The Real Deal New York

Beacon Capital buying minority stake in MetLife’s 85 Broad

Investment firm to operate and manage the leasing at 30-story tower
December 12, 2014 03:30PM

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.

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