METLIFE PROVIDES $550 MILLION IN FINANCING FOR CALIFORNIA, WASHINGTON, D.C. OFFICE BUILDINGS
New York, September 29, 2011 – MetLife, Inc. (NYSE: MET) announced today that it closed, through its real estate investments department, a $300 million loan for the Bank of America Center in San Francisco and a $250 million loan for the Washington Square building in Washington, D.C. MetLife, which provides loans on office, multi-family, industrial and retail properties, has a nearly $40 billion commercial mortgage portfolio.
“In 2011, we’ve been very active in originating loans on high quality assets in top-tier markets,” said Robert Merck, senior managing director and head of real estate investments for MetLife. “Specifically, we have originated over $8 billion in commercial mortgages to date and continue to look for attractive investment opportunities.”
The Bank of America Center is comprised of three office buildings: the 52-story, 1.5 million square foot 555 California Street and a combined 292,000 square feet at 315 and 345 Montgomery Street. Vornado Realty Trust secured a 10-year, $600 million loan on the property, split evenly between MetLife and Pacific Life. Joel Redmon, Mike Pace and Chris Rothering of MetLife’s San Francisco office worked on the transaction.
Washington Square, located at 1050 Connecticut Ave., NW, is a 12-story, Class A office building located in the heart of the Central Business District. The landmark building was developed in 1982 and recently underwent a multi-million dollar renovation designed by the Washington, D.C. office of Gensler Associates. The building is leased to high quality tenants, including prominent law firms and service companies. Brian Casey, Steve Taylor and Linda Lyon of MetLife’s Washington, D.C. office worked on the transaction. For more information on the property, visit www.washingtonsquaredc.com.
“MetLife’s strong history and long-term approach to investing in commercial mortgages has enabled the company to maintain a competitive advantage in the industry. We are pleased with the mortgage production opportunities we’ve had so far this year,” added Merck.
Through its real estate investments department, MetLife oversees a well diversified real estate portfolio of over $60 billion, which is one of the largest in the U.S. and consists of real estate equities, commercial mortgages and agricultural mortgages. MetLife is a global leader in real estate investment and real estate asset management, with a vast network of regional offices that keep in close contact with major real estate markets. For more information, visit www.metlife.com/realestate.
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East. For more information, visit www.metlife.com.
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Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s most recent Annual Report on Form 10-K (the “Annual Report”) filed with the U.S. Securities and Exchange Commission (the “SEC”) and Quarterly Reports on Form 10-Q filed by MetLife, Inc. with the SEC after the date of the Annual Report under the captions “Note Regarding Forward-Looking Statements” and “Risk Factors”, MetLife, Inc.’s Current Report on Form 8-K dated March 1, 2011 and other filings MetLife, Inc. makes with the SEC. MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if we later become aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the SEC.