search

The Real Deal Logo

Trending

Housing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aDevelopers have a new tax break. Now they must figure it outDevelopers have a new tax break. Now they must figure it outClipper losing tenants that occupy 93% of 250 LivingstonClipper losing tenants that occupy 93% of 250 Livingston
New York

Beacon Capital buying minority stake in MetLife’s 85 Broad

Investment firm to operate and manage the leasing at 30-story tower

From left: MetLife's Steven Goulart, Beacon's Alan Leventhal and 85 Broad Street in Lower Manhattan
From left: MetLife's Steven Goulart, Beacon's Alan Leventhal and 85 Broad Street in Lower Manhattan

Beacon Capital Partners is buying a minority stake in MetLife’s 1.1 million-square-foot office tower at 85 Broad Street for an unspecified price.

The real estate investment firm would operate and manage the leasing at the 30-story Lower Manhattan property, according to Crain’s. MetLife was shopping around its stake last month, as The Real Deal reported.

Sign Up for the undefined Newsletter

The building is valued between $350 million and $550 million, and the size of the stake is unknown. Investment bank Oppenheimer & Co. occupies more than 250,000 square feet, though much of the building has been vacant for years.

Beacon is also in contract to sell a similarly sized office office tower – the 1.1 million-square-foot one at 32 Old Slip – to RXR Realty for $675 million. [Crain’s] — Mark Maurer

Tags
Beacon Capital PartnersMetlife