BOSTON-Beacon Capital Partners, LLC is purchasing 501 Boylston St., a 10-story, 530,000-sf building from MetLife Inc. that includes a leaseback arrangement for the NY-based insurance company.

Financial terms of the deal were not disclosed but according to local published reports the building, located in the heart of Back Bay, was sold for around $130 million. A spokesperson for MetLife officials declined to confirm the sale price for

The leaseback arrangement will allow MetLife to move its associates from New England Financial, an affiliate of MetLife, out of the building slowly and it will be allowed to begin to turn space over in the building during the second year of the arrangement. MetLife currently occupies the entire building. In a released statement, the company says that most if not all MetLife operations will eventually move out of the building. The company emphasizes that it will maintain New England Financial’s headquarters in the Boston area but it is not sure where the office will be located as of yet.

MetLife’s senior executive vice president and chief administrative officer Lisa M. Weber says that the company is considering new locations in the Boston area, as well as existing MetLife facilities. But a spokesperson for the company tells that while the insurer will maintain a presence for New England Financial in the area, it is not clear whether some of the personnel from 501 Boylston will be transferred out of the Greater Boston region.

Referring to the transaction, Weber notes that the sale is a “good business opportunity for MetLife, due to the current state of the real estate market.” Alan M. Leventhal, CEO and chairman of locally based Beacon says that “Beacon is pleased to acquire a landmark building in the heart of Back Bay. We’ve had a long standing relationship and are pleased to have worked with MetLife on this transaction and the management of their strategic space requirements.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.