For large insurers, commercial real estate operations have become an important strategic business, often providing a sense of certainty amid market volatility, and using its own substantial resources to fund broader economic development. MetLife, Inc. proved that point on September 29, when it announced that it had closed two deals through its real estate investments department worth more than $550 million.
MetLife, Inc. (NYSE: MET) NY, issued a $300 million dollar loan for the Bank of America Center in San Francisco. The massive commercial center will be comprised of three office buildings on two streets. Vornado Realty Trust secured the 10-year, $600 million loan on the property to be split between MetLife and Pacific Life.
MetLife also provided a $250 million loan for the Washington Square building in Washington D.C. MetLife hopes the building, in the center of the business district, will be populated by "high quality tenants" including law firms and service companies.
