CHICAGO-New York-based MetLife Inc., a New York-based insurance company, is in the process of buying a 50-story residential building in the Loop for roughly $120 million. The company has reached a contract with a joint venture headed by Chicago-based Jupiter Realty Co. to purchase 215 West, a 389-unit apartment tower at 215 W. Washington St.

The insurer is paying roughly $305,000 per unit, or nearly $119 million, for the apartment complex. Jupiter and Cornerstone Real Estate Advisors LLC developed the tower in 2010. For the full story, go to Crain’s Chicago Business . News Hub is your link to relevant real estate and business stories from other local, regional and national publications.