MetLife (MET), Norges Bank REM JV Make Second Property Investment
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MetLife, Inc. (NYSE: MET) and Norges Bank Real Estate Management 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.
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