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One Memorial Drive office building Cambridge MA

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. 

Read More News Stories About: Microsoft

Inside The Story

MIM's Queen

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition