NBIM and MetLife JV Acquire 425 Market and DC Office

Karsten Kallevig - CIO Real Estate, NBIM - Photo Credit: NBIM

Karsten Kallevig – CIO Real Estate, NBIM – Photo Credit: NBIM

Metlife, Inc. and Norges Bank Investment Management (NBIM) through their joint venture purchased two Class A office buildings in Washington, DC and San Francisco. The Norwegian sovereign wealth fund has made major inroads in U.S. core real estate. The San Francisco office property is Norway’s first real estate investment on the West Coast. The joint venture is 47.5% NBIM and 52.5% Metlife. The net purchase price for the San Francisco and DC properties for 47.5% for NBIM is US$ 480 million. This brings the gross value of the two assets to around US$ 1 billion.

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