Transactions - SEPTEMBER 22, 2016

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Norway’s SWF acquires second D.C. office with MetLife

by Andrea Waitrovich

MetLife Investment Management and Norges Bank Real Estate Management, which invests on behalf of Norway’s Government Pension Fund Global, purchased the Constitution Square Three and Four office buildings in Washington, D.C.

A sales price was not disclosed. The seller was an affiliate of StonebridgeCarras. MetLife affiliates will own 52.5 percent of Constitution Square and be the managing member, while Norges Bank Real Estate Management will own the remaining 47.5 percent. This is the second property investment in Washington, D.C., and the fifth overall for the joint venture, which was established in 2013.

Located within the submarket known as “NoMa,” for North of Massachusetts Avenue, Constitution Square Three is an existing 349,000-square-foot office building with street-level retail, and

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