MetLife and Norges Bank Real Estate Management have purchased two Washington DC office assets.
The Constitution Square Three and Four office buildings in Washington DC are the joint venture’s second property investment in the city and fifth overall for the partnership, started in 2013.
MetLife and Norges Bank Investment Management (NBIM), the sovereign wealth fund’s asset manager, bought the buildings from an affiliate of StonebridgeCarras.
MetLife affiliates will own 52.5% of Constitution Square and be the managing member, while Norges Bank Real Estate Management will own the remaining 47.5%.
Located within the North of Massachusetts Avenue sub-market of Washington DC known as NoMa, the Constitution Square Three 349,000 sq ft asset includes street-level retail.
Constitution Square Four, a 493,000 sq ft office tower scheme, is leased to the US General Services Administration (GSA) for the Department of Justice.
Robert Merck, senior managing director and global head of real estate investments for MetLife, said: “Constitution Square represents the opportunity to add a high-quality, fully leased asset in a core market to our joint portfolio with Norges Bank Real Estate Management.”
The four other properties in the joint venture’s portfolio are One Financial Center and One Beacon Street in Boston, as well as District Center in Washington DC and 425 Market Street in San Francisco.