MetLife Provides $550 Million in Financing for California, Washington, D.C. Office Buildings
September 29 2011 - 9:01AM
Business Wire
MetLife, Inc. (NYSE: MET) announced today that it closed,
through its real estate investments department, a $300 million loan
for the Bank of America Center in San Francisco and a $250 million
loan for the Washington Square building in Washington, D.C.
MetLife, which provides loans on office, multi-family, industrial
and retail properties, has a nearly $40 billion commercial mortgage
portfolio.
“In 2011, we’ve been very active in originating loans on high
quality assets in top-tier markets,” said Robert Merck, senior
managing director and head of real estate investments for MetLife.
“Specifically, we have originated over $8 billion in commercial
mortgages to date and continue to look for attractive investment
opportunities.”
The Bank of America Center is comprised of three office
buildings: the 52-story, 1.5 million square foot 555 California
Street and a combined 292,000 square feet at 315 and 345 Montgomery
Street. Vornado Realty Trust secured a 10-year, $600 million loan
on the property, split evenly between MetLife and Pacific Life.
Joel Redmon, Mike Pace and Chris Rothering of MetLife’s San
Francisco office worked on the transaction.
Washington Square, located at 1050 Connecticut Ave., NW, is a
12-story, Class A office building located in the heart of the
Central Business District. The landmark building was developed in
1982 and recently underwent a multi-million dollar renovation
designed by the Washington, D.C. office of Gensler Associates. The
building is leased to high quality tenants, including prominent law
firms and service companies. Brian Casey, Steve Taylor and Linda
Lyon of MetLife’s Washington, D.C. office worked on the
transaction. For more information on the property, visit
www.washigtonsquaredc.com.
“MetLife’s strong history and long-term approach to investing in
commercial mortgages has enabled the company to maintain a
competitive advantage in the industry. We are pleased with the
mortgage production opportunities we’ve had so far this year,”
added Merck.
Through its real estate investments department, MetLife oversees
a well diversified real estate portfolio of over $60 billion, which
is one of the largest in the U.S. and consists of real estate
equities, commercial mortgages and agricultural mortgages. MetLife
is a global leader in real estate investment and real estate asset
management, with a vast network of regional offices that keep in
close contact with major real estate markets. For more information,
visit www.metlife.com/realestate.
MetLife, Inc. is a leading global provider of insurance,
annuities and employee benefit programs, serving 90 million
customers in over 50 countries. Through its subsidiaries and
affiliates, MetLife holds leading market positions in the United
States, Japan, Latin America, Asia Pacific, Europe and the Middle
East. For more information, visit www.metlife.com.
This press release may contain or incorporate by reference
information that includes or is based upon forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements give expectations or
forecasts of future events. These statements can be identified by
the fact that they do not relate strictly to historical or current
facts. They use words such as “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe” and other words and terms of
similar meaning in connection with a discussion of future operating
or financial performance. In particular, these include statements
relating to future actions, prospective services or products,
future performance or results of current and anticipated services
or products, sales efforts, expenses, the outcome of contingencies
such as legal proceedings, trends in operations and financial
results.
Any or all forward-looking statements may turn out to be wrong.
They can be affected by inaccurate assumptions or by known or
unknown risks and uncertainties. Many such factors will be
important in determining the actual future results of MetLife,
Inc., its subsidiaries and affiliates. These statements are based
on current expectations and the current economic environment. They
involve a number of risks and uncertainties that are difficult to
predict. These statements are not guarantees of future performance.
Actual results could differ materially from those expressed or
implied in the forward-looking statements. Risks, uncertainties,
and other factors that might cause such differences include the
risks, uncertainties and other factors identified in MetLife,
Inc.’s most recent Annual Report on Form 10-K (the “Annual Report”)
filed with the U.S. Securities and Exchange Commission (the “SEC”)
and Quarterly Reports on Form 10-Q filed by MetLife, Inc. with the
SEC after the date of the Annual Report under the captions “Note
Regarding Forward-Looking Statements” and “Risk Factors”, MetLife,
Inc.’s Current Report on Form 8-K dated March 1, 2011 and other
filings MetLife, Inc. makes with the SEC. MetLife, Inc. does not
undertake any obligation to publicly correct or update any
forward-looking statement if we later become aware that such
statement is not likely to be achieved. Please consult any further
disclosures MetLife, Inc. makes on related subjects in reports to
the SEC.
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