VIENNA, VA-MetLife Real Estate Investments has placed a $23-million fixed-rate mortgage on 1625 K Street NW, a 108,085-sf building that Shorenstein Properties LLC purchased one month ago from GE Capital Real Estate. It was the San Francisco firm's fifth major acquisition in the Washington, DC area. This transaction was for an equity investment fund that the company created 18 months ago. Brian V. Casey, R. Steven Taylor and Stephen Brill of MetLife's Washington, DC office led the transaction team.
This deal follows a recent $140.5-million fixed-rate mortgage MetLife placed on 1350 Eye Street NW, a 345,990-sf office building 98% leased to 25 tenants. In this deal, the borrower was controlled by an affiliate of Beacon Capital Partners, LLC. The acquisition of this property closed on June 6, according to a Beacon Capital Partners spokesperson, and is now part of Beacon's Fund IV, a $2-billion real estate fund that closed in April.
MetLife's Casey tells GlobeSt.com that the Washington, DC area is important to MetLife's portfolio. "This office will typically do around $800 million to $1 billion in production. A large portion of that is centered on the DC market."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
