MetLife and Norges Bank Real Estate Management Joint Venture Purchases Constitution Square Three and Four in Washington, D.C.
September 22 2016 - 8:30AM
Business Wire
Fifth Property Added to Joint Venture’s
Growing Portfolio
MetLife, Inc. (NYSE:MET) and Norges Bank Real Estate Management
today announced that they have purchased the Constitution Square
Three and Four office buildings in Washington, D.C. This is the
second property investment in Washington, D.C., and the fifth
overall for the joint venture, which was established in 2013.
MetLife and Norges Bank Real Estate Management bought the
buildings from 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.
Located within the submarket of Washington, D.C., known as
“NoMa,” for North of Massachusetts Avenue, Constitution Square
Three is an existing 349,000 square foot Leadership in Energy &
Environmental Design (LEED) Platinum office building with
street-level retail, and Constitution Square Four is a 493,000
to-be-constructed office tower that will target LEED Platinum
certification. The combined office area of 839,000 square feet is
leased to the U.S. General Services Administration (GSA) for the
Department of Justice.
“Constitution Square in Washington, D.C., represents the
opportunity to add a high-quality, fully leased asset in a core
market to our joint portfolio with Norges Bank Real Estate
Management,” said Robert Merck, senior managing director and global
head of real estate investments for MetLife. “Our continued
partnership is built on a strategy of providing first-rate asset
management and investing for the long-term to bring strong returns
to our stakeholders.”
The four other properties in the joint venture’s portfolio are:
One Financial Center in Boston; One Beacon St. in Boston; District
Center at 555 12th St. NW in Washington, D.C.; and 425 Market St.
in San Francisco.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (“MetLife”), is one of the largest life insurance
companies in the world. Founded in 1868, MetLife is a global
provider of life insurance, annuities, employee benefits and asset
management. Serving approximately 100 million customers, MetLife
has operations in nearly 50 countries and holds leading market
positions in the United States, Japan, Latin America, Asia, Europe
and the Middle East. For more information, visit
www.metlife.com.
About Norges Bank Real Estate
Management
Norges Bank Real Estate Management manages the unlisted real
estate assets of the Norwegian Government Pension Fund Global. We
work to safeguard and build financial wealth for future
generations. As at 30 June 2016, the fund’s unlisted real estate
investments were spread across 13 countries and had a market value
of 221 billion kroner, equivalent to 26 billion USD. The Government
Pension Fund Global is invested globally in equity, fixed income
and real estate assets and managed assets worth 860 billion USD in
total at the end of June 2016.
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version on businesswire.com: http://www.businesswire.com/news/home/20160922005652/en/
For Media:MetLife, Inc.Jillian Palash, (212) 578-1538
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