NEW YORK CITY—MetLife Inc. said Tuesday evening it had formed areal estate investment venture with New York State CommonRetirement Fund, the nation's third largest public pension fund.The venture's initial investment portfolio comprises sevenproperties valued at more than $1.4 billion.
MetLife sold a 49.9% stake in the portfolio to the pension fund.The portfolio properties total approximately 3.7 million squarefeet, primarily office space, and are located in major US markets;the insurer did not identify the locations of the properties.
The portfolio will be managed by MetLife Investment Management,the company's institutional investment business. MetLife continuesas the majority owner of the portfolio and administrator of theJV.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
