Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Portfolio > Alternative Investments > Real Estate

MetLife Closes $550M in Commercial Real Estate Deals

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

MetLife building, New YorkFor large insurers, commercial real estate operations have become an important strategic business, often providing a sense of certainty amid market volatility, and using its own substantial resources to fund broader economic development. MetLife, Inc. proved that point on September 29, when it announced that it had closed two deals through its real estate investments department worth more than $550 million. 

MetLife, Inc. (NYSE: MET) NY, issued a $300 million dollar loan for the Bank of America Center in San Francisco. The massive commercial center will be comprised of three office buildings on two streets. Vornado Realty Trust secured the 10-year, $600 million loan on the property to be split between MetLife and Pacific Life.

MetLife also provided a $250 million loan for the Washington Square building in Washington D.C. MetLife hopes the building, in the center of the business district, will be populated by “high quality tenants” including law firms and service companies.

According to a MetLife spokesperson, MetLife’s real estate investments department has the ability to originate private sector assets such as commercial and agricultural mortgages and private placements, which makes it more nimble than some of its peers. The department has been able to stay active despite recent economic malaise by seeking out investment opportunities in high-quality office, multi-family, retail and industrial properties in large metropolitan markets. The company originated $8 billion in commercial mortgages last year and has matched that level in the first nine months of 2011.

Although the real estate market in general remains insecure, MetLife’s “focus on risk management and its long-term investment approach has positioned the company well to take advantage of attractive opportunities, despite the challenging economic environment of the past few years.”

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.