A US commercial real estate partnership between Finland’s pensions insurer Ilmarinen and New York Life Insurance Company has acquired its seventh asset in Phoenix, Arizona.
Ilmarinen said the duo have bought the 28,200sqm, eight-storey building, located in Phoenix, in an area called the Camelback Corridor. No financial details were disclosed.
The office building was built in 2000 and it is near full occupancy.
Mikko Antila, Ilmarinen’s head of international real estate, said: “This property is modern, with flexibly divisible floor plates, and it is located in one of the city’s most-desired office locations. The investment nicely complements our strategic partnership with New York Life in the US real estate market.”
Last year, Ilmarinen joined forces with the mutual life insurer to invest in US commercial real estate. The partnership bought six office properties worth $620m (€537.9m) and plans to double the volume of investments in the coming years, IImarinen said at the time.
The previously acquired properties are located in Boston, Washington D.C., Charlotte, San Francisco, Los Angeles and Orange County.
The joint venture is 49% owned by Ilmarinen with the majority stake going to New York Life. New York Life Real Estate Investors — a division of NYL Investors — will manage the assets.