Finnish investor JV with New York Life acquires seventh asset

Finland-based pensions insurer Ilmarinen Mutual Pension Insurance Co. has invested in an office property in Phoenix. This marks Ilmarinen’s seventh co-investment with New York Life Insurance Co.

Hines sold the property for an undisclosed price through its U.S. Office Value Added Venture III fund, according to REBusiness.

The office building, completed in 2000, is located in Phoenix’s Camelback Corridor submarket. The eight-story building has a leasable area of 303,000 square feet and is near full occupancy. The building’s tenant base comprises companies operating in the financial, legal and technology sectors, among others.

“Phoenix is one of the fastest-growing metropolitan areas in the U.S. in terms of population and job creation. This property is modern, with flexibly divisible floor plates, and it is located in o