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MetLife, Norges Buy Cambridge Offices for $825M
MetLife Investment Management (MIM) and Norges Bank Investment Management acquired One Memorial Dr. in Cambridge, MA for $825.1 million from Oxford Properties Group and a fund advised by J.P. Morgan Global Alternatives. The transaction represents the largest single-asset U.S. office transaction year to date, according to CoStar.
Sara Queen, head of real estate equity at MIM, said: “The One Memorial Dr. transaction reinforces our approach of targeting properties in strategic geographies and markets, as well as our commitment to environmental sustainability across our real estate portfolio.”
One Memorial Dr. is a 17-story, Class A office building located on the Charles River with 409,422 square feet of leasable space. Built in 1986 and renovated in 2018, the fully occupied property has two long-term tenants, InterSystems Corporation and Microsoft Corporation. It received LEED Silver certification in 2017, and MIM plans to create an even more sustainable workplace there.
- ◦Sale/Acquisition