 billion dollars.
In Washington, D.C., MetLife and NBIM have invested in 555 12th Street,
NW, adjacent to the Metro Center subway station and one block north of
Pennsylvania Avenue. A 12-story, free-standing office building with
782,000 square feet, the property is LEED Gold certified and one of the
largest office buildings in the city. The complex is currently 85
percent leased to a highly diversified tenant roster.
MetLife and NBIM also invested in a San Francisco property located at
425 Market Street, an office building with 945,249 square feet in the
city’s south financial district. NBIM purchased a 47.5 percent share of
the asset from MetLife, which will retain a 52.5 percent interest in the
property.
“We are pleased to invest in these high-quality assets that should
provide attractive returns over a long-term investment horizon,” said
Robert Merck, global head of real estate investments for MetLife. “Our
growing partnership with NBIM speaks to our strong capabilities in the
asset management business.”
With more than 100 years of real estate investment experience, MetLife
is one of the largest investors in the industry with nearly $55 billion
in real estate invested assets, including $42 billion in commercial
mortgages and nearly $13 billion in equity investments as of September
2013.
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.
About NBIM
Norges Bank Investment Management safeguards and builds financial wealth
for future generations as the manager of the Norwegian Government
Pension Fund Global. The fund is invested globally in equity,
fixed-income and real estate markets. It held assets worth 5,002 billion
kroner, or about $818 billion, at the end of November 2013.
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