MetLife, Inc. (NYSE:MET) and Norges Bank Investment Management today
announced that they have bought the One Beacon Street office building in
Boston for approximately $561 million. This is the second property
investment in Boston and the fourth overall for the joint venture, which
now has a real estate portfolio with a gross value of approximately $2.4
billion.
MetLife and Norges Bank Investment Management bought the 34-story office
tower from a joint venture of Beacon Capital Partners and insurer
Allianz. MetLife will own 52.5 percent of One Beacon Street and be the
managing member, while Norges Bank Investment Management will own the
remaining 47.5 percent.
Located in Boston’s financial district, One Beacon Street is LEED
Platinum certified and offers more than one million square feet of
office space. Built in 1973, One Beacon Street is currently about 85
percent leased, with current tenants including the Massachusetts Housing
Finance Agency, the University of Massachusetts, the University of
Massachusetts Building Authority, Standard Life Investments (USA)
Limited and JPMorgan Chase Bank, National Association.
“One Beacon Street in Boston adds a high-quality asset in a core market
to our joint portfolio with Norges Bank Investment Management,” said
Robert Merck, senior managing director and global head of real estate
investments for MetLife. “Our partnership with the world’s largest
sovereign wealth fund is built on a strategy of providing first-rate
asset management and of investing for the long-term to bring strong
returns to our stakeholders.”
The three other properties in the joint venture’s portfolio are: One
Financial Center in Boston; District Center (formerly the Thurman Arnold
Building) at 555 12th Street, NW, in Washington, D.C.; and 425 Market
Street in San Francisco.
About MetLife
MetLife, Inc. (NYSE:MET), through its subsidiaries and affiliates
(“MetLife”), is one of the largest life insurance companies in the
world. Founded in 1868, MetLife is a global provider of life insurance,
annuities, employee benefits and asset management. Serving approximately
100 million customers, MetLife has operations in nearly 50 countries and
holds leading market positions in Japan, Latin America, Asia, Europe and
the Middle East. For more information, visit www.metlife.com.
About Norges Bank Investment Management
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. The Fund managed approximately
$890 billion as of the end of July 2014.
Copyright Business Wire 2014