NEW YORK--(BUSINESS WIRE)--
MetLife, Inc. (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.
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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