MetLife to sell property in L.A. for $225 million.Metropolitan Life Insurance Co. has agreed to sell a California property from its equity portfolio to Maguire Properties Inc. for about $225 million. The principal operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon of MetLife Inc. is selling 1 California Plaza The name California Plaza may refer to one of the following locations in Los Angeles:
“Don’t shoot until you see the whites of their eyes”; American Revolutionary battle (1775). [Am. Hist.: Worth, 22] See : Battle submarket downtown. It's located across from Maguire's Wells Fargo Center Wells Fargo Center is the name of several buildings in the United States:
MetLife has a very active equity portfolio in the field of real estate investment, said MetLife spokeswoman Jennie Morgan. This transaction is just part of the diversification of that portfolio, she said. The purchase price of $225 million will be funded through cash on hand and a $146.3 million, seven-year mortgage loan at a fixed interest rate of 4.73% provided by Metropolitan Life, with the acquisition expected to close in November, said Maguire, a real estate investment trust. In late August, MetLife bucked the trend of life insurers dumping their major "trophy" real estate holdings by acquiring the Sears Tower in Chicago, the tallest building in North America. Under terms of the agreement, MetLife's subsidiary Metropolitan Insurance & Annuity Co., which already holds the 110-story building's first mortgage, was to purchase an equity stake in the building and the right to assume title from real estate trust Trizec Properties in a $9 million transaction. |
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