NEW YORK CITY—New York Life Real Estate Investors and Finland's Ilmarinen Mutual Pension Insurance Co. said Friday they had formed a joint venture to acquire core and core-plus office investments in major US markets. New York Life seeded the venture with a portfolio of initial investments, which Ilmarinen said is valued at about $620 million.

Ilmarinen acquired a 49% interest in the six-property portfolio, which includes assets in Boston; Washington, DC; Los Angeles; San Francisco; Orange County; and Charlotte. New York Life will retain a 51% interest in the JV, and will manage it as well. The ultimate goal is to assemble a $1.2-billion portfolio in the next few years.

“Ilmarinen's investment philosophy and process are closely aligned with ours and we look forward to a long and very successful relationship,” says Paul Behar, head of business development at New York Life Real Estate Investors. “We are looking for a select group of like-minded investment partners who take the same long-term view New York Life does—so we can continue to achieve our investment objectives within the real estate sector.”