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.