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IN-DEPTH: MetLife JV buys fourth property for $561m

by Andrea Waitrovich

MetLife Real Estate Investors and Norges Bank Investment Management, which invests on behalf of Norway’s Government Pension Fund Global, have closed on their acquisition of 1 Beacon St. in Boston for approximately $561 million.

 

THE DEAL

The office building at 1 Beacon St. 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.

The seller was a joint venture of Beacon Capital Partners and Allianz Real Estate of America. Eastdil Secured represented the seller.

MetLife will own 52.5

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