search

The Real Deal Logo

Trending

Glossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhouseDevelopers have a new tax break. Now they must figure it outDevelopers have a new tax break. Now they must figure it outMichael Stern pays $61M for Brickell site of Dolce & Gabbana supertallMichael Stern pays $61M for Brickell site of Dolce & Gabbana supertallStarwood sells four office buildings in Miramar at a loss for $45MStarwood sells four office buildings in Miramar at a loss for $45M
New York

MetLife forms new real estate JV with pension fund

Partnership with New York State Common Retirement Fund oversees $1.4B portfolio

200 Park Avenue
200 Park Avenue in Midtown

Life insurance giant MetLife is teaming with the nation’s third-largest public pension fund to form a new real estate investment venture.

MetLife is partnering with the New York State Common Retirement Fund, after selling the pension fund a 49.9 percent stake in an investment portfolio comprising seven properties valued at more than $1.4 billion.

Sign Up for the undefined Newsletter

The properties total around 3.7 million square feet of mostly office space located in “major U.S. markets,” MetLife said. MetLife Investment Management will oversee the new joint venture, with the insurer remaining the majority owner of the portfolio, according to Reuters.

The partnership comes one week after MetLife announced plans to separate a sizable portion of its U.S. retail business, in wake of federal regulators investigating the company’s “systemically important financial institution,” or SIFI, designation.

The label was created after the global financial crisis last decade and means the company is deemed too big to fail by regulators – requiring MetLife to hold higher levels of capital. [Reuters] – Rey Mashayekhi

Tags
Metlife