MIM forms $1.2b JV with NBIM

MetLife Investment Management (MIM), an affiliate of Alexandria Real Estate Equities and Norges Bank Investment Management (NBIM), the asset management division of Norges Bank, have formed a new joint venture to recapitalize 50 Binney and 60 Binney in Cambridge, Mass., for $1.2 billion. MIM acquired a 25.0 percent interest in the property, NBIM acquired 41.0 percent ownership, and an Alexandria subsidiary retained a 34.0 percent interest.

Located in East Cambridge, 50 Binney and 60 Binney are two 10-story, class A office and lab buildings with 532,395 square feet of leasable space that were built in 2017. The fully occupied property is leased to life sciences and retail tenants. The property was constructed by Alexandria Real Estate Equities.

“This new joint venture and the acquisition of 50 and 60 Binney reinforce our strategy to pursue top commercial real estate assets in strategic markets,” said Ashleigh Simpson, regional head of acquisitions and joint